Zahrat Al Waha for Trading Co. prfot dropped to SAR 2.2 million by the end of H1 2024, a 78% year-on-year (YoY) decrease from SAR 9.8 million in H1 2023.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 307.27 | 282.47 | (8.1 %) |
| Gross Income | 27.80 | 28.38 | 2.1 % |
| Operating Income | 17.37 | 12.90 | (25.7 %) |
| Net Income | 9.76 | 2.17 | (77.8 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.43 | 0.10 | (77.8 %) |
The company attributed the decline to a number of factors, including lower sales volume and lower selling prices caused by a drop in raw material prices, particularly in Q1 2024; increased selling and marketing expenses; higher general and administrative expenses; and an increased provision for impairment losses on trade receivables in Q1 2024.
It also cited a decline in gains from fair value investments due to Q2 2024 losses, higher financing costs, and a rise in Zakat due to the difference in 2019 and 2020 assessments.
Zahrat Al Waha incurred losses of SAR 1.5 million in Q2 2024, compared to a profit of SAR 7.84 million in Q2 2023 and SAR 3.70 million in Q1 2024.
This was due to a number of factors, including lower sales as a result of lower selling prices, which were influenced by lower raw material prices; increased cost of goods sold; and higher selling and marketing expenses.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 150.48 | 145.38 | (3.4 %) |
| Gross Income | 15.93 | 13.48 | (15.4 %) |
| Operating Income | 10.88 | 7.05 | (35.2 %) |
| Net Income | 7.84 | (1.54) | (119.6 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.35 | (0.07) | (119.6 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 137.09 | 145.38 | 6.0 % |
| Gross Income | 14.89 | 13.48 | (9.5 %) |
| Operating Income | 5.84 | 7.05 | 20.7 % |
| Net Income | 3.70 | (1.54) | (141.5 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.16 | (0.07) | (141.5 %) |
Shareholders' equity, no minority interests, at the end of the period was SAR 288.022 million, compared to SAR 292.159 million at the end of the same period last year.
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