Development Works Food turns to profit after minorities of SAR 2 mln; Q4 loss at SAR 1.4 mln

29/03/2022 Argaam Exclusive

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Development Works Food Co. turned to a net profit after minorities of SAR 2 million in 2021, compared to a net loss after minorities of SAR 8.3 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Revenues	94.50	100.86	6.7 %
Gross Income	2.62	9.49	261.9 %
Operating Income	(5.35)	(0.23)	95.7 %
Net Income	(8.40)	2.35	128.0 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(2.80)	0.78	128.0 %

The profits were driven by the firm’s exit from unprofitable businesses and an increased focus on activities that generate revenue and drive sales.

The company’s Q4 2021 net loss narrowed to SAR 1.40 million from SAR 2.99 million in the year-earlier period.

Sequentially, Development Works Food turned to losses from a net profit of SAR 770,000 in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	16.15	23.28	44.2 %
Gross Income	1.62	(2.62)	(261.9 %)
Operating Income	(0.74)	(2.21)	(198.8 %)
Net Income	(3.05)	(1.09)	64.3 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(1.02)	(0.36)	64.3 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	33.16	23.28	(29.8 %)
Gross Income	3.77	(2.62)	(169.5 %)
Operating Income	0.28	(2.21)	(879.6 %)
Net Income	0.77	(1.09)	(241.0 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.26	(0.36)	(241.0 %)

Total shareholders’ equity, excluding minority interest, rose 6.7% year-on-year to SAR 32.6 million.

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