Ash-Sharqiyah Development Co. narrowed its net loss after Zakat and tax to SAR 1.4 million for the first nine months of 2020, compared to SAR 2.3 million in the same period a year earlier.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Gross Income | (0.46) | (0.31) | 32.9 % |
| Operating Income | (2.05) | (1.77) | 13.9 % |
| Net Income | (2.34) | (1.44) | 38.6 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.12) | (0.07) | 38.6 % |
The company cited reduction in bank financing expenses, in addition to a significant decrease in operating costs and administrative expenses, for the earnings.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Gross Income | (0.11) | (0.10) | 5.5 % |
| Operating Income | (0.62) | (0.74) | (18.9 %) |
| Net Income | (0.89) | (0.42) | 52.7 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.05) | (0.02) | 52.7 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Gross Income | (0.10) | (0.10) | (1.0 %) |
| Operating Income | (0.53) | (0.74) | (38.5 %) |
| Net Income | (0.50) | (0.42) | 16.5 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.03) | (0.02) | 16.5 % |
The company also trimmed its net loss after Zakat and tax for Q3 2020 to SAR 422,000, due to decrease in bank financing expenses and higher capital gains.
On a sequential basis, net losses narrowed by 16.4% in Q3 2020.
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