Ash-Sharqiyah Development widens losses to SAR 1.9 mln in 9M 2023; Q3 profit at SAR 176,000

01/11/2023 Argaam Exclusive

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Ash-Sharqiyah Development Co. reported a net loss of SAR 1.9 million for the first nine months of 2023, from SAR 1.7 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Operating Income	(2.24)	(4.62)	(106.0 %)
Net Income	(1.74)	(1.86)	(6.6 %)
Average Shares	19.66	30.00	52.6 %
EPS (Riyals)	(0.09)	(0.06)	30.2 %

The higher losses were due to lower other revenues as a result of not collecting dividends from investee companies compared with a year earlier, in addition to recording financing charges due to the company’s full payment of its dues during this period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Operating Income	(0.60)	(2.67)	(341.7 %)
Net Income	(0.74)	0.18	123.9 %
Average Shares	19.66	30.00	52.6 %
EPS (Riyals)	(0.04)	0.01	115.7 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	0.00	0.00	-
Gross Income	0.00	0.00	-
Operating Income	(1.16)	(2.67)	(129.5 %)
Net Income	(1.22)	0.18	114.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.04)	0.01	114.4 %

The company turned to a net profit of SAR 176,000 in Q3 2023, against a net loss of SAR 74,000 in Q3 2022, after achieving returns on investment in Murabaha transactions.

Sequentially, Ash-Sharqiyah turned to profit against a loss of SAR 1.22 million in Q2 2023.

Total shareholders’ equity, no minority interest, fell to SAR 358.48 million as of Sept. 30, 2023, from SAR 140.92 million a year earlier.

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