Zahrat Al Waha Trading Co.’s net profit slumped 67% to SAR 1.92 million in Q1 2023, from SAR 5.90 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 151.84 | 156.79 | 3.3 % |
| Gross Income | 12.41 | 11.87 | (4.4 %) |
| Operating Income | 7.74 | 6.21 | (19.8 %) |
| Net Income | 5.91 | 1.93 | (67.4 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.26 | 0.09 | (67.4 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 117.14 | 156.79 | 33.8 % |
| Gross Income | 21.25 | 11.87 | (44.2 %) |
| Operating Income | 10.75 | 6.21 | (42.3 %) |
| Net Income | 5.40 | 1.93 | (64.4 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.24 | 0.09 | (64.4 %) |
The profit decline was attributed to lower cost of goods sold, higher selling and distribution expenses, general and administrative expenses and finance costs. This is in addition to lower investment portfolio profits.
Sequentially, the company’s net profit fell 64% from SAR 5.40 million in Q4 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 297.75 million as of March 31, 2023, compared to SAR 308.07 million a year earlier.
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