Sadr Logistics Co. — Earnings Release 2023

Mar 21, 2024

Sadr Logistics Co. announces its Annual Financial results for the period ending on 2023-12-31

1832 · 21/03/2024 15:38:39 · Announcement #78858 · View on Saudi Exchange

Sadr Logistics Co. announces its Annual Financial results for the period ending on 2023-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	104,037	110,822	-6.12
Gross Profit (Loss)	18,016	15,511	16.15
Operational Profit (Loss)	-2,624	-4,358	-39.79
Net profit (Loss)	-4,245	-7,215	-41.16
Total Comprehensive Income	-4,501	-6,638	-32.19
Total Share Holders Equity (After Deducting the Minority Equity)	171,730	176,231	-2.55
Profit (Loss) per Share	-0.02	-0.04
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	-4,790	-0.03
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	The reason for the decrease in sales during this year compared to the previous year by 6% is primarily attributed to a significant decline of 37% in the sales of the timber sector, despite the sales increase in all other sectors of the company. Specifically, the sales of the iron sector increased by 16%, the sales of the logistics services sector increased by 31%, and the sales of the other sectors increased by 44%.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	Net losses for this year decreased by 41% compared to the previous year, despite a 6% decrease in sales. This can be attributed to the following factors:

- The cost of sales decreased by a larger percentage than the decrease in sales. The cost of sales decreased by 10% compared to the previous year, despite allocating an estimated inventory reserve of 3 million Riyals. This was due to the company's focus on sales of the most profitable and least costly sectors and products, which have increased during the current year compared to the previous year.

- Increased investment profits and other revenues, and a decrease in the Zakat provision.

- Despite an increase in selling, marketing, administrative, general, and financing expenses. Statement of the type of external auditor's report Unmodified opinion Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) Nothing Reclassification of Comparison Items Certain comparative figures have been re-presented and classified to conform to the presentation for the current period. Additional Information The basic and diluted share of profit and loss for the current period and the similar period of the previous year was calculated by dividing the net profit or loss for each period after zakat attributable to the company’s shareholders by the weighted average number of ordinary shares outstanding at the end of each period, as the weighted average of shares for the current period was 175,000,000 Shares and the number of shares for the same period of the previous year is 175,000,000 shares after taking into account the effect of the increase in shares as a result of the retrospective share division.

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