Ash-Sharqiyah Development Co. narrowed its net loss after Zakat and tax to SAR 237,400 in 2020 2021, from SAR 2.2 million a year earlier.
The company reported a decrease in losses after receiving final modified Zakat assessments by the company from the Zakat, Tax and Customs Authority (ZATCA) to reduce Zakat dues to SAR 15.99 million instead of SAR 19.93 million. This led to a reduction in the Zakat provision in the company’s accounts by SAR 3.94 million, where the adjustment was made to Zakat assessments that date back to the period from 1995 to 2009.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Operating Income | (2.59) | (4.78) | (84.3 %) |
| Net Income | (2.22) | (0.24) | 89.3 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.11) | (0.01) | 89.3 % |
In Q4 2021, the company turned to net profit after Zakat and tax of SAR 3.26 million from a net loss of SAR 770,000 in the year-ago period.
The company turned to a net profit from a loss of SAR 760,000 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Gross Income | 0.31 | - | - |
| Operating Income | (0.83) | (0.69) | 17.2 % |
| Net Income | (0.77) | 3.27 | 525.1 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.04) | 0.17 | 525.1 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Gross Income | (0.13) | - | - |
| Operating Income | (0.75) | (0.69) | 9.0 % |
| Net Income | (0.76) | 3.27 | 530.2 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.04) | 0.17 | 530.2 % |
Shareholders’ equity, excluding minority interest, declined 0.24% to SAR 142.667 million in 2021, from SAR 143.005 million a year earlier.
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