TADCO cuts 9M 2022 loss to SAR 23.5 mln, posts SAR 5.1 mln profit in Q3

08/11/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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