‎“Sinad Holding” losses increased to 23.6 million riyals during ‎Q2, by 16.2%‎

Sinad Holding Company revealed that the net loss after zakat and tax in the second quarter increased to 23.6 million riyals, compared to 20.3 million riyals in the same quarter of last year, by 16.2%. This came after today’s announcement of the preliminary financial results for the period ending in 2023-06. -30 (six months).

Operational loss amounted to 20.8 million riyals in the second quarter, compared to 6.1 million riyals in the same quarter of the previous year, an increase of 241%.

The net loss after zakat and tax during the 6-month period amounted to 45.2 million riyals, compared to 10 million riyals in the same period last year, an increase of 352%.

And the total shareholders’ equity “without minority rights” amounted to 1.21 billion riyals in the current period, compared to 1.29 billion riyals in the same period last year, a decrease of 5.7%.

The loss per share in the current period reached 0.37 riyals, compared to 0.08 riyals in the same period last year.

– The reason for the increase in losses is due to the increase in operating losses, mainly resulting from the decrease in gross profit resulting from the decrease in gross profit from sales, in addition to the increase in selling and distribution expenses, and the recording of other operating losses during the quarter, compared to other operating profits during the same quarter of the previous year. The decrease in the profits of currency differences and the increase in financing expenses

– The reason for the increase in losses is due to the increase in operating losses, mainly resulting from the decrease in gross profit resulting from the decrease in gross profit from sales, in addition to the increase in selling and distribution expenses, and the recording of other operating losses during the quarter, compared to other operating profits during the previous quarter, in addition to High financing expenses and high tax expense

– The reason for the increase in losses is also due to the transfer of operating losses in exchange for operating profits in the same period of the previous year, mainly resulting from the decrease in gross profit due to the decrease in gross profit from sales, the increase in selling and distribution expenses, the decrease in other operating revenues, and the decrease in other revenues Recording the loss of currency differences against the profits of currency differences during the similar period of the previous year, the increase in financing expenses, and the increase in zakat expense.