Development Works Food Co. reported net loss after Zakat and tax of SAR 5.3 million for the first nine months of 2020, versus net profit of SAR 6.17 million in a year-earlier period, driven by a 27% tumble in sales over the COVID-19 lockdown.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 107.76 | 78.36 | (27.3 %) |
| Gross Income | 16.82 | 1.00 | (94.0 %) |
| Operating Income | 5.76 | (4.61) | (180.0 %) |
| Net Income | 6.17 | (5.36) | (186.9 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 2.06 | (1.79) | (186.9 %) |
The company’s net profit after Zakat and tax for Q3 2020 dropped 73.2% year-on-year to SAR 661,200, due to a 20% slump in sales revenue and an 18% rise in operating expenses.
On a sequential basis, the company swung to profit in Q3 2020 versus net losses of SAR 2.09 million in Q2 2020.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 37.07 | 29.68 | (19.9 %) |
| Gross Income | 5.39 | 3.60 | (33.2 %) |
| Operating Income | 2.40 | 1.53 | (36.3 %) |
| Net Income | 2.47 | 0.66 | (73.2 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.82 | 0.22 | (73.2 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 22.42 | 29.68 | 32.3 % |
| Gross Income | (0.49) | 3.60 | 842.3 % |
| Operating Income | (2.17) | 1.53 | 170.3 % |
| Net Income | (2.09) | 0.66 | 131.6 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (0.70) | 0.22 | 131.6 % |
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