Financial Results : TADCO deepens H1 2021 net loss to SAR 25 mln

TADCO deepens H1 2021 net loss to SAR 25 mln

19/08/2021 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) widened net losses after Zakat and tax to SAR 25 million for the first half of 2021, from SAR 11.6 million in the year-earlier period.

 

The company reported an increase in the cost of revenues, an impairment of the crops, as well as higher selling, marketing expenses, general and administrative expenses. It also cited a decrease in other revenues, and an increase in the Zakat provision for the period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 71.98 53.14 (26.2 %)
Gross Income 13.53 (5.03) (137.2 %)
Operating Income (8.77) (29.44) (235.8 %)
Net Income (11.24) (25.94) (130.8 %)
Average Shares 33.73 39.18 16.2 %
EPS (Riyals) (0.33) (0.66) (98.7 %)

In Q2 2021, TADCO deepened net losses after Zakat and tax to SAR 23.7 million, compared to SAR 5.5 million a year earlier. The increased losses were attributed to higher cost of revenues and impairment of the crops, along with an increase in general and administrative expenses. TADCO also reported a decline in gains from short-term Murabaha investments, and a decrease in other income.

 

When compared to the previous quarter, net losses increased from SAR 1.9 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 37.31 31.69 (15.1 %)
Gross Income 7.05 (9.03) (228.1 %)
Operating Income (4.71) (23.93) (407.9 %)
Net Income (5.53) (24.03) (334.5 %)
Average Shares 33.73 39.18 16.2 %
EPS (Riyals) (0.16) (0.61) (274.1 %)

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