Financial Results : Tabuk Agricultural posts SAR 179.8 mln losses in FY2019

Tabuk Agricultural posts SAR 179.8 mln losses in FY2019

29/03/2020 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) widened net losses after Zakat and tax by more than two times year-on-year (YoY) to SAR 179.8 million for FY2019, the company said in a bourse statement on Sunday.



Financials (M)

Item 2018 2019 Change‬
Revenues 98.98 146.52 48.0 %
Gross Income 14.09 (34.60) (345.6 %)
Operating Income (46.63) (104.99) (125.2 %)
Net Income (62.10) (179.79) (189.5 %)
Average Shares 33.73 33.73 -
EPS (Riyals) (1.84) (5.33) (189.5 %)

These losses were attributed to inventory impairment, debt provisions, debts owed by an associate, and as asset impairment in sister and affiliated companies.

 

The company also cited higher cost of finance, increased administrative expenses and lower sales volumes.

 

The company also widened Q4 2019 net losses by 40.7% YoY to SAR 33.3 milion.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 27.28 47.80 75.2 %
Gross Income (1.53) (7.51) (391.6 %)
Operating Income (20.75) (37.96) (83.0 %)
Net Income (55.54) (37.57) 32.4 %
Average Shares 33.73 33.73 -
EPS (Riyals) (1.65) (1.11) 32.4 %

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