Development Works Food Co. turned to a net profit of SAR 1.2 million in Q1 2024, from SAR 2.7 million in net losses in the same period a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 19.70 | 23.86 | 21.1 % |
| Gross Income | (0.72) | 2.71 | 474.7 % |
| Operating Income | (3.42) | 0.78 | 122.9 % |
| Net Income | (2.73) | 1.19 | 143.7 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (0.91) | 0.40 | 143.7 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 18.71 | 23.86 | 27.5 % |
| Gross Income | (0.40) | 2.71 | 777.3 % |
| Operating Income | (2.62) | 0.78 | 129.9 % |
| Net Income | (2.48) | 1.19 | 148.1 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (0.83) | 0.40 | 148.1 % |
This was due to higher revenues and lower general & administrative expenses for the first three months of the year.
On a sequential basis, the company turned profitable from a net loss of SAR 2.48 million in Q4 2023.
Total shareholders’ equity, after minority interest, dropped marginally to SAR 26.15 million as of March 31, 2024, compared to SAR 26.54 million a year earlier.
Accumulated losses amounted to SAR 4.19 million at the end of the three-month period, or 14% of the company's capital.
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