TADCO trims losses to SAR 9.3M in Q1 2024

TADCO trims losses to SAR 9.3M in Q1 2024

19/05/2024 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) reported a net loss of SAR 9.3 million in Q1 2024, compared to SAR 13.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 21.30 8.32 (61.0 %)
Gross Income 3.83 0.19 (95.1 %)
Operating Income (9.41) (9.73) (3.4 %)
Net Income (13.92) (8.89) 36.1 %
Average Shares 39.18 39.18 -
EPS (Riyals) (0.36) (0.23) 36.1 %

The improvement was attributed to decrease in selling, distribution, general and administrative expenses, along with an increase in profit share from associates’ investments through equity rights.

 

On a quarterly basis, the company narrowed its losses from SAR 24.82 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, fell to SAR 314.87 million as of March 31, 2024, from SAR 234.40 million a year earlier.

 

Accumulated losses stood at SAR 72.07 million as of March 31, 2024, representing 18.4% of TADCO’s capital.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 26.54 28.4 % 12.68 74.7 % 4.53 159.8 % 0.13
Q2 2015 28.25 (3.0 %) 10.71 (5.7 %) 0.18 (64.6 %) 0.01
Q3 2015 44.26 (13.4 %) 18.88 12.5 % 3.45 5.4 % 0.10
Q4 2015 52.77 (0.6 %) 17.42 (21.0 %) (2.86) (270.1 %) (0.08)
Q1 2016 13.27 (50.0 %) 6.22 (51.0 %) (6.77) (249.7 %) (0.20)
Q2 2016 23.45 (17.0 %) 6.09 (43.2 %) (4.61) (2691.0 %) (0.14)
Q3 2016 23.90 (46.0 %) 4.59 (75.7 %) (11.26) (426.7 %) (0.33)
Q4 2016 32.39 (38.6 %) 1.29 (92.6 %) (19.58) (584.4 %) (0.58)
Q1 2017 20.66 55.7 % 4.80 (22.8 %) (3.74) 44.8 % (0.11)
Q2 2017 23.01 (1.9 %) 9.31 53.0 % (2.15) 53.4 % (0.06)
Q3 2017 26.65 11.5 % 6.32 37.7 % (13.44) (19.4 %) (0.40)
Q4 2017 36.85 13.8 % 6.06 368.4 % (10.92) 44.2 % (0.32)
Q1 2018 20.13 (2.6 %) 2.82 (41.3 %) (5.66) (51.2 %) (0.17)
Q2 2018 26.37 14.6 % 8.08 (13.2 %) 6.61 407.8 % 0.20
Q3 2018 25.20 (5.4 %) 3.76 (40.4 %) (7.51) 44.1 % (0.22)
Q4 2018 27.28 (26.0 %) (1.53) (125.2 %) (55.54) (408.8 %) (1.65)
Q1 2019 8.17 (59.4 %) (11.39) (504.6 %) (23.51) (315.6 %) (0.70)
Q2 2019 34.71 31.6 % (13.37) (265.4 %) (62.28) (1042.5 %) (1.85)
Q3 2019 50.67 101.1 % (1.78) (147.2 %) (55.67) (641.4 %) (1.65)
Q4 2019 47.80 75.2 % (7.51) (391.6 %) (37.57) 32.4 % (1.11)
Q1 2020 34.67 324.2 % 6.49 156.9 % (5.08) 78.4 % (0.15)
Q2 2020 37.31 7.5 % 7.05 152.7 % (5.53) 91.1 % (0.16)
Q3 2020 47.39 (6.5 %) 9.31 623.6 % (6.96) 87.5 % (0.21)
Q4 2020 39.17 (18.0 %) (8.56) (13.9 %) (34.99) 6.9 % (1.04)
Q1 2021 21.45 (38.1 %) 4.00 (38.4 %) (1.91) 62.4 % (0.06)
Q2 2021 31.69 (15.1 %) (9.03) (228.1 %) (24.03) (334.5 %) (0.61)
Q3 2021 35.75 (24.6 %) 6.59 (29.2 %) (13.28) (90.9 %) (0.34)
Q4 2021 27.15 (30.7 %) (6.95) 18.8 % (31.33) 10.5 % (0.80)
Q1 2022 21.58 0.6 % 2.05 (48.7 %) (10.56) (453.1 %) (0.27)
Q2 2022 25.25 (20.3 %) 0.66 107.3 % (18.08) 24.7 % (0.46)
Q3 2022 52.39 46.6 % 17.76 169.4 % 5.16 138.9 % 0.13
Q4 2022 35.15 29.5 % (0.80) 88.4 % (29.33) 6.4 % (0.75)
Q1 2023 21.30 (1.3 %) 3.83 86.6 % (13.92) (31.8 %) (0.36)
Q2 2023 26.90 6.5 % 6.51 892.8 % (9.39) 48.1 % (0.24)
Q3 2023 48.08 (8.2 %) 5.39 (69.7 %) 128.26 2384.4 % 3.27
Q4 2023 9.22 (73.8 %) (12.71) (1,480.7 %) (24.16) 17.6 % (0.62)
Q1 2024 8.32 (61.0 %) 0.19 (95.1 %) (8.89) 36.1 % (0.23)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2023 15.99 % (18.70 %) (41.89 %)
Q2 2023 20.11 % (17.92 %) (34.98 %)
Q3 2023 11.36 % (30.85 %) (55.41 %)
Q4 2023 2.86 % (38.85 %) (58.03 %)
Q1 2024 (0.67 %) (45.76 %) (60.74 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 39.18 (1.43) (1.43) 5.98
Q2 2023 39.18 (1.21) (1.21) 6.12
Q3 2023 39.18 1.93 (1.86) 9.02
Q4 2023 39.18 2.06 (1.56) 8.38
Q1 2024 39.18 2.19 (1.43) 8.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 NEG NEG 2.96
Q2 2023 NEG NEG 3.02
Q3 2023 8.74 NEG 1.87
Q4 2023 8.37 NEG 2.06
Q1 2024 8.43 NEG 2.30

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 - - -
Q1 2023 13.29 1.55 0.63 0.81 3.94 1.09 - - -
Q4 2023 - 4.38 2.71 0.46 1.62 0.05 - - -
Q1 2024 - - 0.20 1.72 2.49 3.91 - - -


Financial Ratios
Current
Market Cap (M Riyal) 654.92
Enterprise Value (EV) (M) 699.15
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) 2.19
Book Value (BV) ( Riyal) 8.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 7.63
Price/book 2.08
Return on Average Assets (%) (TTM) 17.5
Return on Average Equity (%) (TTM) 31.2
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Share Price

Tabuk Agricultural Development Co.
16.70
(0.04) (0.24 %)

Tabuk Agricultural Development Co. (TADCO)

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