TADCO widens H1 2022 loss to SAR 28.6 mln, Q2 at SAR 18.5 mln

24/08/2022 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) deepened net losses after Zakat and tax to SAR 28.6 million in the first half of 2022, compared to SAR 25.9 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	53.14	46.82	(11.9 %)
Gross Income	(5.03)	2.71	153.8 %
Operating Income	(29.44)	(23.66)	19.6 %
Net Income	(25.94)	(28.64)	(10.4 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.66)	(0.73)	(10.4 %)

In Q2 2022, TADCO trimmed net losses after Zakat and tax by 23.2% to SAR 18.5 million, from SAR 24.03 million in the corresponding period of 2021.

Net losses widened from SAR 10.13 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	31.69	25.25	(20.3 %)
Gross Income	(9.03)	0.66	107.3 %
Operating Income	(23.93)	(14.46)	39.6 %
Net Income	(24.03)	(18.08)	24.7 %
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.61)	(0.46)	24.7 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	21.58	25.25	17.0 %
Gross Income	2.05	0.66	(68.0 %)
Operating Income	(9.20)	(14.46)	(57.2 %)
Net Income	(10.56)	(18.08)	(71.3 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.27)	(0.46)	(71.3 %)

Total shareholders’ equity, after minority interest, dropped to SAR 268.795 million as of June 30, 2022, SAR 341.895 million a year earlier.

Accumulated losses reached SAR 125.057 million, or 31.9% of the company’s capital, by the end of the six-month period.

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