TADCO narrows losses to SAR 52.6 mln in 2022; Q4 at SAR 29.3 mln

TADCO narrows losses to SAR 52.6 mln in 2022; Q4 at SAR 29.3 mln

30/03/2023 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) reported a net loss of SAR 52.6 million in 2022, from SAR 70.6 million a year ago. 



Financials (M)

Item 2021 2022 Change‬
Revenues 116.04 134.37 15.8 %
Gross Income (5.39) 19.67 465.1 %
Operating Income (61.49) (52.08) 15.3 %
Net Income (70.55) (51.47) 27.0 %
Average Shares 39.18 39.18 -
EPS (Riyals) (1.80) (1.31) 27.0 %

The lower losses were attributed to higher revenues and lower cost of revenues, which led to an increase in gross profit.

 

Meanwhile, there was an increase in the company’s share of profits from investments in companies using the equity method. This is besides a decrease in the provision for expected credit losses, financing costs and other expenses.

 

The fourth-quarter losses stood at SAR 29.3 million from SAR 31.3 million in the year-earlier period. 

 

Sequentially, the company turned to losses against a net profit of SAR 5.16 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 27.15 35.15 29.5 %
Gross Income (6.95) (0.80) 88.4 %
Operating Income (26.23) (30.51) (16.3 %)
Net Income (31.33) (29.33) 6.4 %
Average Shares 39.18 39.18 -
EPS (Riyals) (0.80) (0.75) 6.4 %

Total shareholders’ equity, excluding minority interest, amounted to SAR 244.84 million as of Dec. 31, 2022, compared to SAR 297.69 million a year earlier. 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 10.83 (30.4 %) 4.88 (34.5 %) 1.42 (56.3 %)
Q2 2013 38.50 13.4 % 15.50 (10.0 %) 3.10 (57.3 %)
Q3 2013 41.87 (38.3 %) 19.30 (31.4 %) 1.29 (86.4 %)
Q4 2013 29.79 (23.1 %) 12.41 (27.9 %) (6.89) (34.4 %)
Q1 2014 20.67 90.8 % 7.26 48.6 % 2.04 43.6 %
Q2 2014 29.12 (24.4 %) 11.36 (26.7 %) (1.26) (140.5 %)
Q3 2014 51.12 22.1 % 16.79 (13.0 %) 0.66 (48.8 %)
Q4 2014 53.12 78.3 % 22.04 77.6 % 3.42 149.6 %
Q1 2015 26.54 28.4 % 12.68 74.7 % 5.78 184.1 %
Q2 2015 28.25 (3.0 %) 10.71 (5.7 %) (2.19) (74.1 %)
Q3 2015 44.26 (13.4 %) 18.88 12.5 % 4.99 653.5 %
Q4 2015 52.77 (0.6 %) 17.42 (21.0 %) (2.82) (182.4 %)
Q1 2016 13.27 (50.0 %) 6.22 (51.0 %) (3.44) (159.5 %)
Q2 2016 23.45 (17.0 %) 6.09 (43.2 %) (6.04) (176.3 %)
Q3 2016 23.90 (46.0 %) 4.59 (75.7 %) (10.08) (302.1 %)
Q4 2016 32.39 (38.6 %) 1.29 (92.6 %) (22.15) (685.7 %)
Q1 2017 20.66 55.7 % 4.80 (22.8 %) (3.37) 2.1 %
Q2 2017 23.01 (1.9 %) 9.31 53.0 % (2.15) 64.5 %
Q3 2017 26.65 11.5 % 6.32 37.7 % (9.94) 1.4 %
Q4 2017 36.85 13.8 % 6.06 368.4 % (14.89) 32.8 %
Q1 2018 20.13 (2.6 %) 2.82 (41.3 %) (6.17) (83.1 %)
Q2 2018 26.37 14.6 % 8.08 (13.2 %) (3.31) (54.2 %)
Q3 2018 25.20 (5.4 %) 3.76 (40.4 %) (15.90) (59.9 %)
Q4 2018 27.28 (26.0 %) (1.53) (125.2 %) (20.75) (39.3 %)
Q1 2019 8.17 (59.4 %) (11.39) (504.6 %) (23.04) (273.1 %)
Q2 2019 34.71 31.6 % (13.37) (265.4 %) (25.26) (663.9 %)
Q3 2019 50.67 101.1 % (1.78) (147.2 %) (17.21) (8.3 %)
Q4 2019 47.80 75.2 % (7.51) (391.6 %) (37.96) (83.0 %)
Q1 2020 34.67 324.2 % 6.49 156.9 % (4.06) 82.4 %
Q2 2020 37.31 7.5 % 7.05 152.7 % (4.71) 81.4 %
Q3 2020 47.39 (6.5 %) 9.31 623.6 % (4.83) 71.9 %
Q4 2020 39.17 (18.0 %) (8.56) (13.9 %) (23.59) 37.9 %
Q1 2021 21.45 (38.1 %) 4.00 (38.4 %) (5.51) (35.9 %)
Q2 2021 31.69 (15.1 %) (9.03) (228.1 %) (23.93) (407.9 %)
Q3 2021 35.75 (24.6 %) 6.59 (29.2 %) (5.81) (20.3 %)
Q4 2021 27.15 (30.7 %) (6.95) 18.8 % (26.23) (11.2 %)
Q1 2022 21.58 0.6 % 2.05 (48.7 %) (9.20) (66.9 %)
Q2 2022 25.25 (20.3 %) 0.66 107.3 % (14.46) 39.6 %
Q3 2022 52.39 46.6 % 17.76 169.4 % 2.09 136.0 %
Q4 2022 35.15 29.5 % (0.80) 88.4 % (30.51) (16.3 %)
2022 134.37 15.8 % 19.67 465.1 % (52.08) 15.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 1.51 (57.4 %) 0.07 - 1.51 0.07
Q2 2013 2.50 (64.5 %) 0.11 - 2.50 0.11
Q3 2013 1.05 (87.7 %) 0.05 - 1.05 0.05
Q4 2013 (19.90) (116.5 %) (0.89) - (19.90) (0.89)
Q1 2014 1.74 15.1 % 0.08 - 1.74 0.08
Q2 2014 0.50 (79.9 %) 0.02 - 0.50 0.02
Q3 2014 3.27 211.2 % 0.15 - 3.27 0.15
Q4 2014 1.68 108.5 % 0.07 - 1.68 0.07
Q1 2015 4.53 159.8 % 0.13 - 4.53 0.13
Q2 2015 0.18 (64.6 %) 0.01 - 0.18 0.01
Q3 2015 3.45 5.4 % 0.10 - 3.45 0.10
Q4 2015 (2.86) (270.1 %) (0.08) - (2.86) (0.08)
Q1 2016 (6.77) (249.7 %) (0.20) - (6.77) (0.20)
Q2 2016 (4.61) (2691.0 %) (0.14) - (4.61) (0.14)
Q3 2016 (11.26) (426.7 %) (0.33) - (11.26) (0.33)
Q4 2016 (19.58) (584.4 %) (0.58) (6.46) (13.12) (0.39)
Q1 2017 (3.74) 44.8 % (0.11) - (3.74) (0.11)
Q2 2017 (2.15) 53.4 % (0.06) - (2.15) (0.06)
Q3 2017 (13.44) (19.4 %) (0.40) - (13.44) (0.40)
Q4 2017 (10.92) 44.2 % (0.32) 4.18 (15.09) (0.45)
Q1 2018 (5.66) (51.2 %) (0.17) 0.42 (6.07) (0.18)
Q2 2018 6.61 407.8 % 0.20 10.75 (4.14) (0.12)
Q3 2018 (7.51) 44.1 % (0.22) 9.08 (16.59) (0.49)
Q4 2018 (55.54) (408.8 %) (1.65) (32.39) (23.15) (0.69)
Q1 2019 (23.51) (315.6 %) (0.70) (0.36) (23.15) (0.69)
Q2 2019 (62.28) (1042.5 %) (1.85) (36.30) (25.98) (0.77)
Q3 2019 (55.67) (641.4 %) (1.65) (24.42) (31.26) (0.93)
Q4 2019 (37.57) 32.4 % (1.11) (2.12) (35.45) (1.05)
Q1 2020 (5.08) 78.4 % (0.15) - (5.08) (0.15)
Q2 2020 (5.53) 91.1 % (0.16) - (5.53) (0.16)
Q3 2020 (6.96) 87.5 % (0.21) - (6.96) (0.21)
Q4 2020 (34.99) 6.9 % (1.04) (7.27) (27.73) (0.82)
Q1 2021 (1.91) 62.4 % (0.06) 4.24 (6.15) (0.18)
Q2 2021 (24.03) (334.5 %) (0.61) - (24.03) (0.61)
Q3 2021 (13.28) (90.9 %) (0.34) (6.04) (7.24) (0.18)
Q4 2021 (31.33) 10.5 % (0.80) (10.14) (21.19) (0.54)
Q1 2022 (10.56) (453.1 %) (0.27) - (10.56) (0.27)
Q2 2022 (18.08) 24.7 % (0.46) - (18.08) (0.46)
Q3 2022 5.16 138.9 % 0.13 - 5.16 0.13
Q4 2022 (29.33) 6.4 % (0.75) - (29.33) (0.75)
2022 (51.47) 27.0 % (1.31) - (51.47) (1.31)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 44.57 % 23.32 % 7.21 %
Q2 2013 42.16 % 20.36 % 4.09 %
Q3 2013 43.79 % 18.59 % (0.86 %)
Q4 2013 43.06 % 18.83 % (12.26 %)
Q1 2014 41.64 % 17.93 % (11.17 %)
Q2 2014 41.45 % 15.87 % (13.67 %)
Q3 2014 36.59 % 14.30 % (11.00 %)
Q4 2014 37.30 % 18.84 % 4.67 %
Q1 2015 39.32 % 20.78 % 6.24 %
Q2 2015 39.13 % 20.69 % 6.07 %
Q3 2015 42.27 % 24.88 % 6.46 %
Q4 2015 39.32 % 21.25 % 3.48 %
Q1 2016 38.42 % 16.98 % (4.34 %)
Q2 2016 36.34 % 9.76 % (8.07 %)
Q3 2016 30.26 % (7.71 %) (22.49 %)
Q4 2016 19.55 % (9.91 %) (38.46 %)
Q1 2017 16.70 % (9.62 %) (32.61 %)
Q2 2017 20.00 % 1.76 % (30.28 %)
Q3 2017 21.14 % 3.21 % (31.59 %)
Q4 2017 24.71 % (1.20 %) (32.11 %)
Q1 2018 22.97 % (2.70 %) (34.46 %)
Q2 2018 21.15 % (3.44 %) (35.22 %)
Q3 2018 19.08 % (2.94 %) (38.59 %)
Q4 2018 13.27 % (15.31 %) (50.47 %)
Q1 2019 (1.23 %) (37.02 %) (77.03 %)
Q2 2019 (23.62 %) (57.49 %) (93.19 %)
Q3 2019 (23.23 %) (47.24 %) (85.69 %)
Q4 2019 (24.09 %) (50.93 %) (81.94 %)
Q1 2020 (9.63 %) (31.19 %) (58.25 %)
Q2 2020 2.49 % (18.96 %) (45.36 %)
Q3 2020 9.17 % (11.61 %) (31.71 %)
Q4 2020 9.01 % (4.88 %) (28.57 %)
Q1 2021 8.12 % (6.84 %) (31.90 %)
Q2 2021 (3.06 %) (21.02 %) (46.43 %)
Q3 2021 (5.46 %) (24.25 %) (50.87 %)
Q4 2021 (4.64 %) (29.60 %) (50.51 %)
Q1 2022 (6.32 %) (33.39 %) (54.25 %)
Q2 2022 2.14 % (24.90 %) (52.02 %)
Q3 2022 10.70 % (16.80 %) (35.35 %)
Q4 2022 14.64 % (18.15 %) (39.30 %)
2022 14.64 % (18.15 %) (38.30 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 22.48 0.35 0.49 16.39
Q2 2013 22.48 0.15 0.28 16.25
Q3 2013 22.48 (0.18) (0.05) 16.48
Q4 2013 22.48 (0.66) (0.66) 15.47
Q1 2014 22.48 (0.65) (0.65) 15.61
Q2 2014 22.48 (0.74) (0.74) 15.57
Q3 2014 22.48 (0.64) (0.64) 15.72
Q4 2014 22.48 0.32 0.32 15.79
Q1 2015 33.73 0.30 0.30 18.07
Q2 2015 33.73 0.29 0.29 18.08
Q3 2015 33.73 0.29 0.29 18.18
Q4 2015 33.73 0.16 0.16 18.10
Q1 2016 33.73 (0.18) (0.18) 17.99
Q2 2016 33.73 (0.32) (0.32) 17.18
Q3 2016 33.73 (0.76) (0.76) 16.81
Q4 2016 33.73 (1.25) (1.06) 16.39
Q1 2017 33.73 (1.16) (0.97) 16.28
Q2 2017 33.73 (1.09) (0.90) 16.22
Q3 2017 33.73 (1.15) (0.96) 15.82
Q4 2017 33.73 (0.90) (1.02) 15.50
Q1 2018 33.73 (0.95) (1.09) 15.33
Q2 2018 33.73 (0.69) (1.15) 15.46
Q3 2018 33.73 (0.52) (1.24) 15.24
Q4 2018 33.73 (1.84) (1.48) 13.58
Q1 2019 33.73 (2.37) (1.99) 12.89
Q2 2019 33.73 (4.41) (2.63) 10.91
Q3 2019 33.73 (5.84) (3.07) 9.24
Q4 2019 33.73 (5.31) (3.43) 8.28
Q1 2020 33.73 (4.76) (2.90) 8.15
Q2 2020 33.73 (3.08) (2.29) 7.93
Q3 2020 33.73 (1.63) (1.57) 7.78
Q4 2020 33.73 (1.56) (1.34) 6.70
Q1 2021 33.73 (1.46) (1.37) 6.65
Q2 2021 39.18 (1.73) (1.66) 8.73
Q3 2021 39.18 (1.89) (1.66) 8.42
Q4 2021 39.18 (1.80) (1.50) 7.60
Q1 2022 39.18 (2.02) (1.61) 7.34
Q2 2022 39.18 (1.87) (1.46) 6.86
Q3 2022 39.18 (1.40) (1.14) 6.64
Q4 2022 39.18 (1.35) (1.35) 5.87

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 More than 100 More than 100 3.30
Q2 2013 More than 100 More than 100 3.92
Q3 2013 NEG NEG 3.49
Q4 2013 NEG NEG 3.48
Q1 2014 NEG NEG 3.58
Q2 2014 NEG NEG 4.03
Q3 2014 NEG NEG 4.29
Q4 2014 More than 100 More than 100 2.50
Q1 2015 91.17 91.17 1.49
Q2 2015 94.02 94.02 1.49
Q3 2015 66.76 66.76 1.07
Q4 2015 More than 100 More than 100 1.11
Q1 2016 NEG NEG 0.92
Q2 2016 NEG NEG 1.13
Q3 2016 NEG NEG 0.82
Q4 2016 NEG NEG 1.08
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.25
Q3 2017 NEG NEG 1.33
Q4 2017 NEG NEG 1.31
Q1 2018 NEG NEG 1.22
Q2 2018 NEG NEG 1.16
Q3 2018 NEG NEG 1.02
Q4 2018 NEG NEG 1.13
Q1 2019 NEG NEG 1.21
Q2 2019 NEG NEG 1.27
Q3 2019 NEG NEG 1.33
Q4 2019 NEG NEG 1.74
Q1 2020 NEG NEG 1.32
Q2 2020 NEG NEG 1.75
Q3 2020 NEG NEG 4.11
Q4 2020 NEG NEG 4.03
Q1 2021 NEG NEG 4.67
Q2 2021 NEG NEG 4.58
Q3 2021 NEG NEG 4.76
Q4 2021 NEG NEG 3.93
Q1 2022 NEG NEG 3.66
Q2 2022 NEG NEG 2.81
Q3 2022 NEG NEG 2.59
Q4 2022 NEG NEG 2.59

Business Segments (Million)

Compared With The
Period Frozen meat Cereals Fruits Feeding Others Vegetables Food products Sales - Sheep Sales - trees
Q1 2016 - 0.02 - 5.50 - 5.85 1.71 - 0.20
Q2 2016 - 2.13 13.90 3.32 - 2.60 1.39 - 0.10
Q3 2016 - 1.03 12.60 5.20 - 5.41 (0.41) - (0.04)
Q4 2016 - 2.62 0.47 15.27 - 11.57 2.24 0.15 0.18
Q1 2017 - 2.29 0.05 11.32 - 5.41 1.52 0.02 0.05
Q2 2017 - 1.46 11.56 6.64 - 2.08 1.09 0.07 0.12
Q3 2017 - 2.97 8.97 10.88 - 2.87 0.77 0.11 0.07
Q4 2017 - 6.37 2.46 19.52 - 5.38 2.62 0.07 0.45
Q1 2018 - 3.52 1.69 10.18 - 2.58 1.34 0.04 0.79
Q2 2018 - (3.52) 9.20 11.22 9.50 2.14 (1.34) (0.04) (0.79)
Q3 2018 - 18.73 8.22 (2.64) (1.97) 2.85 - - -
Q4 2018 - (7.65) 8.04 18.84 (1.96) 10.00 - - -
Q1 2019 - 1.21 0.07 2.52 1.44 2.93 - - -
Q2 2019 - 1.00 9.53 9.41 1.06 0.60 - - -
Q3 2019 - 9.77 9.55 (0.14) 7.67 4.42 - - -
Q1 2020 7.27 2.68 1.48 19.60 0.93 2.71 - - -
Q2 2020 2.78 6.81 8.84 17.67 1.13 0.08 - - -
Q3 2020 6.52 6.79 6.19 27.11 0.74 0.05 - - -
Q4 2020 10.67 9.16 1.16 16.32 1.33 0.53 - - -
Q1 2021 11.40 1.08 1.45 6.53 0.99 - - - -
Q2 2021 10.71 8.97 6.79 4.31 0.92 - - - -
Q3 2021 14.47 6.85 6.94 5.63 1.86 - - - -
Q4 2021 17.17 5.60 0.44 2.74 1.20 - - - -
Q1 2022 18.58 0.15 0.08 0.90 1.87 - - - -
Q2 2022 17.12 0.79 5.76 0.45 1.13 - - - -
Q3 2022 15.30 23.07 7.60 4.45 1.97 - - - -
Q4 2022 15.65 9.66 1.64 3.35 3.35 1.50 - - -


Financial Ratios
Current
Market Cap (M Riyal) 582.85
Enterprise Value (EV) (M) 649.03
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) (1.72)
Book Value (BV) ( Riyal) 7.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.07
Return on Average Assets (%) (TTM) (13.42 )
Return on Average Equity (%) (TTM) (21.32 )
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Share Price

Tabuk Agricultural Development Co.
14.88
(0.26) (1.72 %)

Tabuk Agricultural Development Co. (TADCO)

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