Development Works Food posts 72% decline in H1 2022 net profit to SAR 748,000, Q2 at SAR 3 mln

25/07/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

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