Zahrat Al Waha’s net profit soars 65% to SAR 44.1 mln in 9M 2021

25/10/2021 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit after Zakat and tax of SAR 44.1 million for the first nine months of 2021, a 65% increase from SAR 26.7 million in the year-ago period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	333.80	408.22	22.3 %
Gross Income	50.55	58.42	15.6 %
Operating Income	37.61	43.75	16.3 %
Net Income	26.73	44.07	64.9 %
Average Shares	22.50	22.50	-
EPS (Riyals)	1.19	1.96	64.9 %

The rise in net profit was attributed to higher sales and other income, along with a decrease in general and administrative expenses and financing costs. The company also realized higher profits from investments at fair value from its investment portfolio.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	101.54	165.49	63.0 %
Gross Income	14.93	16.03	7.4 %
Operating Income	10.85	10.62	(2.1 %)
Net Income	7.20	7.47	3.8 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.32	0.33	3.8 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	124.59	165.49	32.8 %
Gross Income	19.75	16.03	(18.8 %)
Operating Income	15.15	10.62	(29.9 %)
Net Income	16.28	7.47	(54.1 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.72	0.33	(54.1 %)

The net profit after Zakat and tax edged up 4% year-on-year (YoY) to SAR 7.5 million in Q3 2021, due to higher sales and lower financing costs.

On a sequential basis, Q3 net profit slumped 54.1% from SAR 16.28 million.

Shareholders’ equity, after minority interest, increased to SAR 281.39 million as of Sept. 30, 2021, from SAR 238.48 million a year earlier.

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