Ash-Sharqiyah trims H1 2020 net loss by 30% to SAR 1 mln

24/08/2020 Argaam Exclusive

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Ash-Sharqiyah Development Co. trimmed its net loss after Zakat and tax by 30% year-on-year (YoY) to SAR 1 million for the first six months of 2020, compared to SAR 1.5 million in the same period last year, driven by lower bank financing expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Gross Income	(0.35)	(0.20)	41.5 %
Operating Income	(1.43)	(1.03)	28.2 %
Net Income	(1.45)	(1.01)	30.0 %
Average Shares	19.65	19.65	-
EPS (Riyals)	(0.07)	(0.05)	30.0 %

In 2019, the company incurred financing expenses due to the renewal of a financing agreement for an additional year as well as a significant decrease in operating costs for Q2.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Gross Income	(0.21)	(0.10)	50.5 %
Operating Income	(0.72)	(0.53)	26.3 %
Net Income	(0.72)	(0.50)	29.9 %
Average Shares	19.65	19.65	-
EPS (Riyals)	(0.04)	(0.03)	29.9 %

Item	Q1 2020	Q2 2020	Change‬
Gross Income	(0.13)	(0.10)	22.1 %
Operating Income	(0.50)	(0.53)	(7.3 %)
Net Income	(0.51)	(0.50)	1.2 %
Average Shares	19.65	19.65	-
EPS (Riyals)	(0.03)	(0.03)	1.2 %

The company narrowed net loss after Zakat and tax for Q2 2020 by 29.9% YoY to SAR 504,000, due to lower bank financing expenses, as the firm incurred costs due to the renewal of a financing agreement for an additional year as well as lower operating costs.

On a sequential basis, net losses narrowed marginally due to noticeable decrease in financing expenses.

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