Zahrat Al Waha H1 2023 profit edges down to SAR 9.8 mln; Q2 at SAR 7.8 mln

25/07/2023 Argaam Exclusive

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Zahrat Al Waha Trading Co.’s net profit marginally declined to SAR 9.8 million in the first half of 2023 from SAR 9.9 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	336.10	307.27	(8.6 %)
Gross Income	27.09	27.80	2.6 %
Operating Income	17.50	17.04	(2.6 %)
Net Income	9.92	9.76	(1.6 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.44	0.43	(1.6 %)

The six-month results were hurt by higher selling and distribution expenses, as well as general and administrative (G&A) expenses. The company also reported an increase in the impairment of trade receivables provisions and financing costs.

The second-quarter net profit soared 96% to SAR 7.8 million from SAR 4 million in Q2 2022, buoyed by a drop in the cost of goods sold and G&A expenses. Zahrat Al Waha recorded an increase in unrealized profits from investments at fair value through profit or loss.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	184.27	150.48	(18.3 %)
Gross Income	14.68	15.93	8.5 %
Operating Income	9.76	10.84	11.0 %
Net Income	4.01	7.84	95.6 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.18	0.35	95.6 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	156.79	150.48	(4.0 %)
Gross Income	11.87	15.93	34.3 %
Operating Income	6.21	10.84	74.7 %
Net Income	1.93	7.84	307.1 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.09	0.35	307.1 %

Total shareholders’ equity, no minority interest, stood at SAR 292.16 million as of June 30, 2023, compared to SAR 289.80 million a year earlier.

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