Development Works posts SAR 2.6M profit in 9M 2024, SAR 376,000 in Q3

07/11/2024 Argaam Exclusive

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Development Works Food Co. turned to a net profit of SAR 2.6 million in the first nine months of 2024 from a net loss of 1.9 million a year earlier due to higher sales and lower general and administrative expenses.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	70.74	76.66	8.4 %
Gross Income	3.76	8.49	125.7 %
Operating Income	(3.99)	1.41	135.4 %
Net Income	(1.88)	2.61	238.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(0.63)	0.87	238.6 %

In Q3 2024, net profit fell by 29.8% to SAR 376,000 from SAR 530,000 in Q3 2023.

Sequentially, Q3 profit dipped 63.8% from SAR 1.04 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	23.86	25.91	8.6 %
Gross Income	1.46	2.66	82.0 %
Operating Income	(1.02)	(0.45)	56.2 %
Net Income	0.53	0.38	(29.8 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.18	0.13	(29.8 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	26.90	25.91	(3.7 %)
Gross Income	3.12	2.66	(14.9 %)
Operating Income	1.08	(0.45)	(141.4 %)
Net Income	1.04	0.38	(63.8 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.35	0.13	(63.8 %)

Accumulated losses reached SAR 2.77 million by Sept. 30, 2024, accounting for 9% of capital.

Total shareholders’ equity, after minority interest, declined to SAR 27.56 million as of Sept. 30, 2024, up from SAR 27.39 million in the prior-year period.

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