Zahrat Al Waha net profit down 77% to SAR 10.3 mln in 9M 2022, Q3 profit drops to SAR 422,000

27/10/2022 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit of SAR 10.3 million in the first nine months of 2022, a 77% decline from SAR 44.1 million in the year-ago period.

The profit decline was attributed to higher cost of goods sold, selling and distribution expenses, general and administrative expenses and lower other revenue, financing cost and profits from investments at FVTPL.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	408.22	507.60	24.3 %
Gross Income	58.42	36.45	(37.6 %)
Operating Income	43.75	22.14	(49.4 %)
Net Income	44.07	10.34	(76.5 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	1.96	0.46	(76.5 %)

In Q3 2022, the net profit fell 94% to SAR 421,795, from SAR 7.47 million in the year before.

Sequentially, the company’s net profit retreated 89.5% from SAR 4 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	165.49	171.50	3.6 %
Gross Income	16.03	9.35	(41.7 %)
Operating Income	10.62	4.64	(56.4 %)
Net Income	7.47	0.42	(94.4 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.33	0.02	(94.4 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	184.27	171.50	(6.9 %)
Gross Income	14.68	9.35	(36.3 %)
Operating Income	9.76	4.64	(52.5 %)
Net Income	4.01	0.42	(89.5 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.18	0.02	(89.5 %)

Shareholders’ equity, no minority interest, rose to SAR 290.439 million as of Sept. 30, 2022, from SAR 281.388 billion in the year-earlier period.

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