Tabuk Agricultural Development Co. (TADCO) narrowed its net loss after Zakat and tax for the first quarter of 2021 to SAR 1.3 million, from SAR 4.8 million in the same period a year earlier.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 34.67 | 21.45 | (38.1 %) |
| Gross Income | 6.49 | 4.00 | (38.4 %) |
| Operating Income | (4.06) | (5.51) | (35.9 %) |
| Net Income | (5.08) | (1.91) | 62.4 % |
| Average Shares | 33.73 | 33.73 | - |
| EPS (Riyals) | (0.15) | (0.06) | 62.4 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 39.17 | 21.45 | (45.2 %) |
| Gross Income | (8.56) | 4.00 | 146.7 % |
| Operating Income | (23.59) | (5.51) | 76.6 % |
| Net Income | (34.99) | (1.91) | 94.5 % |
| Average Shares | 33.73 | 33.73 | - |
| EPS (Riyals) | (1.04) | (0.06) | 94.5 % |
The company attributed the decline in loss to no impairment in the value of the inventory of crops, as well as lower selling and distribution expenses, general and administrative expenses, and share of the financial results of an associate, in addition to an increase in other net income.
The firm also cited a decrease in the provision for Zakat calculated for the period despite the drop in revenues and profits from investing in short-term Murabaha and higher financing costs.
When compared to the previous quarter, the company narrowed its net loss by 76.5%.
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