TADCO deepens 2021 loss to SAR 70.5 mln; Q4 at SAR 31.3 mln

29/03/2022 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) widened its net loss after Zakat and tax to SAR 70.5 million in 2021, from SAR 52.1 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	158.54	116.04	(26.8 %)
Gross Income	14.29	(5.39)	(137.7 %)
Operating Income	(37.19)	(61.49)	(65.3 %)
Net Income	(53.19)	(70.55)	(32.6 %)
Average Shares	33.73	39.18	16.2 %
EPS (Riyals)	(1.58)	(1.80)	(14.2 %)

The company attributed the higher losses to a drop in revenue, as well as the property, plant and equipment (PP&E) impairment of a subsidiary. TADCO also cited an increase in the value-added tax (VAT) reassessment, as well as general and administrative expenses.

TADCO trimmed its net loss after Zakat and tax to SAR 31.3 million in Q4 2021 by 8.6% year-on-year (YoY).

On the other hand, the company widened net losses from SAR 13.28 million in the third quarter of 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	39.17	27.15	(30.7 %)
Gross Income	(8.56)	(6.95)	18.8 %
Operating Income	(23.59)	(26.23)	(11.2 %)
Net Income	(34.99)	(31.33)	10.5 %
Average Shares	33.73	39.18	16.2 %
EPS (Riyals)	(1.04)	(0.80)	22.9 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	35.75	27.15	(24.1 %)
Gross Income	6.59	(6.95)	(205.4 %)
Operating Income	(5.81)	(26.23)	(351.3 %)
Net Income	(13.28)	(31.33)	(135.9 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.34)	(0.80)	(135.9 %)

Shareholders’ equity, after minority interest, increased to SAR 297.69 million in 2021, from SAR 226.12 million a year earlier.

Accumulated losses reached SAR 89.6 million, or 22.9% of TADCO’s capital as of Dec. 31, 2021.

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