Financial Results : Zahrat Al Waha net profit down 67% to SAR 1.9 mln in Q1 2023

Zahrat Al Waha net profit down 67% to SAR 1.9 mln in Q1 2023

01/05/2023 Argaam Exclusive

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Zahrat Al Waha Trading Co.’s net profit slumped 67% to SAR 1.92 million in Q1 2023, from SAR 5.90 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 151.84 156.79 3.3 %
Gross Income 12.41 11.87 (4.4 %)
Operating Income 7.74 6.21 (19.8 %)
Net Income 5.91 1.93 (67.4 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 0.26 0.09 (67.4 %)

The profit decline was attributed to lower cost of goods sold, higher selling and distribution expenses, general and administrative expenses and finance costs. This is in addition to lower investment portfolio profits.

 

Sequentially, the company’s net profit fell 64% from SAR 5.40 million in Q4 2022.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 297.75 million as of March 31, 2023, compared to SAR 308.07 million a year earlier.

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