Financial Results : TADCO trims losses to SAR 9.3M in Q1 2024

TADCO trims losses to SAR 9.3M in Q1 2024

19/05/2024 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) reported a net loss of SAR 9.3 million in Q1 2024, compared to SAR 13.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 21.30 8.32 (61.0 %)
Gross Income 3.83 0.19 (95.1 %)
Operating Income (9.41) (9.73) (3.4 %)
Net Income (13.92) (8.89) 36.1 %
Average Shares 39.18 39.18 -
EPS (Riyals) (0.36) (0.23) 36.1 %

The improvement was attributed to decrease in selling, distribution, general and administrative expenses, along with an increase in profit share from associates’ investments through equity rights.

 

On a quarterly basis, the company narrowed its losses from SAR 24.82 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, fell to SAR 314.87 million as of March 31, 2024, from SAR 234.40 million a year earlier.

 

Accumulated losses stood at SAR 72.07 million as of March 31, 2024, representing 18.4% of TADCO’s capital.

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