Financial Results : TADCO loses SAR 145M in 2024, SAR 101M in Q4 on one-off impairment losses

TADCO loses SAR 145M in 2024, SAR 101M in Q4 on one-off impairment losses

31/03/2025 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) swung into a net loss of SAR 145 million in 2024 from a net profit of SAR 80.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 102.71 47.35 (53.9 %)
Gross Income 14.10 (12.00) (185.1 %)
Operating Income (50.00) (59.14) (18.3 %)
Net Income 80.79 (144.97) (279.4 %)
Average Shares 39.18 39.18 -
Earnings Per Share before unusual items (Riyals) (1.56) (1.88) (20.0 %)
EPS (Riyals) 2.06 (3.70) (279.4 %)

Net losses after minority interest amounted to SAR 145.9 million in 2024, against profits of SAR 81 million in 2023.

 

TADCO attributed these losses to a decline in the 2024 topline, due to the exclusion of a subsidiary’s revenue and lower demand for some of the company’s main crops.

 

Additionally, it reported an impairment loss of SAR 71.49 million on its investment in an equity-accounted investee, Horizon Food Co., at the end of 2024.

 

TADCO also incurred SAR 21.7 million in losses from discontinued operations, representing 5.5% of the company’s capital.

 

In Q4 2024, net losses deepened to SAR 101 million from SAR 22.7 million in Q4 2023.

 

On a quarter-on-quarter basis, net losses increased from SAR 16.8 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 6.53 9.80 50.1 %
Gross Income (4.48) (4.18) 6.8 %
Operating Income (22.46) (15.30) 31.9 %
Net Income (22.77) (101.12) (344.0 %)
Average Shares 39.18 39.18 -
Earnings Per Share before unusual items (Riyals) (0.42) (0.76) (81.3 %)
EPS (Riyals) (0.58) (2.58) (344.0 %)

Total shareholders’ equity, after minority interest, reached SAR 179.48 million as of Dec. 31, 2024, down from SAR 328.27 million a year earlier.

 

Accumulated losses stood at SAR 207.41 million as of Dec. 31, 2024, representing 53% of the company’s capital.

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