Financial Results : TADCO widens losses to SAR 13.9 mln in Q1 2023

TADCO widens losses to SAR 13.9 mln in Q1 2023

23/05/2023 Argaam Exclusive

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Tabuk Agricultural Development Co.’s (TADCO) Q1 2023 net loss widened to SAR 13.9 million from SAR 10.6 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 21.58 21.30 (1.3 %)
Gross Income 2.05 3.83 86.6 %
Operating Income (9.20) (9.41) (2.3 %)
Net Income (10.56) (13.92) (31.8 %)
Average Shares 39.18 39.18 -
EPS (Riyals) (0.27) (0.36) (31.8 %)

This was attributed to a rise in the company’s share in losses of an associate through equity method and an increase in selling and distribution expenses.

 

Sequentially, the company narrowed its losses from SAR 29.29 million in Q4 2022 on higher gross profit.

 

Total shareholders’ equity, no minority interest, fell to SAR 249.34 million as of March 31, 2023, from SAR 287.56 million a year earlier.

 

Accumulated losses stood at SAR 143.84 million as of March 31, 2023, representing 36.7% of TADCO’s capital.

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