Riyadh – Mubasher: Tabuk Agricultural Development Company (TADCO) posted a 72% decrease in net profit after Zakat and tax to SAR 1.34 million during the first quarter (Q1) of 2021, from SAR 4.82 million in the same quarter a year ago.
TADCO’s loss per share stood at SAR 0.08 in Q1-21, compared with SAR 0.21 in Q1-20, according to the interim financial results.
Revenues declined by 38% to SAR 21.45 million in Q1-21 from SAR 34.66 million in Q1-20.
Quarter-on-quarter (QoQ), the net loss incurred in Q1-21 was 76% lower than SAR 5.69 million in Q4 -20.
The Q1-21 revenues were also down by 45% from SAR 39.17 in Q4-20.
TADCO said the accumulated losses until 31 March 2021 stood at SAR 88.35 million, representing 36.5% of the SAR 241.76 million capital.
