Development Works Food Co. turned to a net loss after minorities of SAR 3.2 million in 2022, against a net profit after minorities of SAR 2.4 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 100.86 | 98.65 | (2.2 %) |
| Gross Income | 9.49 | 4.39 | (53.7 %) |
| Operating Income | (0.23) | (6.61) | (2,759.7 %) |
| Net Income | 2.35 | (3.22) | (237.2 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.78 | (1.07) | (237.2 %) |
This was due to a decline in sales and higher cost of sales, in addition to booking a provision for credit losses (receivables and other receivable balances) in accordance with international standards.
The company widened Q4 2022 loss to SAR 4.4 million from SAR 1.09 million a year before.
Development Works Food turned to losses after recording a net profit of SAR 440,000 in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 23.28 | 19.88 | (14.6 %) |
| Gross Income | (2.62) | (3.40) | (29.7 %) |
| Operating Income | (2.21) | (5.93) | (167.8 %) |
| Net Income | (1.09) | (4.41) | (306.4 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (0.36) | (1.47) | (306.4 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 24.74 | 19.88 | (19.7 %) |
| Gross Income | 2.56 | (3.40) | (232.5 %) |
| Operating Income | (0.25) | (5.93) | (2,252.8 %) |
| Net Income | 0.44 | (4.41) | (1096.4 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.15 | (1.47) | (1096.4 %) |
Total shareholders’ equity, excluding minority interest, reached SAR 29.2 million at the end of 2022, compared with SAR 32.5 million a year earlier.
Accumulated losses stood at SAR 1.02 million as Dec. 31, 2022, representing 3% of capital.
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