Tabuk Agricultural Development Co. (TADCO) deepened net loss after Zakat and tax to SAR 10.6 million in Q1 2022, compared to SAR 1.9 million in a year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 21.45 | 21.58 | 0.6 % |
| Gross Income | 4.00 | 2.05 | (48.7 %) |
| Operating Income | (5.51) | (9.20) | (66.9 %) |
| Net Income | (1.91) | (10.56) | (453.1 %) |
| Average Shares | 33.73 | 39.18 | 16.2 % |
| EPS (Riyals) | (0.06) | (0.27) | (376.2 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 27.15 | 21.58 | (20.5 %) |
| Gross Income | (6.95) | 2.05 | 129.5 % |
| Operating Income | (26.23) | (9.20) | 64.9 % |
| Net Income | (31.33) | (10.56) | 66.3 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.80) | (0.27) | 66.3 % |
This loss was attributed to higher cost of sales, increased general & administrative expenses, an increase in the company’s loss share from associates and higher Zakat provisions.
TADCO narrowed Q1 2022 net loss from SAR 31.33 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, jumped 28% year-on-year (YoY) to SAR 287.56 million in Q1 2022.
Accumulated losses reached SAR 99.75 million, or 25.5% of capital in the first quarter of 2022.
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