Development Works Food 9M 2022 profit slumps 65% to SAR 1.2 mln; Q3 at SAR 443,000

07/11/2022 Argaam Exclusive

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Development Works Food Co. (DWF) posted a slump of 65% in net profit after Zakat and tax to SAR 1.2 million in the first nine months of 2022, from SAR 3.4 million in the year-ago period due to an increase in the cost of sales, amid higher costs of raw materials and packaging, which affected the profit margins. This came despite better sales and other revenues, alongside a decrease in general and administrative (G&A) expenses.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	77.58	78.77	1.5 %
Gross Income	12.10	7.79	(35.7 %)
Operating Income	1.98	(0.68)	(134.1 %)
Net Income	3.44	1.19	(65.3 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.15	0.40	(65.3 %)

In Q3 2022, net profit after Zakat and tax fell by 43% to SAR 443,000, from SAR 770,000 in Q3 2021 on higher cost of sales, amid increased costs of raw materials and packaging.

Compared to Q2 2022, net profit plunged 85.5% from SAR 3.04 million hit by sales drop.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	33.16	24.74	(25.4 %)
Gross Income	3.77	2.56	(32.1 %)
Operating Income	0.28	(0.25)	(188.7 %)
Net Income	0.77	0.44	(42.5 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.26	0.15	(42.5 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	33.81	24.74	(26.8 %)
Gross Income	5.99	2.56	(57.2 %)
Operating Income	3.18	(0.25)	(107.9 %)
Net Income	3.04	0.44	(85.4 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.01	0.15	(85.4 %)

Total shareholders’ equity, no minority interest, stood at SAR 33.75 million as of Sept. 30, 2022, compared to SAR 32.65 million in the year-earlier period.

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