Asharqiyah Development Reports SAR 0.27M Net Profit in Q1 2026
SHARQIYAH DEV 6060.SA | 0.00 |
On 2026-05-11 15:34:12 (Saudi Time), Asharqiyah Development Company announced its quarterly financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 55,165,522 | 44,861,646 | 22.968 | 54,524,478 | 1.175 |
| Gross Profit (Loss) | 6,486,644 | 535,657 | 1,110.969 | 5,939,235 | 9.216 |
| Operational Profit (Loss) | -678,181 | -6,610,755 | -89.741 | -2,145,429 | -68.389 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 272,494 | -5,648,819 | - | -2,464,771 | - |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 272,494 | -5,648,819 | - | -2,464,771 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 350,719,970 | 352,648,648 | -0.546 |
| Profit (Loss) per Share | 0.009 | -0.188 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales increased 22.968% YoY to SAR 55.17 million due to expanded customer base at the subsidiary company. The company achieved a net profit of SAR 0.27 million compared to a net loss of SAR 5.65 million in the prior year, driven by increased sales and a lower cost of sales ratio that significantly improved gross profit margins.
Quarter-on-Quarter Performance Drivers
QoQ revenue increased 1.18% to SAR 55.17 million due to increased sales at the subsidiary. The company turned from a net loss of SAR 2.46 million in the previous quarter to a net profit of SAR 0.27 million in the current quarter. This turnaround was driven by higher gross profit from operations resulting from increased sales and a decreased cost of sales ratio.
Other Items
The auditors issued a qualified opinion with attention drawn to specific matters. The qualification is based on insufficient appropriate information regarding SAR 171.31 million in intangible assets under Government Grants, where the independent expert's impairment assessment assumptions do not comply with IAS 36 requirements, preventing determination of recoverable amount and potential impairment losses. The auditors also drew attention to Note 18 regarding agricultural land government grants, where the Ministry of Environment, Water and Agriculture's June 30, 2022 decision stated that while no title deed can be issued in the company's name, the company may utilize the land until Saudi Aramco's actual needs are met, leaving management unable to determine a productive lifespan for the agricultural land utilization.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95237&anCat=1&cs=6060&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.