Ash-Sharqiyah Development Co. trimmed its net loss after Zakat and tax by 30% year-on-year (YoY) to SAR 1 million for the first six months of 2020, compared to SAR 1.5 million in the same period last year, driven by lower bank financing expenses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Gross Income | (0.35) | (0.20) | 41.5 % |
| Operating Income | (1.43) | (1.03) | 28.2 % |
| Net Income | (1.45) | (1.01) | 30.0 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.07) | (0.05) | 30.0 % |
In 2019, the company incurred financing expenses due to the renewal of a financing agreement for an additional year as well as a significant decrease in operating costs for Q2.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Gross Income | (0.21) | (0.10) | 50.5 % |
| Operating Income | (0.72) | (0.53) | 26.3 % |
| Net Income | (0.72) | (0.50) | 29.9 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.04) | (0.03) | 29.9 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Gross Income | (0.13) | (0.10) | 22.1 % |
| Operating Income | (0.50) | (0.53) | (7.3 %) |
| Net Income | (0.51) | (0.50) | 1.2 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.03) | (0.03) | 1.2 % |
The company narrowed net loss after Zakat and tax for Q2 2020 by 29.9% YoY to SAR 504,000, due to lower bank financing expenses, as the firm incurred costs due to the renewal of a financing agreement for an additional year as well as lower operating costs.
On a sequential basis, net losses narrowed marginally due to noticeable decrease in financing expenses.
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