Development Works Food turns to profit of SAR 2.2M in H1 2024; Q2 at SAR 1M

08/09/2024 Argaam Exclusive

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Development Works Food Co. turned to a net profit of SAR 2.2 million for the first half of 2024, against SAR 2.4 million in losses in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	46.88	50.75	8.3 %
Gross Income	2.30	5.83	153.5 %
Operating Income	(2.97)	1.86	162.6 %
Net Income	(2.42)	2.23	192.4 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(0.81)	0.74	192.4 %

This came thanks to higher revenues year-on-year (YoY) in H1 2024. In addition, during the same period, operating costs and general & administrative expenses declined on an annual basis.

In Q2 2024, the company’s bottom line more than tripled to SAR 1.04 million, from SAR 320,000 in Q2 2023, although revenues decreased YoY during the three-month period.

Sequentially, net income plunged by 13.2% from SAR 1.19 million in Q1 2024 on lower other revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	27.18	26.90	(1.0 %)
Gross Income	3.02	3.12	3.2 %
Operating Income	0.45	1.08	140.1 %
Net Income	0.32	1.04	229.0 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.11	0.35	229.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	23.86	26.90	12.7 %
Gross Income	2.71	3.12	15.2 %
Operating Income	0.78	1.08	37.7 %
Net Income	1.19	1.04	(13.2 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.40	0.35	(13.2 %)

Shareholders' equity (after minority interest) climbed to SAR 27.18 million, versus SAR 26.86 million in the year-earlier period.

Accumulated losses amounted to SAR 3.15 million by the end of June 30, 2024, representing 11% of capital.

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