SIDC losses up 33% to SR7.66 mln in Q3‎

The Saudi Industrial Development Company “SIDC” recorded losses after zakat and tax of 7.66 million riyals during the third quarter, compared to a loss of 5.7 million riyals in the same quarter of last year, an increase of 33%. This came after the announcement today of the preliminary financial results for the period ended On September 30, 2022 (9 months).

The operational loss amounted to 8.5 million riyals in the third quarter, compared to losses of 7.3 million riyals in the same quarter of the previous year, an increase of 16%.

As for gross profit, it amounted to 6 million riyals in the third quarter, compared to 4 million riyals in the same quarter of the previous year, a growth of 36%.

The net loss after zakat and tax in the 9-month period amounted to 19 million riyals, compared to a loss of 12 million riyals in the same period last year, an increase of 61%.

The loss per share in the current period was 0.48 riyals, compared to a loss of 0.3 riyals in the same period last year.

The reason for the increase in the company’s net losses during the third quarter of 2022G compared to the same quarter of the previous year 2021G is due to the increase in operating losses because of the increase in operating expenses.

The reason for the increase in the company’s net losses during the third quarter of 2022 AD compared to the previous quarter (second quarter) of the current year 2022 AD is due to the increase in operating losses because of the increase in operating expenses and the decrease in sales.

The reason for the increase in the company’s net losses during the current period of 2022G compared to the same period of the previous year 2021G is due to the increase in operating expenses and the decrease in sales.