Development Works Food turns to loss of SAR 2.3 mln in H1 2023; Q2 profit at SAR 361,300

13/08/2023 Argaam Exclusive

Development Works Food Co. reported a net loss after Zakat and Tax of SAR 2.3 million for H1 2023, compared to a net profit after Zakat and Tax of SAR 997,700 a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 54.03 46.88 (13.2 %)
Gross Income 5.22 2.30 (56.0 %)
Operating Income (0.42) (2.97) (600.5 %)
Net Income 0.75 (2.42) (423.1 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.25 (0.81) (423.1 %)

The company said the switch to losses was due to lower sales in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 33.81 27.18 (19.6 %)
Gross Income 5.99 3.02 (49.5 %)
Operating Income 3.18 0.45 (85.9 %)
Net Income 3.04 0.32 (89.6 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 1.01 0.11 (89.6 %)

In Q2 2023, net profit after Zakat and Tax declined by 88.9% to SAR 361,300 from SAR 3.26 million in Q2 2022 due to a decrease in sales and other revenues.

 

On a sequential basis, the company turned to profit in Q2 2023 against a loss of SAR 4.64 million in Q1 2023, driven by higher sales.

 

Total shareholders’ equity, excluding minority interest, fell to SAR 26.86 million as of June 30, 2023, from SAR 33.31 million a year earlier.

 

Accumulated losses stood at SAR 3.44 million as of June 30, 2023, representing 11% of capital.

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Share Price

Development Works Food Co.
131.80
(0.60) (0.45 %)

Development Works Food Co. (DWF)

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Financial Ratios
Current
Market Cap (M Riyal) 395.40
Enterprise Value (EV) (M) 399.03
Shares Outstanding ((M)) 3.00
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 9.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 14.35
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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