Development Works Food turns to loss of SAR 2.3 mln in H1 2023; Q2 profit at SAR 361,300

13/08/2023 Argaam Exclusive

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Development Works Food Co. reported a net loss after Zakat and Tax of SAR 2.3 million for H1 2023, compared to a net profit after Zakat and Tax of SAR 997,700 a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	54.03	46.88	(13.2 %)
Gross Income	5.22	2.30	(56.0 %)
Operating Income	(0.42)	(2.97)	(600.5 %)
Net Income	0.75	(2.42)	(423.1 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.25	(0.81)	(423.1 %)

The company said the switch to losses was due to lower sales in H1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	33.81	27.18	(19.6 %)
Gross Income	5.99	3.02	(49.5 %)
Operating Income	3.18	0.45	(85.9 %)
Net Income	3.04	0.32	(89.6 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.01	0.11	(89.6 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	19.70	27.18	37.9 %
Gross Income	(0.72)	3.02	518.3 %
Operating Income	(3.42)	0.45	113.1 %
Net Income	(2.73)	0.32	111.5 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(0.91)	0.11	111.5 %

In Q2 2023, net profit after Zakat and Tax declined by 88.9% to SAR 361,300 from SAR 3.26 million in Q2 2022 due to a decrease in sales and other revenues.

On a sequential basis, the company turned to profit in Q2 2023 against a loss of SAR 4.64 million in Q1 2023, driven by higher sales.

Total shareholders’ equity, excluding minority interest, fell to SAR 26.86 million as of June 30, 2023, from SAR 33.31 million a year earlier.

Accumulated losses stood at SAR 3.44 million as of June 30, 2023, representing 11% of capital.

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