Financial Results : Ash-Sharqiyah deepens Q1 2023 loss to SAR 813,000

Ash-Sharqiyah deepens Q1 2023 loss to SAR 813,000

22/05/2023 Argaam Exclusive

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Ash-Sharqiyah Development Co.’s widened Q1 2023 net loss to SAR 813,000, from SAR 601,000 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Operating Income (0.88) (0.79) 9.9 %
Net Income (0.60) (0.81) (35.3 %)
Average Shares 19.66 16.75 (14.8 %)
EPS (Riyals) (0.03) (0.05) (58.8 %)

A year earlier, the company recorded revenue from a judicial settlement, which led to a noticeable increase in losses for this quarter compared to Q1 2022.

 

The company narrowed net losses by 44.1% from SAR 1.46 million in Q4 2022, as the company reduced financing costs from SAR 653,643 to SAR 82,656 in the current quarter. 

 

Shareholders’ equity, no minority interest, declined to SAR 138.37 million as of March 31, 2023, from SAR 142.06 million in the year-earlier period.

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