Development Works swings to SAR 1.9 mln loss in 9M 2023, earns SAR 534,900 in Q3

09/11/2023 Argaam Exclusive

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Development Works Food Co. swung to a net loss of SAR 1.9 million in the first nine months of 2023 against a net profit of 1.2 million a year earlier due to lower sales.

This was despite a 9% year-on-year pullback in general and administrative expenses during the nine-month period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	78.77	70.74	(10.2 %)
Gross Income	7.79	3.76	(51.7 %)
Operating Income	(0.68)	(3.99)	(489.2 %)
Net Income	1.19	(1.88)	(258.0 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.40	(0.63)	(258.0 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	24.74	23.86	(3.6 %)
Gross Income	2.56	1.46	(43.1 %)
Operating Income	(0.25)	(1.02)	(304.2 %)
Net Income	0.44	0.53	20.7 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.15	0.18	20.7 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	27.18	23.86	(12.2 %)
Gross Income	3.02	1.46	(51.8 %)
Operating Income	0.45	(1.02)	(327.1 %)
Net Income	0.32	0.53	69.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.11	0.18	69.6 %

In Q3 2023, net profit jumped by 21% to SAR 534,900 from SAR 440,000 in Q3 2022 on higher other revenues.

Total shareholders’ equity, after minority interest, declined to SAR 27.39 million as of Sept. 30, 2023, up from SAR 33.75 million in the prior-year period.

Accumulated losses stood at SAR 2.9 million by the end of the nine-month period, accounting for 9.68% of the company’s capital.

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