Financial Results : Ash-Sharqiyah cuts net losses to SAR 510,000 in Q1 2020

Ash-Sharqiyah cuts net losses to SAR 510,000 in Q1 2020

31/05/2020 Argaam Exclusive

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Ash-Sharqiyah Development Co. narrowed net loss after Zakat and tax by 30% to SAR 510,000 for Q1 2020, compared to SAR 729,000 a year earlier.

 

The decrease in losses were attributed to lower administrative expenses on reducing the company’s staff.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Gross Income (0.14) (0.13) 7.1 %
Operating Income (0.71) (0.50) 30.1 %
Net Income (0.73) (0.51) 30.0 %
Average Shares 19.65 19.65 -
EPS (Riyals) (0.04) (0.03) 30.0 %

When compared to the previous quarter, Ash-Sharqiyah also trimmed net losses by 99% from SAR 65 million, on incurring the financial advisor’s expenses in an acquisition deal. The company also incurred losses from excluding the difference of granted land area.

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