TADCO 9M 2021 loss widens to SAR 39.2 mln

11/11/2021 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) widened its net loss after Zakat and tax to SAR 39.2 million in the first nine months of 2021, from SAR 18.2 million in the same period a year ago.

The company attributed the losses to higher claims provisions resulting from TADCO’s tax assessment for the years from 2018 till October 31, 2021.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	119.37	88.89	(25.5 %)
Gross Income	22.84	1.57	(93.1 %)
Operating Income	(13.60)	(35.25)	(159.3 %)
Net Income	(18.20)	(39.22)	(115.6 %)
Average Shares	33.73	39.18	16.2 %
EPS (Riyals)	(0.54)	(1.00)	(85.6 %)

The company also cited lower revenues, higher general and administrative expenses, and a decrease in its share from an associate firm.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	47.39	35.75	(24.6 %)
Gross Income	9.31	6.59	(29.2 %)
Operating Income	(4.83)	(5.81)	(20.3 %)
Net Income	(6.96)	(13.28)	(90.9 %)
Average Shares	33.73	39.18	16.2 %
EPS (Riyals)	(0.21)	(0.34)	(64.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	31.69	35.75	12.8 %
Gross Income	(9.03)	6.59	173.0 %
Operating Income	(23.93)	(5.81)	75.7 %
Net Income	(24.03)	(13.28)	44.7 %
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.61)	(0.34)	44.7 %

TADCO further widened its net loss after Zakat and tax to SAR 13.3 million in Q3 2021 by 91% year-on-year (YoY), on higher claims provision and Zakat provision.

On a sequential basis, Q3 2021 net loss narrowed by 48% on higher net revenues.

Shareholders’ equity, after minority interest, stood at SAR 330.023 million by the end of the nine-month period, compared to SAR 262.27 million a year earlier.

Accumulated losses reached SAR 56.9 million, or 14.5% of TADCO’s capital.

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