Ash-Sharqiyah cuts losses to SAR 186,000 in 2023; Q4 profit at SAR 1.7M

25/03/2024 Argaam Exclusive

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Ash-Sharqiyah Development Co. narrowed its net loss to SAR 186,000 in 2023, from SAR 3.2 million in the year before.

Financials (M)

Item	2022	2023	Change‬
Operating Income	(3.11)	(6.10)	(95.9 %)
Net Income	(3.20)	(0.19)	94.2 %
Average Shares	19.66	30.00	52.6 %
EPS (Riyals)	(0.16)	(0.01)	96.2 %

The developer said it achieved returns on short-term investments by investing the liquidity available from the capital increase. It logged a profit from evaluating investments in investee companies at fair value, which recorded SAR 5.59 million that were not valued last year.

Ash-Sharqiyah turned a profit of SAR 1.7 million in Q4 2023 versus a loss of SAR 1.46 million in Q4 2022.

Quarter-on-quarter, the net profit jumped from SAR 0.18 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Operating Income	(0.87)	(1.47)	(69.7 %)
Net Income	(1.46)	1.67	214.9 %
Average Shares	19.66	30.00	52.6 %
EPS (Riyals)	(0.07)	0.06	175.3 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	0.00	-	-
Gross Income	0.00	-	-
Operating Income	(2.67)	(1.47)	44.8 %
Net Income	0.18	1.67	849.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.01	0.06	849.6 %

Shareholders’ equity, no minority interest, stood at SAR 365.85 million as of Dec. 31, 2023, compared to SAR 139.18 million a year earlier.

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