Ash-Sharqiyah Development Co. widened net loss after Zakat and tax to SAR 3.5 million in the first nine months of 2021, from SAR 1.4 million in the year-earlier period, driven by the company incurring accrued expenses in the current period as a result of proving the CEO’s dues for previous periods.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Gross Income | (0.31) | (0.39) | (28.1 %) |
| Operating Income | (1.77) | (4.10) | (132.0 %) |
| Net Income | (1.44) | (3.50) | (143.9 %) |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.07) | (0.18) | (143.9 %) |
In addition, the developer bore the expenses of finance for this period, which it did not incur in the previous period.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Gross Income | (0.10) | (0.13) | (28.2 %) |
| Operating Income | (0.74) | (0.75) | (2.3 %) |
| Net Income | (0.42) | (0.76) | (80.3 %) |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.02) | (0.04) | (80.3 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Gross Income | (0.13) | (0.13) | (0.8 %) |
| Operating Income | (2.82) | (0.75) | 73.3 % |
| Net Income | (2.43) | (0.76) | 68.8 % |
| Average Shares | 19.65 | 19.65 | - |
| EPS (Riyals) | (0.12) | (0.04) | 68.8 % |
The company posted a net loss after Zakat and tax to SAR 759,000 for Q3 2021, compared to a loss of SAR 421,500 in Q3 2020.
On a sequential basis, the developer narrowed net loss in Q3 from SAR 2.4 million.
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