Financial Results : Development Works Food Co. incurs SAR 2.9 million loss in 2020

Development Works Food Co. incurs SAR 2.9 million loss in 2020

27/04/2021 Argaam Exclusive

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Development Works Food Co. swung to a net loss after Zakat and tax of SAR 2.9 million in 2020, versus a net profit of SAR 8.6 million a year earlier, due to a decrease in the parent company’s sales, along with an increase in the cost of sales of imported fruits amid the COVID-19 precautionary measures and closure of activities.

 

The company also cited high costs in some of its activities, which it exited, and the company’s focus on activities that have a competitive advantage and achieve lucrative returns.



Financials (M)

Item 2019 2020 Change‬
Revenues 96.27 94.50 (1.8 %)
Gross Income 19.45 2.62 (86.5 %)
Operating Income 9.65 (5.35) (155.5 %)
Net Income 8.63 (8.40) (197.3 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyals) 2.88 (1.07) (137.3 %)
EPS (Riyal) 2.88 (2.80) (197.3 %)

In Q4 2020, the company posted a net profit after Zakat and tax of SAR 2.4 million.

 

Shareholders’ equity, excluding minority interest, decreased by 21.6% to SAR 30.520 million in 2020, compared to SAR 38.921 million in 2019.



Current Half Annual Comparison (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Revenues - 16.15 -
Gross Income - 1.62 -
Operating Income 3.89 (0.74) (119.1 %)
Net Income 2.47 (3.05) (223.6 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyal) 0.82 0.71 (13.5 %)
EPS (Riyal) 0.82 (1.02) (223.6 %)

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