Wafrah widens losses to SAR 2.1 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Wafrah for Industry and Development Co. widened net loss after Zakat and tax to SAR 2.1 million for the first nine months of 2020, compared to SAR 981,000 in year-earlier period, driven by 13% lower sales revenue, in addition to allocating credit loss provisions.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	71.55	62.15	(13.1 %)
Gross Income	19.32	17.80	(7.9 %)
Operating Income	(0.39)	(2.26)	(475.8 %)
Net Income	(0.98)	(2.08)	(112.3 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.05)	(0.11)	(112.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	21.27	22.96	7.9 %
Gross Income	4.46	4.26	(4.6 %)
Operating Income	(1.79)	(2.94)	(64.5 %)
Net Income	(1.81)	(2.92)	(62.0 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.09)	(0.15)	(62.0 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	17.12	22.96	34.1 %
Gross Income	5.29	4.26	(19.5 %)
Operating Income	(0.78)	(2.94)	(279.6 %)
Net Income	(0.67)	(2.92)	(339.0 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.03)	(0.15)	(339.0 %)

Wafrah widened Q3 2020 net loss after Zakat and tax by 51.4% YoY to SAR 2.7 million, due to higher cost of sales and increased selling and marketing expenses.

On a sequential basis, Q3 2020 net loss widened by more than four-fold on higher selling, general and administrative expenses (SG&As).

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