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.
| 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.
| 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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