SIDC Reports SAR 11.63M Net Loss in Three Months 2026
SIDC 2130.SA | 0.00 |
On 2026-05-07 15:57:52 (Saudi Time), Saudi Industrial Development Company (SIDC) announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 22.34 | 24.16 | -7.533 | 22.53 | -0.843 |
| Gross Profit (Loss) | 2.41 | 3.01 | -19.933 | 1.67 | 44.311 |
| Operational Profit (Loss) | -11.02 | -9.2 | 19.782 | -62.11 | -82.257 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -11.63 | -9.44 | 23.199 | -63.27 | -81.618 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -10.01 | -9.38 | 6.716 | -67.87 | -85.251 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 128.76 | 64.38 | 100 |
| Profit (Loss) per Share | -0.39 | -0.55 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales declined 7.533% YoY to SAR 22.34 million, primarily due to decreased sales in the Sanitary Ware and Mattresses and Foam segments. Net loss widened by 23.199% to SAR 11.63 million, driven by lower operating profit resulting from asset value impairments and reduced gross profit from declining sales volumes.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 0.843% to 22.34 million, primarily due to decreased sales in the Sanitary Ware segment. Net loss improved significantly by 81.618% from -63.27 million to -11.63 million, mainly attributable to higher operating profit as the previous quarter recorded larger impairment losses on goodwill and asset values compared to the current quarter.
Other Items
The auditors issued an unmodified conclusion but included an emphasis of matter paragraph highlighting material uncertainty regarding the Group's ability to continue as a going concern. The auditors noted that "the Group incurred recurring net losses and was facing liquidity pressure as of 31 December 2024" with "recurring operating losses, negative operating cash flows, and a history of not achieving the approved budgets." The Group obtained SAR 165 million in financing through capital increase to support operations and planned investments including new brand identity launch and showroom network expansion. Going concern ability remains dependent on successful implementation of business plans and achievement of expected cash flows approved by the Board of Directors. Total shareholders equity doubled to SAR 128.76 million compared to SAR 64.38 million in the previous year. Loss per share improved to SAR -0.39 from SAR -0.55 in the prior year period.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95089&anCat=1&cs=2130&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.