Development Works Food turns to loss of SAR 3.2 mln in 2022; Q4 at SAR 4.4 mln

29/03/2023 Argaam Exclusive

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Development Works Food Co. turned to a net loss after minorities of SAR 3.2 million in 2022, against a net profit after minorities of SAR 2.4 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	100.86	98.65	(2.2 %)
Gross Income	9.49	4.39	(53.7 %)
Operating Income	(0.23)	(6.61)	(2,759.7 %)
Net Income	2.35	(3.22)	(237.2 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.78	(1.07)	(237.2 %)

This was due to a decline in sales and higher cost of sales, in addition to booking a provision for credit losses (receivables and other receivable balances) in accordance with international standards.

The company widened Q4 2022 loss to SAR 4.4 million from SAR 1.09 million a year before.

Development Works Food turned to losses after recording a net profit of SAR 440,000 in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	23.28	19.88	(14.6 %)
Gross Income	(2.62)	(3.40)	(29.7 %)
Operating Income	(2.21)	(5.93)	(167.8 %)
Net Income	(1.09)	(4.41)	(306.4 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	(0.36)	(1.47)	(306.4 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	24.74	19.88	(19.7 %)
Gross Income	2.56	(3.40)	(232.5 %)
Operating Income	(0.25)	(5.93)	(2,252.8 %)
Net Income	0.44	(4.41)	(1096.4 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.15	(1.47)	(1096.4 %)

Total shareholders’ equity, excluding minority interest, reached SAR 29.2 million at the end of 2022, compared with SAR 32.5 million a year earlier.

Accumulated losses stood at SAR 1.02 million as Dec. 31, 2022, representing 3% of capital.

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