TADCO narrows net loss by 87.5% to SAR 17.9 mln in 9M 2020

10/11/2020 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) trimmed net loss after Zakat and tax by 87.5% year-on-year (YoY) to SAR 17.9 million for the first nine months of 2020, driven by higher sales revenue and decreased distribution and selling expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	98.72	119.37	20.9 %
Gross Income	(27.08)	22.84	184.3 %
Operating Income	(67.03)	(13.60)	79.7 %
Net Income	(142.22)	(18.20)	87.2 %
Average Shares	33.73	33.73	-
EPS (Riyals)	(4.22)	(0.54)	87.2 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	50.67	47.39	(6.5 %)
Gross Income	(1.78)	9.31	623.6 %
Operating Income	(17.21)	(4.83)	71.9 %
Net Income	(55.67)	(6.96)	87.5 %
Average Shares	33.73	33.73	-
EPS (Riyals)	(1.65)	(0.21)	87.5 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	37.31	47.39	27.0 %
Gross Income	7.05	9.31	32.1 %
Operating Income	(4.71)	(4.83)	(2.5 %)
Net Income	(5.53)	(6.96)	(25.8 %)
Average Shares	33.73	33.73	-
EPS (Riyals)	(0.16)	(0.21)	(25.8 %)

The third-quarter net loss after Zakat and tax shrank 88.6% YoY to SAR 6.2 million, backed by lower cost of sales.

On a sequential basis, Q3 2020 net loss widened 1.2%.

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