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.
| 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.
| 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 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 21.45 | 31.69 | 47.7 % |
| Gross Income | 4.00 | (9.03) | (325.8 %) |
| Operating Income | (5.51) | (23.93) | (334.0 %) |
| Net Income | (1.91) | (24.03) | (1,158.9 %) |
| Average Shares | 33.73 | 39.18 | 16.2 % |
| EPS (Riyals) | (0.06) | (0.61) | (983.8 %) |
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