Saudi: Sinad Holding turns profitable in 2022; accumulated losses announced

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Riyadh – Sinad Holding Company swung to net profits after Zakat and tax worth SAR 10.10 million in 2022, against net losses of SAR 63.50 million in 2021.

The revenues amounted to SAR 1.76 billion in the January-December 2022 period, up 3.37% year-on-year (YoY) from SAR 1.71 billion.

Earnings per share (EPS) hit SAR 0.08 last year, against a loss per share of SAR 0.50 in 2021, according to the income statements.

Accumulated Losses

Sinad Holding incurred accumulated losses worth SAR 27.50 million, representing 2% of the SAR 1.26 billion capital.

In the first nine months (9M) of 2022, the Tadawul-listed firm reported 125.44% higher net losses after Zakat and tax at SAR 64.70 million, compared to SAR 28.70 million in the year-ago period.

Revenues grew by 6.87% to SAR 1.32 billion in 9M-22 from SAR 1.24 billion in 9M-21, while the loss per share increased to SAR 0.51 from SAR 0.23.