Zahrat Al Waha 9M 2023 profit hikes 64% to SAR 16.9 mln; Q3 at SAR 7.2 mln

25/10/2023 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit of SAR 16.9 million in the nine-month period of 2023, an increase of 64% year-on-year (YoY) from SAR 10.3 million in a year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	507.60	463.72	(8.6 %)
Gross Income	36.45	44.71	22.7 %
Operating Income	22.14	28.78	30.0 %
Net Income	10.34	16.93	63.7 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.46	0.75	63.7 %

The rise was due to a decrease in the cost of goods sold (COGS) and higher profit from investments at fair value through profit or loss.

Net earnings soared to SAR 7.2 million in Q3 2023 from SAR 0.42 million in Q3 2022 due to lower COGS and general and administrative expenses (G&As).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	171.50	156.45	(8.8 %)
Gross Income	9.35	16.91	80.8 %
Operating Income	4.64	11.74	153.2 %
Net Income	0.42	7.16	1597.6 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.02	0.32	1597.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	150.48	156.45	4.0 %
Gross Income	15.93	16.91	6.1 %
Operating Income	10.84	11.74	8.3 %
Net Income	7.84	7.16	(8.6 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.35	0.32	(8.6 %)

On a quarterly basis, Q3 net earnings dropped 8.6% due to higher selling and distribution expenses and unrealized losses on investments at fair value through profit or loss.

Total shareholders’ equity, no minority interest, stood at SAR 299.235 million by Sept. 30, 2023, compared to SAR 290.439 million in the prior-year period.

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