Ash-Sharqiyah narrows losses to SAR 1.7 mln in 9M 2022; Q3 profit at SAR 736,000

09/11/2022 Argaam Exclusive

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Ash-Sharqiyah Development Co. narrowed its net loss after Zakat and tax to SAR 1.7 million in the first nine months of 2022, from SAR 3.5 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Gross Income	(0.39)	-	-
Operating Income	(4.10)	(2.24)	45.2 %
Net Income	(3.50)	(1.74)	50.3 %
Average Shares	19.65	19.66	0.0 %
EPS (Riyals)	(0.18)	(0.09)	50.3 %

The company said the decline in losses came from recording of accrued expenses during the same period of the previous year resulting from the recognition of the CEO's dues for previous periods.

The company narrowed losses slightly to SAR 736,000 in Q3 2022, from SAR 758,000 in the same quarter last year, on lower salaries, fees and contributions.

In Q2 2022, the company reported a net loss of SAR 405,000.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Gross Income	(0.13)	-	-
Operating Income	(0.75)	(0.60)	19.9 %
Net Income	(0.76)	(0.74)	3.0 %
Average Shares	19.65	19.66	0.0 %
EPS (Riyals)	(0.04)	(0.04)	3.1 %

Item	Q2 2022	Q3 2022	Change‬
Operating Income	(0.76)	(0.60)	20.4 %
Net Income	(0.41)	(0.74)	(81.7 %)
Average Shares	19.66	19.66	-
EPS (Riyals)	(0.02)	(0.04)	(81.7 %)

Shareholders’ equity, excluding minority interest, stood at SAR 140.925 million as of Sept. 30, 2022, compared to SAR 139.502 million a year earlier.

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