TADCO turns to profit of SAR 81.1M in 2023; Q4 loss at SAR 23.9M

31/03/2024 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) reported a net profit of SAR 81.1 million for 2023, against a loss of SAR 53.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	134.37	105.50	(21.5 %)
Gross Income	19.67	3.02	(84.6 %)
Operating Income	(52.08)	(63.65)	(22.2 %)
Net Income	(51.47)	80.79	257.0 %
Average Shares	39.18	39.18	-
EPS (Riyals)	(1.31)	2.06	257.0 %

The positive performance was supported by higher profits from investments in companies using the equity method of accounting and lower provision for expected credit losses.

This came despite a decline in revenue year-on-year (YoY) due to the exclusion of the sales of a subsidiary company for Q4 2023, which transformed into an associate company in Q3 2023, and a decrease in revenues of another subsidiary.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	35.15	9.22	(73.8 %)
Gross Income	(0.80)	(12.71)	(1,480.7 %)
Operating Income	(30.51)	(31.00)	(1.6 %)
Net Income	(29.33)	(24.16)	17.6 %
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.75)	(0.62)	17.6 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	48.07	9.22	(80.8 %)
Gross Income	6.34	(12.71)	(300.4 %)
Operating Income	(11.39)	(31.00)	(172.2 %)
Net Income	127.80	(24.16)	(118.9 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	3.26	(0.62)	(118.9 %)

The company’s losses shrank to SAR 23.8 million in Q4 2023, from SAR 31.5 million in Q4 2022.

Sequentially, the company turned to a loss against a profit of SAR 128.26 million in Q3 2023.

Shareholders’ equity, excluding minority interest, rose to SAR 328.27 million as of Dec. 31, 2023, from SAR 229.90 million a year earlier.

Accumulated losses reached SAR 63.2 million at the end of 2023, representing 16.1% of the company’s capital.

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