Riyadh – Mubasher: The net profits of Sadr Logistics Company amounted to SAR 184,000 in the first nine months (9M) of 2023, shifting from a net loss of SAR 5.44 million in the same period of the previous year.
The company’s revenues increased by 13.11% year-on-year (YoY) to SAR 78.95 million during January-September 2023, compared with SAR 69.80 million in 9M-22, according to the interim financial results.
Accumulated Losses
Sadr Logistics reported accumulated losses of SAR 361,000 as of 30 September 2023. This represents 0.002% of the company's SAR 175 million capital.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the Saudi firm reported a net loss after Zakat and tax of SAR 715,000 that marked a decline of 72.71% YoY from SAR 2.62 million.
The revenues dropped by 37.60% to SAR 20.93 million in Q3-23, compared to SAR 33.55 million in the same quarter of the previous year.
On a quarterly basis, the Q3-23 net loss decreased by 70.06% from SAR 2.38 million in Q2-23, while the revenues rose by 21.75% from SAR 17.19 million.
It is worth noting that in October 2023, Sadr Logistics started the construction of the logistics services project Sadr Park.
