Development Works Food swings to net profit of SAR 3 mln in H1 2021

17/08/2021 Argaam Exclusive

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Development Works Food Co. (DWF) turned to a net profit after Zakat and tax of SAR 3 million for the first half of 2021, against a net loss of SAR 6 million a year earlier.

The positive results were driven by DWF’s exit from unprofitable business lines and its focus on activities that generate a return. The company also cited lower expenses and controlling operating costs.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	48.68	44.42	(8.8 %)
Gross Income	(2.60)	8.33	420.8 %
Operating Income	(6.14)	1.70	127.7 %
Net Income	(6.02)	2.67	144.3 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(2.01)	0.89	144.3 %

In Q2 2021, DWF reported a net profit after Zakat and tax of SAR 2.9 million.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2020	H1 2021	Change‬
Revenues	22.42	24.61	9.7 %
Gross Income	(0.49)	6.03	1344.1 %
Operating Income	(2.17)	2.56	218.3 %
Net Income	(2.09)	2.55	221.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(0.70)	0.85	221.8 %

Item	H2 2020	H1 2021	Change‬
Revenues	16.15	24.61	52.4 %
Gross Income	1.62	6.03	272.9 %
Operating Income	(0.74)	2.56	446.0 %
Net Income	(3.05)	2.55	183.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(1.02)	0.85	183.6 %

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