Development Works Food Co. posted a net profit after Zakat and tax of SAR 748,000 for the first half of 2022, a decline of 72% compared to SAR 2.7 million a year earlier.
The firm attributed the profit decline to higher cost of income, especially in the first quarter of the current year, due to higher wages and higher prices of raw materials and packaging.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 44.42 | 54.03 | 21.6 % |
| Gross Income | 8.33 | 5.22 | (37.3 %) |
| Operating Income | 1.70 | (0.42) | (124.9 %) |
| Net Income | 2.67 | 0.75 | (71.9 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.89 | 0.25 | (71.9 %) |
In Q2 2022, the company reported a net profit after Zakat and tax of SAR 3.04 million, up 19.3% from SAR 2.55 million a year before, driven by higher revenue.
Compared to the previous quarter, the firm turned to a net profit from a loss of SAR 2.26 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 24.61 | 33.81 | 37.4 % |
| Gross Income | 6.03 | 5.99 | (0.8 %) |
| Operating Income | 2.56 | 3.18 | 24.0 % |
| Net Income | 2.55 | 3.04 | 19.4 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.85 | 1.01 | 19.4 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 20.22 | 33.81 | 67.2 % |
| Gross Income | (0.76) | 5.99 | 883.8 % |
| Operating Income | (3.60) | 3.18 | 188.2 % |
| Net Income | (2.29) | 3.04 | 232.6 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (0.76) | 1.01 | 232.6 % |
Total shareholders’ equity, after minority interest, reached SAR 33.312 million as on June 30, 2022, compared to SAR 32.564 million in year-earlier period.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}