Tabuk Agricultural Development Co. (TADCO) reported a net loss of SAR 9.3 million in Q1 2024, compared to SAR 13.9 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 21.30 | 8.32 | (61.0 %) |
| Gross Income | 3.83 | 0.19 | (95.1 %) |
| Operating Income | (9.41) | (9.73) | (3.4 %) |
| Net Income | (13.92) | (8.89) | 36.1 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.36) | (0.23) | 36.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 9.22 | 8.32 | (9.8 %) |
| Gross Income | (12.71) | 0.19 | 101.5 % |
| Operating Income | (31.00) | (9.73) | 68.6 % |
| Net Income | (24.16) | (8.89) | 63.2 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.62) | (0.23) | 63.2 % |
The improvement was attributed to decrease in selling, distribution, general and administrative expenses, along with an increase in profit share from associates’ investments through equity rights.
On a quarterly basis, the company narrowed its losses from SAR 24.82 million in Q4 2023.
Total shareholders’ equity, no minority interest, fell to SAR 314.87 million as of March 31, 2024, from SAR 234.40 million a year earlier.
Accumulated losses stood at SAR 72.07 million as of March 31, 2024, representing 18.4% of TADCO’s capital.
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