Financial Results : Zahrat Al Waha H1 2024 profit declines 78% to SAR 2.2M; Q2 losses at SAR 1.5M

Zahrat Al Waha H1 2024 profit declines 78% to SAR 2.2M; Q2 losses at SAR 1.5M

01/08/2024 Argaam Exclusive

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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.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 307.27 282.47 (8.1 %)
Gross Income 27.80 28.38 2.1 %
Operating Income 17.04 12.58 (26.2 %)
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.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 150.48 145.38 (3.4 %)
Gross Income 15.93 13.48 (15.4 %)
Operating Income 10.84 7.05 (34.9 %)
Net Income 7.84 (1.54) (119.6 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 0.35 (0.07) (119.6 %)

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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