TADCO turns to profit of SAR 105 mln in 9M 2023; Q3 at SAR 128 mln

09/11/2023 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) reported a net profit of SAR 105 million for the first nine months of 2023, against a loss of SAR 22 million a year earlier, on higher profit from investments in companies using equity method of accounting.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	99.22	96.18	(3.1 %)
Gross Income	20.47	18.58	(9.2 %)
Operating Income	(21.57)	(29.18)	(35.3 %)
Net Income	(22.14)	103.56	567.8 %
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.57)	2.64	567.8 %

The company’s net profit skyrocketed to SAR 128 million in Q3 2023, from SAR 6.31 million in Q3 2022.

Sequentially, the company turned to a profit against a loss of SAR 9.94 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	52.39	48.07	(8.3 %)
Gross Income	17.76	6.34	(64.3 %)
Operating Income	2.09	(11.39)	(644.9 %)
Net Income	5.16	127.80	2375.4 %
Average Shares	39.18	39.18	-
EPS (Riyals)	0.13	3.26	2375.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	26.90	48.07	78.7 %
Gross Income	4.67	6.34	35.7 %
Operating Income	(11.15)	(11.39)	(2.1 %)
Net Income	(9.39)	127.80	1460.5 %
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.24)	3.26	1460.5 %

Shareholders’ equity, excluding minority interest, stood at SAR 353.26 million as of Sept. 30, 2023, from SAR 260.1 million a year earlier.

Accumulated losses reached SAR 39.90 million at the end of the nine-month period, representing 10% of capital.

The main reasons behind accumulated losses include impairment of properties and equipment related to a subsidiary, increase in provision for governmental grants from Ministry of Finance related to a subsidiary, increase in claims provision, charging cost of issuing for shareholders equity instruments to retained losses, increase in cost of revenues, increase in general and administrative expenses, and, increase in selling and distribution expenses.

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