Tabuk Agricultural Development Co. (TADCO) trimmed net losses after Zakat and tax to SAR 23.5 million in the first nine months of 2022, from SAR 39.2 million in the year-ago period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 88.89 | 99.22 | 11.6 % |
| Gross Income | 1.57 | 20.47 | 1208.0 % |
| Operating Income | (35.25) | (21.57) | 38.8 % |
| Net Income | (39.22) | (22.14) | 43.6 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (1.00) | (0.57) | 43.6 % |
TADCO reported higher revenues and a decrease in the cost of revenue percentage. It also recorded an increase in its profit share from an associate, a reversal for a provision for expected credit losses, and improved other income.
In Q3 2022, the company swung to a net profit after Zakat and tax of SAR 5.1 million, versus a net loss of SAR 13.28 million in Q3 2021, thanks to better revenues, a decline in the cost of revenue percentage. TADCO also reported a higher share in the results of an associate.
In Q2 2022, TADCO incurred a net loss of SAR 18 million driven by higher revenue.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 35.75 | 52.39 | 46.6 % |
| Gross Income | 6.59 | 17.76 | 169.4 % |
| Operating Income | (5.81) | 2.09 | 136.0 % |
| Net Income | (13.28) | 5.16 | 138.9 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.34) | 0.13 | 138.9 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 25.25 | 52.39 | 107.5 % |
| Gross Income | 0.66 | 17.76 | 2607.9 % |
| Operating Income | (14.46) | 2.09 | 114.5 % |
| Net Income | (18.08) | 5.16 | 128.5 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.46) | 0.13 | 128.5 % |
Total shareholders’ equity, after minority interest, stood at SAR 274.100 million as of Sept. 30, 2022, down from SAR 330/023 million in the year-earlier period.
Accumulated losses reached SAR 119.752 million by the end of the nine-month period, accounting for 30.6 % of TADCO’s capital.
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