Sinomi Retail’s losses increase by 148.4% to 505.5 million riyals in 2025
AFG International’s losses worsened "Sinomi Retail" In 2025, by 148.4% to 505.5 million riyals, compared to losses of 203.5 million riyals in 2024.
According to the company’s statement on the website "Saudi Arabia trading"This is mainly due to the following factors:
• Total profit reached 579.6 million riyals, an increase of 2.5% from 565.6 million riyals, supported by group revenue growth of 5.3% and the effective implementation of the cost optimization program.
• Selling, general and administrative expenses decreased by 4.8%, reflecting efficiencies resulting from cost optimization measures.
• Other operating income decreased by 65.8% year-on-year to reach 88.1 million riyals, mainly due to the absence of non-recurring capital gains amounting to 211 million riyals that were achieved during the fiscal year 2024 as part of the exit program of some of the group’s brands.
• Other operating expenses increased to 173.2 million riyals, compared to 10.6 million riyals, as a result of settling tax liabilities, recording foreign exchange losses, and writing off assets.
• Recording a decrease in the value of goodwill by 120 million riyals during the year, compared to 95.4 million riyals in the fiscal year 2024.
The net loss attributable to shareholders of the issuer amounted to 295.0 million riyals in the fourth quarter of 2025, compared to a loss of 150.6 million riyals in the fourth quarter of 2024. This is mainly due to:
• Gross profit decreased by 15.8% year-on-year to reach 162.8 million riyals. Although sales increased as a result of year-end offers, the associated costs also increased. In addition, rent expense increased in line with higher variable rents driven by increased sales.
• Selling, general and administrative expenses increased by 3.9% year-on-year to reach SAR 123.8 million, mainly due to higher advertising and promotion expenses in line with increased sales volume.
• Other operating income increased from 12.6 million riyals to 23.8 million riyals, mainly related to discounts on rental obligations.
• Other operating expenses amounted to 65.6 million riyals, compared to 19.3 million riyals in the fourth quarter of 2024, mainly due to the payment of tax liabilities and the write-off of assets.
• The value of goodwill decreased by 120 million riyals during the quarter, compared to 95.4 million riyals in the fourth quarter of 2024.
The net loss attributable to shareholders of the issuer increased from 124.9 million riyals in the third quarter of 2025 to 295.0 million riyals in the fourth quarter of the same year. This is mainly due to the following:
• Gross profit increased by 84.7%, reflecting higher sales in both Saudi Arabia and international markets, with the third quarter of 2025 recording lower profit margins as a result of end-of-season promotions continuing for a longer period compared to the fourth quarter of 2025.
• Selling, general and administrative expenses decreased from 124.2 million riyals to 123.8 million riyals, which reflects the efficiency resulting from cost optimization measures.
• Other operating income increased from 8.4 million riyals to 23.8 million riyals, mainly related to discounts on rental obligations.
• Other operating expenses increased from 14.3 million riyals to 65.6 million riyals, driven by the write-off of assets and payment of tax liabilities.
• The value of goodwill decreased by 120 million riyals during the quarter.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
