Financial Results : Development Works Food widens 2023 loss to SAR 4.4M; Q4 at SAR 2.5M

Development Works Food widens 2023 loss to SAR 4.4M; Q4 at SAR 2.5M

06/05/2024 Argaam Exclusive

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Development Works Food Co. (DWF) deepened net losses to SAR 4.4 million in 2023, from SAR 3.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 98.65 89.45 (9.3 %)
Gross Income 4.39 3.36 (23.4 %)
Operating Income (6.61) (6.60) 0.0 %
Net Income (3.22) (4.36) (35.4 %)
Average Shares 3.00 3.00 -
EPS (Riyals) (1.07) (1.45) (35.4 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 19.88 18.71 (5.9 %)
Gross Income (3.40) (0.40) 88.2 %
Operating Income (5.93) (2.62) 55.9 %
Net Income (4.41) (2.48) 43.8 %
Average Shares 3.00 3.00 -
EPS (Riyals) (1.47) (0.83) 43.8 %

The higher losses were attributed to a decline in the sector’s sales in 2023, along with a rise in the cost of goods sold. This came despite lower administrative expenses.

 

In Q4 2023, DWF turned to a net loss of SAR 2.45 million against a net profit of SAR 540,000 in Q3 2023.

 

Total shareholders’ equity, after minority interest, fell to SAR 24.95 million as of Dec. 31, 2023, from SAR 29.27 million a year earlier.

 

Attached Documents

 

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