Tabuk Agricultural Development Co.’s (TADCO) Q1 2023 net loss widened to SAR 13.9 million from SAR 10.6 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 21.58 | 21.30 | (1.3 %) |
| Gross Income | 2.05 | 3.83 | 86.6 % |
| Operating Income | (9.20) | (9.41) | (2.3 %) |
| Net Income | (10.56) | (13.92) | (31.8 %) |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.27) | (0.36) | (31.8 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 35.15 | 21.30 | (39.4 %) |
| Gross Income | (0.80) | 3.83 | 575.7 % |
| Operating Income | (30.51) | (9.41) | 69.2 % |
| Net Income | (29.33) | (13.92) | 52.5 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.75) | (0.36) | 52.5 % |
This was attributed to a rise in the company’s share in losses of an associate through equity method and an increase in selling and distribution expenses.
Sequentially, the company narrowed its losses from SAR 29.29 million in Q4 2022 on higher gross profit.
Total shareholders’ equity, no minority interest, fell to SAR 249.34 million as of March 31, 2023, from SAR 287.56 million a year earlier.
Accumulated losses stood at SAR 143.84 million as of March 31, 2023, representing 36.7% of TADCO’s capital.
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