Saudi: Sinad Holding reports 71% plunge in H1-24 losses

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Riyadh – Sinad Holding Company incurred 71.01% year-on-year (YoY) lower net losses at SAR 13.10 million in the first half (H1) of 2024, compared to SAR 45.20 million.

The revenues amounted to SAR 844.50 million in H1-24, up 9.12% from SAR 773.90 million in H1-23, according to the interim financial results.

Loss per share hit SAR 0.10 in January-June 2024, higher than SAR 0.36 a year earlier.

Income Results for Q2-24

The company turned profitable at SAR 900,000 in the second quarter (Q2) of 2024, against net losses valued at SAR 23.60 million in Q2-23.

During the three-month period that ended on 30 June 2024, the revenues climbed by 12.33% YoY to SAR 400.60 million from SAR 356.60 million.

Quarter-on-quarter (QoQ), Sinad Holding also shifted to net profits in Q2-24 when compared with net losses of SAR 14 million in Q1-24, while the revenues fell by 9.75% from SAR 443.90 million.