Financial Results : Zahrat Al Waha’s H1 2022 net profit slumps 73% to SAR 9.9 mln; Q2 at SAR 4 mln

Zahrat Al Waha’s H1 2022 net profit slumps 73% to SAR 9.9 mln; Q2 at SAR 4 mln

31/07/2022 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit after Zakat and tax of SAR 9.9 million in H1 2022, down 73% from SAR 36.6 million in the year-earlier period.

 

This was driven by higher cost of goods sold, increased selling and distribution expenses, general and administrative (G&A) expenses and lower other revenue.

 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 242.73 336.10 38.5 %
Gross Income 42.39 27.09 (36.1 %)
Operating Income 33.13 17.50 (47.2 %)
Net Income 36.60 9.92 (72.9 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 1.63 0.44 (72.9 %)

Q2 2022 net profit after Zakat and tax plunged 75.4% year-on-year (YoY) to SAR 4.01 million, from SAR 16.28 million Q2 2021, on the rising cost of goods sold, selling and distribution expenses, G&A expenses and financing cost (FC).

 

The company also cited higher unrealized loss from investments at fair value through profit or loss (FVTPL).

 

On a sequential basis, net profit fell 32.2% from SAR 5.91 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 124.59 184.27 47.9 %
Gross Income 19.75 14.68 (25.7 %)
Operating Income 15.15 9.76 (35.6 %)
Net Income 16.28 4.01 (75.4 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 0.72 0.18 (75.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 289.809 million in H1 2022, compared to SAR 273.857 million in the prior-year period.

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