Ash-Sharqiyah Development Co. narrowed net loss after Zakat and tax by 30% to SAR 510,000 for Q1 2020, compared to SAR 729,000 a year earlier.
The decrease in losses were attributed to lower administrative expenses on reducing the company’s staff.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Gross Income | (0.14) | (0.13) | 7.1 % |
| Operating Income | (0.71) | (0.50) | 30.1 % |
| Net Income | (0.73) | (0.51) | 30.0 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.04) | (0.03) | 30.0 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Gross Income | (0.48) | (0.13) | 72.7 % |
| Operating Income | (2.04) | (0.50) | 75.7 % |
| Net Income | (65.13) | (0.51) | 99.2 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (3.31) | (0.03) | 99.2 % |
When compared to the previous quarter, Ash-Sharqiyah also trimmed net losses by 99% from SAR 65 million, on incurring the financial advisor’s expenses in an acquisition deal. The company also incurred losses from excluding the difference of granted land area.
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