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 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	151.84	184.27	21.4 %
Gross Income	12.41	14.68	18.4 %
Operating Income	7.74	9.76	26.1 %
Net Income	5.91	4.01	(32.2 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.26	0.18	(32.2 %)

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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