SADIRAT losses increased to SAR24.3 million by 74.5% at the end of 2022

The Saudi Industrial Export Company (SADIRAT) revealed that the Net Profit (Loss) after Zakat and Tax increased during the year ending on December 31 to SAR 24.3 million, compared to 13.9 million riyals in the previous year, at a rate of 74.5%. This came after today’s announcement of the annual financial results ending on 12-31-2022.
The Operational loss amounted to SAR 22.7 million during the year ending on December 31, compared to SAR 12.9 million in the previous year, an increase of 76%.
Total Shareholders’ Equity (after Deducting Minority Equity) amounted to SAR 160 million in the current year, compared to SAR 12.9 million in the previous year, with a growth of 1134.7%.
The loss per share in the current year amounted to SAR 1.53, compared to SAR 2.3 in the previous year.
The reason of the increase in net loss during the current year, 2022 compared to the previous year 2021 is due to the decrease in sales, which is being processed after the completion of capital increment in Q2, through introducing new customers contracts which will be reflected next year.
The company utilized the VAT initiative of 2022 where penalties of SAR 18.6 M was exempted whereby VAT variances of SAR 6.6M agreed to be settled, which as a result increased General and Administrative expenses compared to the previous year of 2021.
Additional Information
– The company’s accumulated losses for the current year ended December 31, 2022, amounted to SAR 35,494,678, representing 18.26% of the company’s capital while the company’s accumulated losses for the previous year ended 31 December 2021 were SAR 52,837,550 Where it represents 81.54% of the company’s capital.
– 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 SAR 7,003,636 and 32.42% of the company’s capital after the reduction of SAR 21,600,000.
– The Company would also like to point out that the CMA approved on 17/03/2022 the board’s recommendation to increase the company’s capital by SAR 172,800,000 by issuing priority rights shares.