Saudi Industrial Export Co. (Sadirat) announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 0.07 | 3.39 | -97.78 | 0.04 | 87.5 |
| Gross Profit (Loss) | 0.05 | 1.04 | -95.02 | 0.04 | 30 |
| Operational Profit (Loss) | -5.06 | -1.85 | 173.35 | -7.92 | -36.15 |
| Net Profit (Loss) after Zakat and Tax | -5.05 | -2.01 | 150.72 | -7.93 | -36.35 |
| Total Comprehensive Income | -5.33 | -2.2 | 142.65 | -7.93 | -32.77 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 0.18 | 15.46 | -98.83 |
| Gross Profit (Loss) | 0.16 | 1.49 | -89.39 |
| Operational Profit (Loss) | -17.84 | -5.4 | 230.61 |
| Net Profit (Loss) after Zakat and Tax | -17.86 | -5.9 | 202.75 |
| Total Comprehensive Income | -18.14 | -6.71 | 170.26 |
| Total Share Holders Equity (after Deducting Minority Equity) | 162.86 | 21.02 | 674.63 |
| Profit (Loss) per Share | -1.52 | -1.04 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 32.541 | 194.4 | 17 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net loss during the current quarter 2022 compared to the same quarter of the previous year 2021 is due to the decrease in sales which is being processed after the completion of capital increment in Q2, through introduce new customers contracts which will be reflected next year, in addition the company utilized the VAT initiative of 2022 where penalties of SR 18.6 M was exempted whereby VAT variances of SR6.6M agreed to be settled, which as result increased General and Administrative expenses compared to the same quarter of the prior year of 2021 AD. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The Decrease in net loss during the current quarter 2022 compared previous quarter in the current year, is due reversal of impairment of trade receivable because the company entered into settlement agreement with defaulted customer and collected amount of SR 6 M, also reduction in General and Administrative expenses compared to the previous quarter in the same year when removing SR 6.6 M related to VAT settlement. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in net loss during the current period 2022 compared to the same period of the previous year is due to the decrease in sales, as well as a recognizing Impairment of other current assets, in addition the company utilized the VAT initiative of 2022 where penalties of SR 18.6 M was exempted whereby VAT variances of SR6.6M agreed to be settled, which as result increased General and Administrative expenses compared to the same quarter of the prior year of 2021 AD. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Some figures for the previous period have been reclassified to conform to the presentation of the current period. |
| Additional Information | - The loss per share of the current period for 2022 was calculated on the weighted average number of shares which equal to 11,876,044 shares.
- The loss of the share for the same period of the prior year 2021 was calculated on the weighted average number of shares of 6,480,000 shares. - The weighted average number of shares was calculated based on the approval of the Extraordinary General Assembly on 15-02-22 AD on the reduction of the company's capital from sixty-four million and eight hundred thousand riyals (64,800.000 Riyals) to twenty-one million and six hundred thousand riyals (21,600,000 riyals) and by 66.66% and write off 4,320,000 shares, in addition to the increase of capital based on the approval of the Extraordinary General Assembly on 11-05-22 AD on the increase of company’s capital from twenty-one million and six hundred thousand riyals (21,600,000 riyals) to One hundred ninety-four million and four hundred thousand (194,400.000 Riyals) and by 800% with increment of 17,280,000 shares.
- The company's accumulated losses for the current period ended 30/09/2022 amounted to SR 32,541,303, representing 17% of the company's capital after the capital increment by SR 194,400,000, while the company's accumulated losses for the previous period ended 30/09/2021 were amounts of SR 44,666,784 representing 68.93% of the company's capital before the reduction and increment of SR 64,800,000. |
Comments