Ash-Sharqiyah Development Co. increased H1 2023 net loss to SAR 2 million, compared to SAR 1 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Operating Income | (1.64) | (1.96) | (19.2 %) |
| Net Income | (1.01) | (2.03) | (102.3 %) |
| Average Shares | 19.66 | 30.00 | 52.6 % |
| EPS (Riyals) | (0.05) | (0.07) | (32.5 %) |
This was due to a leap in finance costs (FCs) during the six-month period, as the company settled its financing dues, which resulted in recording additional bank interest. In addition, Ash-Sharqiyah recorded revenue from investment in other companies during H1 2022 but failed to record this revenue in the current period.
The Saudi-listed firm narrowed its Q2 2023 net loss to SAR 1.22 million, from SAR 410,000 a year ago, mainly due to higher FCs.
On a sequential basis, net loss increased from SAR 810,000 in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Operating Income | (0.76) | (1.16) | (53.2 %) |
| Net Income | (0.41) | (1.22) | (201.2 %) |
| Average Shares | 19.66 | 30.00 | 52.6 % |
| EPS (Riyals) | (0.02) | (0.04) | (97.4 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Operating Income | (0.79) | (1.16) | (46.7 %) |
| Net Income | (0.81) | (1.22) | (50.1 %) |
| Average Shares | 19.66 | 30.00 | 52.6 % |
| EPS (Riyals) | (0.04) | (0.04) | 1.7 % |
Total shareholders’ equity, no minority interest, stood at SAR 358.31 million by the end of H1 2023, compared to SAR 141.66 million in the prior-year period.
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