Ash-Sharqiyah narrows 2020 net loss to SAR 2.2 mln

Ash-Sharqiyah Development Co. narrowed its net loss after Zakat and tax to SAR 2.2 million for 2020, from SAR 67.5 million a year earlier.

The company cited a steep decline in operating costs for 2020, as the company excluded a group of assets from its records after selling them, recording a significant drop in depreciation expenses.

In 2019, the company partially excluded the value the government grant land registered in the company’s records after the issuance of the Ministry of Environment, Water and Agriculture’s decision on allowing the company to own an area less than that recorded in its books.

Moreover, a decrease in administrative expenses during the year compared to 2019 also reduced the full-year net losses.

In Q4 2020, the company reduced its net loss after Zakat and tax to SAR 790,000 from SAR 65.13 million.

Shareholders’ equity, excluding minority interest, declined 1.5% to SAR 143.004 million in 2020, from SAR 145.244 million a year earlier.