Sadr Records Q1 Losses of 1.5 Million Riyals

Sadr Logistics Co recorded a net loss of 1.5 million riyals during the first quarter, compared to a profit of 3.2 million riyals in the same quarter of last year. This came after today’s announcement of the preliminary financial results for the period ending on March 31, 2024 (three months).

The operating loss amounted to one million riyals in the first quarter, compared to a profit of 3.2 million riyals in the same quarter of the previous year.

Total shareholders’ equity (excluding minority rights) amounted to 170.19 million riyals in the 3-month period, compared to 179.5 million riyals in the same period last year, a decrease of 5.2%.

The loss per share in the current period reached 0.01 riyals, compared to a profit of 0.02 riyals in the same period last year.

Revenues decreased during the current quarter compared to the same quarter of the previous year as a result of:

1- A decrease in timber sector sales by 56% as a result of a decrease in sales quantities and prices.

in spite of: –

1- Iron sector sales increased by 30%.

2- Sales of the logistics services sector increased by 28% as a result of the increase in storage prices and quantities.

The company achieved a net loss during the current quarter compared to net profits during the same quarter of the previous year as a result of: –

1- Sales decreased by 22% and the cost of sales decreased by a smaller percentage than the decrease in sales, as it decreased by 19%.

2- Sales and marketing expenses increased and general and administrative expenses increased

3- A decrease in other income and a decrease in investment profits

4- An increase in financing costs.

Sales increased during the current quarter compared to the previous quarter as a result of: –

1- Timber sector sales increased by 71% to increase sales quantities.

2- Sales of the logistics services sector increased by 8% as a result of the increase in storage prices and quantities.

in spite of:-

1- Steel sector sales decreased by 6%.

The net loss decreased during the current quarter compared to the net loss during the previous quarter as a result of: –

1- Sales increased by 26% and the cost of sales increased by less than the increase in sales, as they increased by 23%.

2- Sales and marketing expenses decreased.

3- A decrease in the provision for credit losses, and a decrease in financing costs.

4- Decrease in zakat allocation.

The basic and diluted share of profit and loss for the current period and the similar 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 ordinary shares outstanding at the end of each period, as the weighted average of shares for the current period was 175,000,000 Shares and the number of shares for the same period of the previous year is 175,000,000 shares after taking into account the effect of the increase in shares as a result of the retrospective share division.