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Ash-Sharqiyah Development incurs higher net losses in 9M-23, shifts to profits in Q3

Ash-Sharqiyah Development incurs higher net losses in 9M-23, shifts to profits in Q3
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SHARQIYAH DEV
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Riyadh – Mubasher: Ash-Sharqiyah Development Company posted a net loss after Zakat and tax of SAR 1.85 million in the first nine months (9M) of 2023, up by 6.63% year-on-year (YoY) from SAR 1.74 million in 9M-22.

The company’s loss per share declined to SAR 0.09 in 9M-23 from SAR 0.13 in 9M-22.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the Saudi firm shifted to net profits after Zakat and tax of SAR 175,820 from a net loss of SAR 758,601 in Q3-22.

On a quarterly basis, the company also swung to net profits in Q3-23 from a net loss of SAR 1.22 million in Q2-23.

In July 2023, Yasser Muhammad Nasser Al Jarallah became the Chairman of Ash-Sharqiyah Development for a three-year term.