Financial Results : SIDC loses SAR 25.8M in 9M 2025, SAR 8.1M in Q3

SIDC loses SAR 25.8M in 9M 2025, SAR 8.1M in Q3

26/10/2025 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) reported a net loss of SAR 25.8 million for the first nine months of 2025, versus SAR 20.1 million in the year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 99.57 76.28 (23.4 %)
Gross Income 21.76 11.81 (45.7 %)
Operating Income (20.65) (24.30) (17.7 %)
Net Income (20.07) (25.79) (28.5 %)
Average Shares 20.97 20.97 -
Earnings Per Share before unusual items (Riyals) (0.96) (1.23) (28.5 %)
EPS (Riyal) (0.96) (1.23) (28.5 %)

Th increased losses came amid lower revenues for the nine-month period. This was due to a decline in sales of the mattress and foam segment.

 

In Q3 2025, however, SIDC narrowed its net loss to SAR 8.1 million, compared to SAR 11.43 million a year ago on higher operating profit.

 

On a sequential basis, the three-month net loss also shrank from SAR 8.30 million in Q2 2025.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 27.59 24.06 (12.8 %)
Gross Income 5.76 3.87 (32.9 %)
Operating Income (9.49) (7.75) 18.3 %
Net Income (11.43) (8.05) 29.6 %
Average Shares 20.97 20.97 -
Earnings Per Share before unusual items (Riyal) (0.54) (0.38) 29.6 %
EPS (Riyal) (0.54) (0.38) 29.6 %

Total shareholders’ equity (after minority interest) stood at SAR 47.07 million by Sept. 30, 2025, down from SAR 72.31 million a year earlier.

 

Accumulated losses reached SAR 35.97 million, accounting for 26.64% of capital, by Sept. 30, 2025.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 67.44 (14.6 %) 17.17 (29.0 %) (1.57) (128.1 %)
Q2 2016 79.46 (14.1 %) 20.24 (34.1 %) 2.42 (75.9 %)
Q3 2016 67.05 (20.8 %) 17.36 (37.7 %) 2.20 (68.9 %)
Q4 2016 45.59 (34.2 %) 12.19 (26.3 %) (3.81) 15.6 %
Q1 2017 61.22 (9.2 %) 14.99 (12.7 %) 0.82 152.3 %
Q2 2017 62.04 (21.9 %) 6.54 (67.7 %) (10.13) (518.6 %)
Q3 2017 65.21 (2.7 %) 6.72 (61.3 %) (3.54) (261.4 %)
Q4 2017 51.67 13.3 % 6.26 (48.7 %) (9.83) (157.9 %)
Q1 2018 44.73 (26.9 %) 8.20 (45.3 %) (4.21) (613.8 %)
Q2 2018 51.10 (17.6 %) 9.78 49.6 % (2.89) 71.5 %
Q3 2018 48.72 (25.3 %) 7.33 9.0 % (4.89) (38.1 %)
Q4 2018 45.59 (11.8 %) 3.43 (45.2 %) (17.31) (76.1 %)
Q1 2019 50.10 12.0 % 8.93 9.0 % (3.23) 23.4 %
Q2 2019 53.88 5.4 % 9.37 (4.2 %) (3.03) (4.7 %)
Q3 2019 45.95 (5.7 %) 8.83 20.6 % (2.27) 53.6 %
Q4 2019 41.47 (9.1 %) 6.05 76.6 % (16.76) 3.2 %
Q1 2020 40.30 (19.6 %) 7.84 (12.3 %) (4.31) (33.5 %)
Q2 2020 41.58 (22.8 %) 11.10 18.5 % 3.00 199.2 %
Q3 2020 39.67 (13.7 %) 8.24 (6.7 %) (2.21) 2.6 %
Q4 2020 43.06 3.8 % 8.48 40.0 % (7.35) 56.2 %
Q1 2021 45.54 13.0 % 7.91 0.9 % (2.26) 47.4 %
Q2 2021 41.94 0.9 % 8.39 (24.4 %) (4.19) (239.7 %)
Q3 2021 37.40 (5.7 %) 4.22 (48.7 %) (7.29) (229.3 %)
Q4 2021 38.20 (11.3 %) 7.44 (12.2 %) (8.97) (22.1 %)
Q1 2022 41.42 (9.1 %) 6.09 (23.0 %) (5.97) (163.7 %)
Q2 2022 41.41 (1.3 %) 6.14 (26.8 %) (7.09) (69.1 %)
Q3 2022 38.40 2.7 % 5.73 35.8 % (8.49) (16.5 %)
Q4 2022 34.13 (10.7 %) 4.10 (44.9 %) (20.31) (126.6 %)
Q1 2023 41.73 0.7 % 11.27 85.1 % (2.45) 58.9 %
Q2 2023 43.63 5.4 % 6.53 6.3 % (9.81) (38.4 %)
Q3 2023 35.46 (7.6 %) 5.49 (4.3 %) (11.69) (37.8 %)
Q4 2023 30.13 (11.7 %) 5.49 33.9 % (24.56) (20.9 %)
Q1 2024 43.18 3.5 % 12.55 11.3 % (3.40) (38.5 %)
Q2 2024 28.81 (34.0 %) 3.46 (47.0 %) (7.75) 21.0 %
Q3 2024 27.59 (22.2 %) 5.76 4.9 % (9.49) 18.8 %
Q4 2024 38.10 26.4 % 8.82 60.5 % (0.88) 96.4 %
Q1 2025 24.16 (44.0 %) 3.01 (76.0 %) (9.20) (170.7 %)
Q2 2025 28.07 (2.6 %) 4.93 42.7 % (7.34) 5.3 %
Q3 2025 24.06 (12.8 %) 3.87 (32.9 %) (7.75) 18.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 (8.56) (280.7 %) (0.41) - (8.56) (0.41)
Q2 2016 8.09 (35.5 %) 0.39 (4.87) 12.96 0.62
Q3 2016 (7.74) 33.2 % (0.37) (9.26) 1.51 0.07
Q4 2016 8.25 133.5 % 0.39 18.19 (9.94) (0.47)
Q1 2017 0.81 109.5 % 0.04 - 0.81 0.04
Q2 2017 (10.33) (227.7 %) (0.49) - (10.33) (0.49)
Q3 2017 (3.62) 53.3 % (0.17) - (3.62) (0.17)
Q4 2017 2.92 (64.5 %) 0.14 12.52 (9.59) (0.46)
Q1 2018 0.17 (79.3 %) 0.01 - 0.17 0.01
Q2 2018 (1.31) 87.3 % (0.06) - (1.31) (0.06)
Q3 2018 (8.71) (140.7 %) (0.42) - (8.71) (0.42)
Q4 2018 (20.23) (791.7 %) (0.96) - (20.23) (0.96)
Q1 2019 3.00 1685.2 % 0.14 - 3.00 0.14
Q2 2019 (1.66) (26.9 %) (0.08) - (1.66) (0.08)
Q3 2019 (4.31) 50.6 % (0.21) - (4.31) (0.21)
Q4 2019 (36.23) (79.1 %) (1.73) (17.88) (18.35) (0.88)
Q1 2020 (10.02) (434.5 %) (0.48) - (10.02) (0.48)
Q2 2020 4.34 361.4 % 0.21 - 4.34 0.21
Q3 2020 (1.36) 68.5 % (0.06) - (1.36) (0.06)
Q4 2020 (0.54) 98.5 % (0.03) - (0.54) (0.03)
Q1 2021 (1.74) 82.6 % (0.08) - (1.74) (0.08)
Q2 2021 (4.32) (199.6 %) (0.21) - (4.32) (0.21)
Q3 2021 (5.74) (323.1 %) (0.27) - (5.74) (0.27)
Q4 2021 (12.69) (2,269.7 %) (0.61) - (12.69) (0.61)
Q1 2022 (4.80) (175.9 %) (0.23) - (4.80) (0.23)
Q2 2022 (6.58) (52.3 %) (0.31) - (6.58) (0.31)
Q3 2022 (7.66) (33.4 %) (0.37) - (7.66) (0.37)
Q4 2022 (19.73) (55.5 %) (0.94) 2.06 (21.79) (1.04)
Q1 2023 (0.66) 86.2 % (0.03) - (0.66) (0.03)
Q2 2023 (9.67) (46.9 %) (0.46) - (9.67) (0.46)
Q3 2023 (11.50) (50.2 %) (0.55) - (11.50) (0.55)
Q4 2023 (52.61) (166.6 %) (2.51) (30.00) (22.61) (1.08)
Q1 2024 (1.21) (82.4 %) (0.06) - (1.21) (0.06)
Q2 2024 (7.44) 23.1 % (0.35) - (7.44) (0.35)
Q3 2024 (11.43) 0.6 % (0.54) - (11.43) (0.54)
Q4 2024 3.16 106.0 % 0.15 2.29 0.88 0.04
Q1 2025 (9.44) (683.1 %) (0.45) - (9.44) (0.45)
Q2 2025 (8.30) (11.6 %) (0.40) - (8.30) (0.40)
Q3 2025 (8.05) 29.6 % (0.38) - (8.05) (0.38)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 29.40 % 7.96 % (5.62 %)
Q2 2016 27.19 % 5.63 % (5.72 %)
Q3 2016 25.18 % 4.04 % (1.45 %)
Q4 2016 25.80 % 4.40 % (1.55 %)
Q1 2017 25.57 % 5.49 % 2.11 %
Q2 2017 21.66 % 0.65 % (7.61 %)
Q3 2017 17.28 % (1.85 %) (9.86 %)
Q4 2017 14.37 % (4.38 %) (9.46 %)
Q1 2018 12.39 % (7.09 %) (10.45 %)
Q2 2018 14.55 % (4.24 %) (6.75 %)
Q3 2018 16.08 % (4.62 %) (9.91 %)
Q4 2018 15.11 % (10.13 %) (15.82 %)
Q1 2019 15.07 % (9.27 %) (13.94 %)
Q2 2019 14.65 % (9.32 %) (13.92 %)
Q3 2019 15.63 % (7.70 %) (11.87 %)
Q4 2019 17.34 % (5.60 %) (11.14 %)
Q1 2020 17.67 % (6.14 %) (18.91 %)
Q2 2020 19.98 % (3.07 %) (16.74 %)
Q3 2020 20.38 % (3.50 %) (15.58 %)
Q4 2020 21.66 % 2.34 % (4.60 %)
Q1 2021 21.03 % 3.35 % 0.41 %
Q2 2021 19.39 % (0.17 %) (4.67 %)
Q3 2021 17.26 % (3.70 %) (7.35 %)
Q4 2021 17.14 % (4.78 %) (15.02 %)
Q1 2022 16.45 % (7.15 %) (17.34 %)
Q2 2022 15.08 % (9.43 %) (18.82 %)
Q3 2022 15.94 % (10.26 %) (19.91 %)
Q4 2022 14.20 % (16.44 %) (26.28 %)
Q1 2023 17.50 % (14.73 %) (23.57 %)
Q2 2023 17.50 % (16.14 %) (25.20 %)
Q3 2023 17.68 % (17.10 %) (28.15 %)
Q4 2023 19.07 % (21.62 %) (29.44 %)
Q1 2024 19.72 % (21.79 %) (29.52 %)
Q2 2024 19.61 % (23.24 %) (31.07 %)
Q3 2024 21.01 % (24.89 %) (32.90 %)
Q4 2024 22.21 % (7.35 %) (13.94 %)
2024 22.21 % (7.35 %) (13.94 %)
Q1 2025 17.73 % (13.52 %) (23.12 %)
Q2 2025 19.10 % (12.89 %) (23.99 %)
Q3 2025 18.03 % (11.87 %) (21.78 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 20.97 (1.54) (0.84) 17.93
Q2 2016 20.97 (1.75) (0.82) 18.27
Q3 2016 20.97 (1.57) (0.20) 17.88
Q4 2016 20.97 0.00 (0.19) 17.25
Q1 2017 20.97 0.45 0.25 17.29
Q2 2017 20.97 (0.43) (0.86) 16.80
Q3 2017 20.97 (0.23) (1.10) 16.63
Q4 2017 20.97 (0.49) (1.08) 16.77
Q1 2018 20.97 (0.52) (1.11) 16.79
Q2 2018 20.97 (0.09) (0.68) 16.71
Q3 2018 20.97 (0.33) (0.93) 16.30
Q4 2018 20.97 (1.43) (1.43) 15.38
Q1 2019 20.97 (1.30) (1.30) 15.55
Q2 2019 20.97 (1.32) (1.32) 15.51
Q3 2019 20.97 (1.11) (1.11) 15.33
Q4 2019 20.97 (1.87) (1.02) 10.39
Q1 2020 20.97 (2.49) (1.64) 9.62
Q2 2020 20.97 (2.20) (1.35) 10.11
Q3 2020 20.97 (2.06) (1.21) 10.38
Q4 2020 20.97 (0.36) (0.36) 10.03
Q1 2021 20.97 0.03 0.03 10.19
Q2 2021 20.97 (0.38) (0.38) 10.34
Q3 2021 20.97 (0.59) (0.59) 10.36
Q4 2021 20.97 (1.17) (1.17) 9.73
Q1 2022 20.97 (1.31) (1.31) 10.59
Q2 2022 20.97 (1.42) (1.42) 9.59
Q3 2022 20.97 (1.51) (1.51) 9.28
Q4 2022 20.97 (1.85) (1.95) 7.96
Q1 2023 20.97 (1.65) (1.75) 7.76
Q2 2023 20.97 (1.80) (1.90) 7.71
Q3 2023 20.97 (1.98) (2.08) 7.14
Q4 2023 20.97 (3.55) (2.12) 4.68
Q1 2024 20.97 (3.58) (2.14) 4.47
Q2 2024 20.97 (3.47) (2.04) 3.81
Q3 2024 20.97 (3.47) (2.03) 3.45
Q4 2024 20.97 (0.81) (0.92) 3.52
Q1 2025 20.97 (1.20) (1.31) 3.07
Q2 2025 20.97 (1.24) (1.35) 2.58
Q3 2025 20.97 (1.08) (1.19) 2.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 NEG NEG 1.49
Q2 2016 NEG NEG 1.56
Q3 2016 NEG NEG 1.18
Q4 2016 More than 100 NEG 1.63
Q1 2017 72.43 More than 100 1.88
Q2 2017 NEG NEG 1.87
Q3 2017 NEG NEG 1.78
Q4 2017 NEG NEG 1.64
Q1 2018 NEG NEG 1.54
Q2 2018 NEG NEG 1.51
Q3 2018 NEG NEG 1.42
Q4 2018 NEG NEG 1.46
Q1 2019 NEG NEG 1.55
Q2 2019 NEG NEG 1.49
Q3 2019 NEG NEG 1.44
Q4 2019 NEG NEG 2.15
Q1 2020 NEG NEG 1.92
Q2 2020 NEG NEG 1.93
Q3 2020 NEG NEG 3.73
Q4 2020 NEG NEG 3.86
Q1 2021 More than 100 More than 100 5.45
Q2 2021 NEG NEG 6.71
Q3 2021 NEG NEG 5.77
Q4 2021 NEG NEG 5.67
Q1 2022 NEG NEG 4.75
Q2 2022 NEG NEG 4.10
Q3 2022 NEG NEG 4.12
Q4 2022 NEG NEG 3.55
Q1 2023 NEG NEG 4.01
Q2 2023 NEG NEG 4.62
Q3 2023 NEG NEG 4.44
Q4 2023 NEG NEG 6.63
Q1 2024 NEG NEG 6.97
Q2 2024 NEG NEG 6.08
Q3 2024 NEG NEG 7.96
Q4 2024 NEG NEG 7.75
Q1 2025 NEG NEG 8.37
Q2 2025 NEG NEG 11.05
Q3 2025 NEG NEG 11.87

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Transportation Sheet Iron Other unallocated amounts
Q1 2016 57.68 9.51 - - 0.25
Q2 2016 70.76 8.96 - - -
Q3 2016 60.75 6.30 - - -
Q4 2016 39.54 6.05 - - -
Q1 2017 53.19 8.03 - - -
Q2 2017 54.94 7.09 - - -
Q3 2017 58.79 6.42 - - -
Q4 2017 43.63 8.04 - - -
Q1 2018 37.98 6.75 - - -
Q2 2018 44.25 6.85 - - -
Q3 2018 42.47 6.25 - - -
Q4 2018 39.14 6.46 - - -
Q1 2019 43.62 6.48 - - -
Q2 2019 48.77 5.12 - - -
Q3 2019 40.13 5.82 - - -
Q4 2019 35.90 5.57 - - -
Q1 2020 35.57 4.73 - - -
Q2 2020 36.90 4.68 - - -
Q3 2020 36.38 3.29 - - -
Q4 2020 37.13 5.92 - - -
Q1 2021 41.95 3.58 - - -
Q2 2021 39.10 2.84 - - -
Q3 2021 34.41 2.99 - - -
Q4 2021 27.12 3.93 7.15 - -
Q1 2022 36.20 3.74 1.47 - -
Q2 2022 35.28 3.39 2.74 - -
Q3 2022 33.95 2.35 2.10 - -
Q4 2022 28.72 3.25 2.16 - -
Q1 2023 35.39 3.87 2.47 - -
Q2 2023 38.23 3.24 2.16 - -
Q3 2023 30.33 2.75 2.39 - -
Q4 2023 25.67 2.02 2.44 - -
Q1 2024 36.81 3.37 2.99 - -
Q2 2024 25.75 0.41 2.65 - -
Q3 2024 23.08 2.42 2.08 - -
Q4 2024 34.05 1.65 2.39 - -
Q1 2025 19.08 2.26 2.82 - -
Q2 2025 24.39 1.03 2.66 - -
Q3 2025 19.83 0.74 3.49 - -


Financial Ratios
Current
Market Cap (M Riyal) 341.40
Enterprise Value (EV) (M Riyal) 385.03
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) (1.08)
Book Value (BV) ( Riyal) 2.24
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 7.25
Return on Average Assets (%) (TTM) (12.81 )
Return on Average Equity (%) (TTM) (37.91 )
EV/adj EBITDA (28.35)
EV/Revenues 3.37
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Share Price

Saudi Industrial Development Co.
11.38
(0.25) (2.15 %)

Saudi Industrial Development Co. (SIDC)

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