Financial Results : WAJA H1 2023 profit falls 35% to SAR 5.4 mln

WAJA H1 2023 profit falls 35% to SAR 5.4 mln

20/08/2023 Argaam Exclusive

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WAJA Co.’s net profit fell 35% to SAR 5.4 million in H1 2023, compared to SAR 8.3 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 43.97 41.01 (6.7 %)
Gross Income 11.84 9.54 (19.4 %)
Operating Income 9.11 6.49 (28.8 %)
Net Income 8.30 5.36 (35.4 %)
Average Shares 70.00 70.00 -
EPS (Halala) 11.85 7.65 (35.4 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 43.97 41.01 (6.7 %)
Gross Income 11.84 9.54 (19.4 %)
Operating Income 9.11 6.49 (28.8 %)
Net Income 8.30 5.36 (35.4 %)
Average Shares 70.00 70.00 -
EPS (Halala) 11.85 7.65 (35.4 %)

The profit decline was mainly due to lower revenues, higher cost of revenues, as well as an increase in financing costs and the Zakat provision.

 

Total shareholders’ equity, no minority interest, reached SAR 77.65 million by the end of the six-month period, from SAR 62.82 million a year earlier.

 

On June 19, WAJA’s shareholders approved the board recommendation to reduce the stock’s par value from SAR 10 to SAR 0.5, while keeping capital unchanged. Thus, the number of shares will rise to 70 million from 3.5 million, according to Argaam’s data.

 

Historical Development of Financials

Period

Revenues

(SAR mln)

Net Earnings

(SAR mln)

EPS

(SAR/Share)

H1 2021

36.49

11.80

0.17

H2 2021

42.54

5.56

0.08

H1 2022

43.97

8.30

0.12

H2 2022

55.21

9.96

0.14

H1 2023

41.01

5.36

0.08

 

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