Zahrat Al Waha net profit falls 22% to SAR 26.7 mln in 9M 2020

22/10/2020 Argaam Exclusive

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Zahrat Al Waha For Trading Co. reported a net profit after Zakat and tax of SAR 26.7 million for the first nine months of 2020, a 22% year-on-year (YoY) decline, compared to a profit of SAR 34.2 million in the same period last year.

The decline was driven mainly by lower sales , along with higher selling and distribution expenses especially during H1 2020.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	410.31	333.80	(18.6 %)
Gross Income	58.31	50.55	(13.3 %)
Operating Income	46.13	37.61	(18.5 %)
Net Income	34.24	26.73	(21.9 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	1.52	1.19	(21.9 %)

The company reported a net profit after Zakat and tax of SAR 7.2 million in Q3 2020, a 52% YoY decline, as sales decreased by 31%.

When compared to previous quarter, Q3 net profit rose 8.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	147.00	101.54	(30.9 %)
Gross Income	23.48	14.93	(36.4 %)
Operating Income	18.82	10.85	(42.3 %)
Net Income	14.97	7.20	(51.9 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.67	0.32	(51.9 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	108.62	101.54	(6.5 %)
Gross Income	14.67	14.93	1.8 %
Operating Income	10.31	10.85	5.2 %
Net Income	6.62	7.20	8.7 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.29	0.32	8.7 %

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