Tabuk Agricultural Development Co. (TADCO) narrowed its net loss after Zakat and tax by 74.7% to SAR 5.9 million for the first quarter of 2020, compared to SAR 23.5 million for the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 8.17 | 34.67 | 324.2 % |
| Gross Income | (11.39) | 6.49 | 156.9 % |
| Operating Income | (23.04) | (4.06) | 82.4 % |
| Net Income | (23.51) | (5.08) | 78.4 % |
| Average Shares | 33.73 | 33.73 | - |
| EPS (Riyals) | (0.70) | (0.15) | 78.4 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 47.80 | 34.67 | (27.5 %) |
| Gross Income | (7.51) | 6.49 | 186.4 % |
| Operating Income | (37.96) | (4.06) | 89.3 % |
| Net Income | (37.57) | (5.08) | 86.5 % |
| Average Shares | 33.73 | 33.73 | - |
| EPS (Riyals) | (1.11) | (0.15) | 86.5 % |
The decline in losses was attributed to higher sales, lower cost of sales and a decrease in the net value of inventory and crops impairment in addition to lower selling and distribution expenses.
When compared to the previous quarter, the company narrowed its net losses by 82% on lower cost of sales and a decrease in the net value of inventory and crops impairment in addition to lower selling and distribution expenses.
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