Financial Results : TADCO deepens Q1 2022 loss to SAR 10.6 mln

TADCO deepens Q1 2022 loss to SAR 10.6 mln

22/05/2022 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) deepened net loss after Zakat and tax to SAR 10.6 million in Q1 2022, compared to SAR 1.9 million in a year-earlier period. 

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 21.45 21.58 0.6 %
Gross Income 4.00 2.05 (48.7 %)
Operating Income (5.51) (9.20) (66.9 %)
Net Income (1.91) (10.56) (453.1 %)
Average Shares 33.73 39.18 16.2 %
EPS (Riyals) (0.06) (0.27) (376.2 %)

This loss was attributed to higher cost of sales, increased general & administrative expenses, an increase in the company’s loss share from associates and higher Zakat provisions.  

 

TADCO narrowed Q1 2022 net loss from SAR 31.33 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, jumped 28% year-on-year (YoY) to SAR 287.56 million in Q1 2022. 

 

Accumulated losses reached SAR 99.75 million, or 25.5% of capital in the first quarter of 2022. 

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