Financial Results : Zahrat Al Waha net profit down 28% to SAR 40.6 mln in 2020

Zahrat Al Waha net profit down 28% to SAR 40.6 mln in 2020

25/02/2021 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit of SAR 40.6 million for 2020, down 28%, compared to SAR 56.6 million in 2019.

 

The decrease in net profit was attributed to lower sales due to a decrease in average selling prices by 17.52%, affected by a drop in the prices of raw materials, which are the main components in determining selling prices.

 

In addition, selling and distribution expenses increased by 5.82% due to an increase in transport expenses by 6.75%.

 

Meanwhile, Zakat provision expense increased by 82.20% due to the payment of the differences in Zakat assessments for the years from 2016 to 2018.



Financials (M)

Item 2019 2020 Change‬
Revenues 519.76 424.85 (18.3 %)
Gross Income 88.46 74.19 (16.1 %)
Operating Income 72.55 57.71 (20.5 %)
Net Income 56.64 40.57 (28.4 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 2.52 1.80 (28.4 %)

The company reported a net profit of SAR 13.8 million for Q4 2020, a 38% year-on-year (YoY) decline.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 109.45 91.05 (16.8 %)
Gross Income 30.15 23.64 (21.6 %)
Operating Income 26.41 20.10 (23.9 %)
Net Income 22.39 13.84 (38.2 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 1.00 0.62 (38.2 %)

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