TADCO widens H1 2024 loss to SAR 26.5M; Q2 at SAR 17.6M

08/08/2024 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) reported a net loss of SAR 26.5 million in H1 2024, compared to a net loss of SAR 23.3 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	48.20	22.70	(52.9 %)
Gross Income	8.50	(5.74)	(167.5 %)
Operating Income	(20.56)	(29.25)	(42.3 %)
Net Income	(23.31)	(26.50)	(13.7 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.60)	(0.68)	(13.7 %)

This increase in losses was a result of the exclusion of a subsidiary's revenues after losing control of it, as well as higher revenue and financing costs.

TADCO’s losses in Q2 2024 worsened to SAR 17.6 million, compared to SAR 9.3 million in the year earlier period and SAR 8.9 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	26.90	14.39	(46.5 %)
Gross Income	4.67	(5.93)	(226.9 %)
Operating Income	(11.15)	(19.52)	(75.0 %)
Net Income	(9.39)	(17.60)	(87.4 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.24)	(0.45)	(87.4 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	8.32	14.39	73.0 %
Gross Income	0.19	(5.93)	(3237.0 %)
Operating Income	(9.73)	(19.52)	(100.7 %)
Net Income	(8.89)	(17.60)	(98.0 %)
Average Shares	39.18	39.18	-
EPS (Riyals)	(0.23)	(0.45)	(98.0 %)

Shareholders’ equity, excluding minority interest, stood at SAR 296.17 million by June 30, 2024, compared to SAR 239.93 million a year earlier.

Accumulated loss reached SAR 89.68 million, accounting for 22.9% of capital.

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