SIDC Records Losses of SR6.6 mln during Q2, an increase of 52%

The Saudi Industrial Development Company “SIDC” recorded losses after zakat and tax of SR6.6 million during the second quarter, compared to a loss of SR4.3 million in the same quarter of last year, an increase of 52%.
This came after the announcement on Tuesday of the preliminary financial results for the period ending on 30.06.2022 (six months).
The operational loss amounted to SR7 million in the second quarter, compared to a loss of SR4 million in the same quarter of the previous year, an increase of 70%.
The net loss after zakat and tax in the 6-month period amounted to SR11.4 million, compared to a loss of SR6 million in the same period last year, an increase of 88%.
The gross shareholders’ equity “without minority rights” amounted to SR201 million in the current period, compared to SR217 million in the same period last year, a decrease of 7%.
The loss per share in the current period was SR0.28, compared to a loss of SR0.15 in the same period last year.
The reason for the increase in the net losses of the company during the second quarter of 2022 compared to the second quarter of the previous year 2021 is due to the increase in operating losses resulting from the increase in operating expenses.
The reason for the increase in the net losses of the company during the second quarter of 2022 compared to previous quarter (First Quarter) of the year 2022 is due to the increase in operating losses resulting from increase in operating expenses and the decrease in other revenues compared to similar period.
The reason for the increase in the net losses of the company during current period of the year 2022 compared to the similar period of the year 2021 is due to the increase in operating expenses and production costs.
The Group’s interim condensed consolidated financial statements for the three months and the six months period ending on 30th, June 2021 were examined by another (different) Auditor who on 19th, August 2021 expressed an unmodified conclusion about said financial statements. The group financial statements for the year ending on 31st December 2021 were examined by another Auditor who presented a qualified opinion about said financial statements as stated in his report dated 31st, March 2022.
Some figures of the previous period have been reclassified to fit the financial result of the current period (Explanation 2/1).