Zahrat Al Waha H1 2021 profit rises 87% to SAR 36.6 mln

27/07/2021 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit after Zakat and tax of SAR 36.6 million for the first half of 2021, an 87% increase from SAR 19.5 million in the year-ago period.

The company attributed the increase in net profit to higher sales, other revenue and profits at fair value from investment portfolio.

Lower cost of goods sold, selling and distribution expenses, general and administrative expenses, and financing costs were also cited for the profit rise.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	232.26	242.73	4.5 %
Gross Income	35.61	42.39	19.0 %
Operating Income	26.75	33.13	23.8 %
Net Income	19.53	36.60	87.4 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.87	1.63	87.4 %

The company reported a net profit after Zakat and tax of SAR 16.3 million in Q2 2021, up from SAR 6.6 million in year-ago period, on higher sales and other revenue.

When compared to previous quarter, net profit fell 19.9% on higher cost of goods sold and general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	108.62	124.59	14.7 %
Gross Income	14.67	19.75	34.6 %
Operating Income	10.31	15.15	46.9 %
Net Income	6.62	16.28	145.9 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.29	0.72	145.9 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	118.14	124.59	5.5 %
Gross Income	22.64	19.75	(12.8 %)
Operating Income	17.98	15.15	(15.7 %)
Net Income	20.32	16.28	(19.9 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.90	0.72	(19.9 %)

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