Ash-Sharqiyah narrows 9M 2020 net loss to SAR 1.4 mln

02/11/2020 Argaam Exclusive

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Ash-Sharqiyah Development Co. narrowed its net loss after Zakat and tax to SAR 1.4 million for the first nine months of 2020, compared to SAR 2.3 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Gross Income	(0.46)	(0.31)	32.9 %
Operating Income	(2.05)	(1.77)	13.9 %
Net Income	(2.34)	(1.44)	38.6 %
Average Shares	19.65	19.65	-
EPS (Riyals)	(0.12)	(0.07)	38.6 %

The company cited reduction in bank financing expenses, in addition to a significant decrease in operating costs and administrative expenses, for the earnings.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Gross Income	(0.11)	(0.10)	5.5 %
Operating Income	(0.62)	(0.74)	(18.9 %)
Net Income	(0.89)	(0.42)	52.7 %
Average Shares	19.65	19.65	-
EPS (Riyals)	(0.05)	(0.02)	52.7 %

Item	Q2 2020	Q3 2020	Change‬
Gross Income	(0.10)	(0.10)	(1.0 %)
Operating Income	(0.53)	(0.74)	(38.5 %)
Net Income	(0.50)	(0.42)	16.5 %
Average Shares	19.65	19.65	-
EPS (Riyals)	(0.03)	(0.02)	16.5 %

The company also trimmed its net loss after Zakat and tax for Q3 2020 to SAR 422,000, due to decrease in bank financing expenses and higher capital gains.

On a sequential basis, net losses narrowed by 16.4% in Q3 2020.

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