Riyadh – Mubasher: Tabuk Agricultural Development Company (TADCO) incurred net losses after Zakat and tax worth SAR 25.01 million in the January-June 2021 period, higher by 115% than SAR 11.61 million in the first half (H1) of 2020.
The loss per share widened to SAR 0.9 in H1-21 from SAR 0.34 in H1-20, according to the financial results on Thursday.
Revenues shrank by 23% to SAR 55.39 million in the first six months of 2021 from SAR 71.97 million in the same period last year.
At the end of June 2021, the accumulated losses reached SAR 45.03 million, representing 11.5% of the SAR 391.76 million capital.
During the second quarter (Q2) of 2021, TADCO registered 284% higher losses at SAR 23.66 million from SAR 6.15 million in Q2-20.
The revenues decreased by 12% to SAR 32.81 million in the April-June 2021 period from SAR 37.31 million in Q2-20.
On a quarterly basis, the net losses in Q2-21 deepened by 1,661% from SAR 1.34 million in Q1-21, while the revenues surged by 52.9% from SAR 21.45 million.
