Wafrah net profit down 21% to SAR 651,000 in H1 2020

23/08/2020 Argaam Exclusive

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Wafrah for Industry and Development Co. reported a net profit after Zakat and tax of SAR 651,000 for the first half of 2020, a 21% year-on-year (YoY) decline, compared to SAR 824,000 a year earlier.

The decline in net profit was attributed to lower sales and booking a provision for expected credit losses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	50.28	39.19	(22.1 %)
Gross Income	14.86	13.54	(8.9 %)
Operating Income	1.40	0.69	(50.9 %)
Net Income	0.82	0.65	(21.0 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	0.04	0.03	(21.0 %)

In Q2 2010, the company turned to losses of SAR 666,000 compared to a net profit of SAR 294,835 a year earlier.

When compared to previous quarter, the company reported losses due to lower sales and higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	24.04	17.12	(28.8 %)
Gross Income	7.38	5.29	(28.3 %)
Operating Income	0.58	(0.78)	(234.5 %)
Net Income	0.29	(0.67)	(326.5 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	0.01	(0.03)	(326.5 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	22.07	17.12	(22.4 %)
Gross Income	8.25	5.29	(35.9 %)
Operating Income	1.46	(0.78)	(153.1 %)
Net Income	1.32	(0.67)	(150.6 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	0.07	(0.03)	(150.6 %)

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