Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) posted net losses after Zakat and tax worth SAR 12.82 million in 2020, according to a disclosure to Tadawul on Thursday.

This marked a year-on-year (YoY) decline of 50.71% compared with SAR 26.01 million.

SIEC’s sales decreased by 42% YoY to SAR 39.52 million in 2020 from SAR 68.24 million.

Loss per share stood at SAR 1.98 last year, compared with SAR 4.01 in 2019.

The company attributed the drop in losses to improvement in gross profit margin and increase in other income.

SIEC said its accumulated losses for 2020 reached SAR 37.4 million, which accounts for 57.72% of the paid-up capital. This is compared to accumulated losses of SAR 24.58 million, representing 37.94% of the capital, in 2019.

During the third quarter (Q3) of 2020, the company turned to losses of SAR 1.26 million, against profits of SAR 1.98 million in Q3-19.

SIEC submitted in December 2020 a request to the Saudi Capital Market Authority to increase the capital by SAR 129.6 million through a rights issue.