Ash-Sharqiyah Development widens H1 2023 loss to SAR 2 mln; Q2 at SAR 1.2 mln

10/08/2023 Argaam Exclusive

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Ash-Sharqiyah Development Co. increased H1 2023 net loss to SAR 2 million, compared to SAR 1 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Operating Income	(1.64)	(1.96)	(19.2 %)
Net Income	(1.01)	(2.03)	(102.3 %)
Average Shares	19.66	30.00	52.6 %
EPS (Riyals)	(0.05)	(0.07)	(32.5 %)

This was due to a leap in finance costs (FCs) during the six-month period, as the company settled its financing dues, which resulted in recording additional bank interest. In addition, Ash-Sharqiyah recorded revenue from investment in other companies during H1 2022 but failed to record this revenue in the current period.

The Saudi-listed firm narrowed its Q2 2023 net loss to SAR 1.22 million, from SAR 410,000 a year ago, mainly due to higher FCs.

On a sequential basis, net loss increased from SAR 810,000 in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Operating Income	(0.76)	(1.16)	(53.2 %)
Net Income	(0.41)	(1.22)	(201.2 %)
Average Shares	19.66	30.00	52.6 %
EPS (Riyals)	(0.02)	(0.04)	(97.4 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	0.00	0.00	-
Gross Income	0.00	0.00	-
Operating Income	(0.79)	(1.16)	(46.6 %)
Net Income	(0.81)	(1.22)	(50.1 %)
Average Shares	16.75	30.00	79.1 %
EPS (Riyals)	(0.05)	(0.04)	16.2 %

Total shareholders’ equity, no minority interest, stood at SAR 358.31 million by the end of H1 2023, compared to SAR 141.66 million in the prior-year period.

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