Siadarat Annual Loss Rises 13% to SR14.9 mln

The losses of the Saudi Industrial Export Company (Siadarat) after zakat and tax increased last year by 12.9% on an annual basis, to reach SR14.9 million, compared to SR13.2 million losses in 2020.

This came after Siadarat announcement on Thursday of the annual financial results ending on 31.12.2021 (12 months).

The operational losses during the current period amounted to SR13.7 million, compared to SR10.6 million losses for the same period of the previous year, an increase of 29.3%.

The gross profit during the current period, it amounted to SR1.63 million, compared to SR1.94 million, profits for the same period last year, a decrease of 16%.

The loss per share during the current period amounted to SR2.28, compared to a loss per share of SR2.03 during the same period last year.

The reason for the increase in net loss during the current year 2021 compared to the previous year 2020 is the decrease of sales due to the delay in capital injection as the capital increment request was no approved by CMA, as well as the increase in the administrative and general expenses compared to the previous year 2020, despite the increase in other revenues.

Some comparison figures for the previous year 2020 were reclassified and adjusted in the income statement.

The company’s accumulated losses for the current period ended December 31, 2021, amounted to SR52,837,550, representing 81.54% of the company’s capital prior to the reduction of SR64,800,000 while the company’s accumulated losses for the previous period ended 31 December 2020 for the previous year 2020 were SR37,954,378 Where it represents 58.57% of the company’s capital before the reduction of SR64,800,000.

– The company also indicates that it processed part of the company’s accumulated losses by reducing the company’s capital on the approval of the Extraordinary General Assembly (9th), where the company’s accumulated losses amounted to the day of the extraordinary general assembly (9th) on 15.02.2022 amount of SR7,003,636 and 32.42% of the company’s capital after the reduction of SR21,600,000.

“We want to point out that the CMA approved on 17.03.2022 the board’s recommendation to increase the company’s capital by SR172,800,000 by issuing priority rights shares”.

– The procedures and instructions for listed companies will be applied, with accumulated losses of 20% and more of their capital.