Development Works Food turns to loss of SAR 3.2 mln in 2022; Q4 at SAR 4.4 mln

29/03/2023 Argaam Exclusive

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. 

 


Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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Share Price

Development Works Food Co.
130.20
(1.60) (1.21 %)

Development Works Food Co. (DWF)

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Financial Ratios
Current
Market Cap (M Riyal) 390.60
Enterprise Value (EV) (M) 394.23
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 14.17
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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