Development Works Food Co. reported a net loss after Zakat and tax of SAR 6 million for the first half of 2020, from a net profit of SAR 3.7 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 70.69 | 48.68 | (31.1 %) |
| Gross Income | 11.43 | (2.60) | (122.7 %) |
| Operating Income | 3.37 | (6.14) | (282.3 %) |
| Net Income | 3.70 | (6.02) | (262.6 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 1.23 | (2.01) | (262.6 %) |
The losses were attributed to lower sales as a result of the precautionary measures taken to fight the spread of the coronavirus including shutting down the branches, limiting the service to delivery and cutting down the work hours.
The losses were partially offset by lower operating costs and lower general and administrative expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 39.94 | 22.42 | (43.9 %) |
| Gross Income | 6.70 | (0.49) | (107.2 %) |
| Operating Income | 2.26 | (2.17) | (196.0 %) |
| Net Income | 2.24 | (2.09) | (193.2 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.75 | (0.70) | (193.2 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 26.26 | 22.42 | (14.6 %) |
| Gross Income | (2.11) | (0.49) | 77.0 % |
| Operating Income | (3.97) | (2.17) | 45.3 % |
| Net Income | (3.92) | (2.09) | 46.7 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (1.31) | (0.70) | 46.7 % |
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