Sinad Holding swings to net losses in Q1-23

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Riyadh – Sinad Holding Company turned to net losses after Zakat and tax worth SAR 21.50 million in the first quarter (Q1) of 2023, against net profits amounting to SAR 10.20 million in Q1-22.

Revenues declined by 11.37% to SAR 419.20 million during Q1-23 from SAR 473 million in the year-ago period, according to the interim income statements.

Loss per share hit SAR 0.17 in the first three months (3M) of 2023, versus earnings per share (EPS) worth SAR 0.08 during January-March 2022.

On a quarterly basis, the firm also shifted to net losses after Zakat and tax in Q1-23 when compared with net profits worth SAR 74.80 million in Q4-22, while the revenues fell by 5.37% from SAR 443 million.

Accumulated Losses

The company’s accumulated losses reached SAR 49 million as of 31 March 2023, representing 3.88% of the SAR 1.26 billion capital.

Last year, Sinad Holding turned profitable at SAR 10.10 million, versus net losses after Zakat and tax valued at SAR 63.50 million in 2021.