‎“Sadr” losses hit SR715K during Q3, a decrease of 73%‎

Sadr Logistics Services Company recorded a net loss after zakat and tax during the third quarter of 715 thousand riyals, compared to a loss of 2.6 million riyals in the same quarter of last year, at a rate of 72.7%. This came after today’s announcement of the preliminary financial results for the period ending on September 30 2023 (9 months).

The operational loss in the third quarter amounted to 628 thousand riyals, compared to a loss of 1.2 million riyals in the same quarter of the previous year, or 48.1%.

The net profit after zakat and tax during the 9-month period amounted to 184 thousand riyals, compared to a loss of 5.4 million riyals in the similar period of the previous year.

The stock did not achieve profit in the current period, compared to a loss of 0.03 riyals in the same period last year.

The company explained that the decrease in net loss during the current quarter compared to the net loss during the same quarter of the previous year is due to the decrease in the cost of sales for the current quarter by 45%, the decrease in selling and distribution expenses, the increase in other income and investment income, and the decrease in the zakat allocation, despite the fact that Sales decreased by 38% as a result of a decrease in timber sector sales, an increase in administrative and general expenses, and an increase in financing costs.‎

This is due to an increase in sales by 22% as a result of the increase in sales of the logistics services sector, the iron sector, and other sectors, and the decrease in general and administrative expenses. This is despite the increase in the cost of sales by 13%, the decrease in other revenues and investment profits, and the increase in financing costs.‎

The company achieved a net profit during the current period compared to (a net loss) during the similar period of the previous year as a result of an increase in sales in all the company’s sectors by a total of 13%, an increase in other income and investment income, and a decrease in financing costs and the zakat allocation, despite the increase in the cost of sales and administrative expenses and Sales.

The basic and diluted share of profit and loss for the current period and the corresponding period of the previous year was calculated by dividing the net profit or loss for each period after zakat attributable to the company’s shareholders by the weighted average number of common shares outstanding at the end of each period, where the weighted average number of shares for the current period was 175,000,000 shares and the number of shares for the same period of the previous year was 175,000,000 shares after taking into account the effect of the increase in shares as a result of the retroactive stock split.