Tabuk Agricultural Development Co. (TADCO) widened its net loss after Zakat and tax to SAR 70.5 million in 2021, from SAR 52.1 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 158.54 | 116.04 | (26.8 %) |
| Gross Income | 14.29 | (5.39) | (137.7 %) |
| Operating Income | (37.19) | (61.49) | (65.3 %) |
| Net Income | (53.19) | (70.55) | (32.6 %) |
| Average Shares | 33.73 | 39.18 | 16.2 % |
| EPS (Riyals) | (1.58) | (1.80) | (14.2 %) |
The company attributed the higher losses to a drop in revenue, as well as the property, plant and equipment (PP&E) impairment of a subsidiary. TADCO also cited an increase in the value-added tax (VAT) reassessment, as well as general and administrative expenses.
TADCO trimmed its net loss after Zakat and tax to SAR 31.3 million in Q4 2021 by 8.6% year-on-year (YoY).
On the other hand, the company widened net losses from SAR 13.28 million in the third quarter of 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 39.17 | 27.15 | (30.7 %) |
| Gross Income | (8.56) | (6.95) | 18.8 % |
| Operating Income | (23.59) | (26.23) | (11.2 %) |
| Net Income | (34.99) | (31.33) | 10.5 % |
| Average Shares | 33.73 | 39.18 | 16.2 % |
| EPS (Riyals) | (1.04) | (0.80) | 22.9 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 35.75 | 27.15 | (24.1 %) |
| Gross Income | 6.59 | (6.95) | (205.4 %) |
| Operating Income | (5.81) | (26.23) | (351.3 %) |
| Net Income | (13.28) | (31.33) | (135.9 %) |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.34) | (0.80) | (135.9 %) |
Shareholders’ equity, after minority interest, increased to SAR 297.69 million in 2021, from SAR 226.12 million a year earlier.
Accumulated losses reached SAR 89.6 million, or 22.9% of TADCO’s capital as of Dec. 31, 2021.
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