Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) recorded net losses after Zakat and tax worth SAR 21.83 million in the first nine months (9M) of 2023, a 14.65% year-on-year (YoY) rise from SAR 19.04 million in the same period of 2022.
The revenues retreated by 0.34% YoY to SAR 120.81 million during January-September 2023 when compared to SAR 121.22 million, as per the interim financial results.
The listed entity reported a loss per share of SAR 0.55 in 9M-23, which came higher than SAR 0.48 in 9M-22.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the Saudi firm registered net losses after Zakat and tax of SAR 11.50 million, marking a 50.13% increase from SAR 7.66 million in Q3-22.
The revenues decreased by 7.66% to SAR 35.46 million in Q3-23, compared to SAR 38.40 million in the July-September 2022 period.
On a quarterly basis, the Q3-23 net loss widened by 18.92% from SAR 9.67 million in Q2-23, while the revenues fell by 18.73% from SAR 43.63 million.
Accumulated Losses
SIDC unveiled that its accumulated losses reached SAR 84.24 million as of 30 September 2023, which represented 21.06% of the SAR 400 million capital.
