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.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Operating Income | (0.79) | (2.00) | (152.5 %) |
| Net Income | (0.81) | 1.19 | 246.7 % |
| Average Shares | 19.66 | 30.00 | 52.6 % |
| EPS (Riyals) | (0.04) | 0.04 | 196.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Operating Income | (1.47) | (2.00) | (35.9 %) |
| Net Income | 1.67 | 1.19 | (28.6 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.06 | 0.04 | (28.6 %) |
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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