Zahrat Al Waha net profit slightly up to SAR 19.5 mln in H1 2020

26/07/2020 Argaam Exclusive

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Zahrat Al Waha For Trading Co. reported a net profit after Zakat and tax of SAR 19.5 million for the first half of 2020, a 1.36% year-on-year (YoY) increase.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	263.31	232.26	(11.8 %)
Gross Income	34.84	35.61	2.2 %
Operating Income	27.31	26.75	(2.0 %)
Net Income	19.27	19.53	1.4 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.86	0.87	1.4 %

The increase in net profit was attributed to higher net profit for the first quarter of the current period compared to the first quarter of the same period in the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	133.42	108.62	(18.6 %)
Gross Income	18.04	14.67	(18.7 %)
Operating Income	13.91	10.31	(25.9 %)
Net Income	10.14	6.62	(34.7 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.45	0.29	(34.7 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	123.65	108.62	(12.2 %)
Gross Income	20.95	14.67	(30.0 %)
Operating Income	16.44	10.31	(37.3 %)
Net Income	12.91	6.62	(48.7 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.57	0.29	(48.7 %)

The company reported a net profit after Zakat and tax of SAR 6.6 million in Q2 2020, a 35% YoY decline, on lower sales affected by the decrease in raw material prices due to decline in oil prices due to the coronavirus.

When compared to previous quarter, net profit fell 48.7% on lower demand and sales in the preform sector as a result of the COVID-19 pandemic, in addition to a fall in prices of raw material.

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