trending Market Intelligence /marketintelligence/en/news-insights/trending/VeRuTXYiVJaXnBzEeDSchQ2 content esgSubNav
In This List

Eastern Development swings to loss in Q1

Blog

Gold - Geopolitical tensions and inflation remain key drivers

Blog

Lithium and Cobalt - Softer demand weighs on prices

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds


Eastern Development swings to loss in Q1

Eastern Development Co. said its first-quarter normalized net income amounted to a loss of 2.1 million riyals, compared with income of 68,960 riyals in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 244.4% from 1.3% in the year-earlier period.

Total revenue declined 56.4% on an annual basis to 2.3 million riyals from 5.4 million riyals, and total operating expenses grew 8.8% year over year to 5.8 million riyals from 5.3 million riyals.

Reported net income came to a loss of 3.4 million riyals, or a loss of 45 halalas per share, compared to income of 674,320 riyals, or 9 halalas per share, in the prior-year period.

As of May 3, US$1 was equivalent to 3.75 Saudi Arabian riyals.