Sadr Logistics Co. turned to a net loss of SAR 1.5 million in Q1 2024, against a net profit of SAR 3.3 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 40.82 | 31.65 | (22.5 %) |
| Gross Income | 7.84 | 4.79 | (38.9 %) |
| Operating Income | 3.12 | (1.03) | (133.1 %) |
| Net Income | 3.29 | (1.54) | (146.8 %) |
| Average Shares | 175.00 | 175.00 | - |
| EPS (Riyals) | 0.02 | (0.01) | (146.8 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 25.09 | 31.65 | 26.2 % |
| Gross Income | 3.27 | 4.79 | 46.3 % |
| Operating Income | (3.06) | (1.03) | 66.3 % |
| Net Income | (4.43) | (1.54) | 65.2 % |
| Average Shares | 175.00 | 175.00 | - |
| EPS (Riyals) | (0.03) | (0.01) | 65.2 % |
The annual losses were attributed to a 22% decline in sales, while the cost of sales decreased by 19%.
The company also realized higher selling and marketing expenses, as well as general and administrative expenses. Additionally, there was a decrease in other income and investment profits as well as a rise in financing costs.
Sequentially, the company narrowed its losses in Q1 2024 from SAR 2.12 million in Q4 2023.
Shareholders’ equity, no minority interest, stood at SAR 170.19 million as of March 31, 2024, from SAR 179.51 million a year earlier.
Accumulated losses stood at SAR 6.33 million by the end of Q1 2024, representing 3.62% of the company’s capital.
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