Financial Results : SIECO widens 2021 loss to SAR 14.9 mln; Q4 at SAR 8.2 mln

SIECO widens 2021 loss to SAR 14.9 mln; Q4 at SAR 8.2 mln

31/03/2022 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) deepened its net loss after Zakat and tax to SAR 14.9 million for 2021, compared to SAR 13.2 million a year earlier. 



Financials (M)

Item 2020 2021 Change‬
Revenues 32.60 15.79 (51.6 %)
Gross Income 1.94 2.02 4.2 %
Operating Income (12.57) (14.78) (17.6 %)
Net Income (13.18) (14.88) (12.9 %)
Average Shares 163.05 163.05 -
EPS (Riyals) (0.08) (0.09) (12.9 %)

SIECO attributed the increases loss to a decline in sales, due to the delay in capital injection as the capital increase application was no approved by the Capital Market Authority (CMA). It also cited higher general and administrative expenses, compared to 2020.

 

In Q4 2021, the company widened net losses after Zakat and tax to SAR 8.2 million, from SAR 5.44 million in the year-earlier period.

 

Compared to the previous quarter, the company widened losses from SAR 2.20 million.

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Gross Income (0.37) 0.53 243.6 %
Operating Income (4.63) (8.58) (85.5 %)
Net Income (5.44) (8.23) (51.3 %)
Average Shares 163.05 163.05 -
EPS (Riyals) (0.03) (0.05) (51.3 %)

Shareholders' equity, after minority interest, reached SAR 12.96 million in 2021, down 53.28% from SAR 27.74 million a year earlier.    

  

Accumulated losses reached SAR 52.83 million, representing 81.54% of the company's capital pre-reduction of SAR 64.8 million.

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