Riyadh –  Saudi Industrial Export Company (SIEC) incurred net losses after Zakat and tax of SAR 10.98 million in the first nine months (9M) of 2023, marking a 39.47% year-on-year (YoY) decline from SAR 18.14 million.

The loss per share decreased to SAR 0.56 as of 31 September 2023, compared to SAR 1.52 in the same period of the previous year.

Revenues soared by 6,911.11% YoY to SAR 12.62 million in 9M-23 from approximately SAR 181,000.

Financial Results for Q3-23

In the third quarter (Q3) that ended on 30 September 2023, SIEC recorded a YoY rise of 62.10% in net loss to SAR 8.64 million from SAR 5.33 million.

Revenues jumped by 6,725% to SAR 5.46 million in July-September 2023, compared to SAR 75,009 in Q3 which ended on 30 September 2022.

On a quarterly basis, the company’s net losses in Q3-23 widened by 1,293.55% from nearly SAR 620,000 in Q2 which ended on 30 June 2023, while the revenues jumped by 93.62% from SAR 2.82 million.

Accumulated Losses

The Saudi company reported accumulated losses amounting to SAR 46.47 million as of 30 September 2023, which represented 23.90% of the SAR 194.40 million capital.

It is worth noting that the board members of SIEC recommended, on 13 June 2023, to split the nominal value of the share from SAR 10 to SAR 0.50 per share.

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