Financial Results : Development Works Food swings to loss of SAR 2.3 mln in Q1 2022

Development Works Food swings to loss of SAR 2.3 mln in Q1 2022

23/05/2022 Argaam Exclusive

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Development Works Food Co. reported a net loss after Zakat and tax of SAR 2.3 million for Q1 2022, compared to a profit of SAR 100,000 in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 19.81 20.22 2.1 %
Gross Income 2.30 (0.76) (133.2 %)
Operating Income (0.86) (3.60) (317.0 %)
Net Income 0.12 (2.29) (2042.4 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.04 (0.76) (2042.4 %)

The loss is attributed to the higher cost of revenue in the current quarter due to the increase in wages, prices of raw materials and packaging, despite the decrease in administrative expenses.

 

Sequentially, the company widened losses in Q1 2022 from a net loss of SAR 1.4 million in Q4 2021.

 

The company's accumulated losses reached SAR 91,903, representing 0.31% of capital by the end of the period.

 

Total shareholders’ equity, after minority interest, stood at SAR 30.272 million as of March 31, 2022, declining by 7% from SAR 32.563 million a year earlier.

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