Financial Results : Development Works swings to SAR 4 mln losses in Q1 2020

Development Works swings to SAR 4 mln losses in Q1 2020

16/06/2020 Argaam Exclusive

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Development Works Food Co. reported net loss after Zakat and tax of SAR 4 million for the first quarter of 2020, versus net profit of SAR 1.45 million in year-earlier period, driven by a 15% slump in sales, higher rents as well as amortization expenses.

 

The company’s results were also impacted by the Kingdom's precautionary measures to curb the COVID-19 outbreak.

On a sequential basis, the Nomu-listed firm swung to losses in Q1 2020, versus net profit of SAR 2.14 million in Q4 2019.



Current Half Annual Comparison (M)

Compared With The
Item 2019 2020 Change‬
Revenues 30.76 26.26 (14.6 %)
Gross Income 4.73 (2.11) (144.7 %)
Operating Income 1.11 (3.97) (458.4 %)
Net Income 1.46 (3.92) (369.3 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.49 (1.31) (369.3 %)

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