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 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	101.54	91.05	(10.3 %)
Gross Income	14.93	23.64	58.3 %
Operating Income	10.85	20.10	85.2 %
Net Income	7.20	13.84	92.3 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.32	0.62	92.3 %

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