Financial Results : Zahrat Al Waha net profit up 92% to SAR 3.7M in Q1 2024

Zahrat Al Waha net profit up 92% to SAR 3.7M in Q1 2024

06/05/2024 Argaam Exclusive

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Zahrat Al Waha Trading Co.’s net profit surged 92% to SAR 3.7 million in Q1 2024, from SAR 1.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 156.79 137.09 (12.6 %)
Gross Income 11.87 14.89 25.5 %
Operating Income 6.21 5.80 (6.5 %)
Net Income 1.93 3.70 92.4 %
Average Shares 22.50 22.50 -
EPS (Riyals) 0.09 0.16 92.4 %

The profit increase was driven by the lower cost of goods sold, decreased general and administrative expenses, and higher gains from selling investments at fair value through profit or loss.

 

This came despite the year-on-year (YoY) drop in sales during the first three months of this year, amid lower selling prices due to the decline in the purchasing prices of key raw materials.

 

Sequentially, the company’s net profit fell 78.1% from SAR 16.95 million in Q4 2023 amid higher financing costs although sales rose on a quarterly basis.

 

Total shareholders’ equity, no minority interest, grew to SAR 319.88 million as of March 31, 2024, compared to SAR 297.75 million a year earlier.

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