Ash-Sharqiyah widens losses to SAR 3.2 mln in 2022; Q4 at SAR 1.5 mln

30/03/2023 Argaam Exclusive

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Ash-Sharqiyah Development Co.
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Ash-Sharqiyah Development Co. (SHARQIYAH DEV)

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Ash-Sharqiyah Development Co. widened its net loss after Zakat and tax to SAR 3.2 million in 2022, from SAR 237,400 in the year before. 



Financials (M)

Item 2021 2022 Change‬
Operating Income (4.78) (3.11) 34.9 %
Net Income (0.24) (3.20) (1,248.9 %)
Average Shares 19.65 19.66 0.0 %
EPS (Riyals) (0.01) (0.16) (1,248.6 %)

 

This was attributed to a SAR 3.94 million cut in Zakat provisions in 2021, under the final assessments issued by the Saudi Zakat, Tax and Customs Authority (ZATCA). Accordingly, losses narrowed during this year compared to 2022.

 

Additionally, financing costs increased to SAR 653,643 in 2022 from SAR 350,141 a year ago.

 

On a quarter-on-quarter (QoQ) basis, Ash-Sharqiyah turned to losses of SAR 1.5 million in Q4 2022, from a net profit after Zakat and tax of SAR 3.27 million in Q4 2021.

 

Sequentially, the company widened losses from SAR 740,000 in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Operating Income (0.69) (0.87) (26.5 %)
Net Income 3.27 (1.46) (144.6 %)
Average Shares 19.65 19.66 0.0 %
EPS (Riyals) 0.17 (0.07) (144.6 %)

Total shareholders' equity, no minority interest, fell to SAR 139.18 million as of Dec. 31, 2022, from SAR 142.66 million in the prior-year period.

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