Financial Results : Ash-Sharqiyah Development earns SAR 1.2M in Q1 2024

Ash-Sharqiyah Development earns SAR 1.2M in Q1 2024

06/05/2024 Argaam Exclusive

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Ash-Sharqiyah Development Co. swung to a net profit of SAR 1.2 million in Q1 2024, against a net loss of SAR 813,000 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (0.79) (2.00) (152.5 %)
Net Income (0.81) 1.19 246.7 %
Average Shares 16.75 30.00 79.1 %
EPS (Riyals) (0.05) 0.04 181.9 %

The annual profit was driven by the company’s investment in bank Murabaha for specific periods.

 

The first-quarter net earnings fell by 26.6% quarter-on-quarter (QoQ) from SAR 1.67 million in Q4 2023, as the previous quarter implied dividends from investees.

 

Total shareholders’ equity, no minority interest, rose to SAR 367.05 million as of March 31, 2024, from SAR 138.38 million a year earlier.

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