Wafrah trims net loss to SAR 10.9 mln in 2021; Q4 losses at SAR 6.4 mln

20/03/2022 Argaam Exclusive

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Wafrah for Industry and Development Co. narrowed net loss after Zakat and tax by 11.7% to SAR 10.9 million for 2021, compared to SAR 12.4 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	83.78	64.97	(22.5 %)
Gross Income	19.41	11.49	(40.8 %)
Operating Income	(9.85)	(11.88)	(20.6 %)
Net Income	(12.38)	(10.93)	11.7 %
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.63)	(0.55)	11.7 %

This was driven by lower selling and marketing expenses, as well as a decrease in credit loss provisions.

The company’s Q4 net loss narrowed to SAR 6.4 million from SAR 10.3 million in Q 4 2020.

Sequentially, losses widened from SAR 1.73 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	21.63	12.28	(43.2 %)
Gross Income	1.62	0.81	(49.8 %)
Operating Income	(7.60)	(5.72)	24.7 %
Net Income	(10.30)	(6.41)	37.7 %
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.52)	(0.33)	37.7 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	15.97	12.28	(23.1 %)
Gross Income	1.34	0.81	(39.3 %)
Operating Income	(3.04)	(5.72)	(87.9 %)
Net Income	(1.73)	(6.41)	(270.2 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.09)	(0.33)	(270.2 %)

Total shareholders’ equity, excluding minority interest, dropped 15.2% year-on-year (YoY) to SAR 52.9 million for 2021.

Accumulated losses reached SAR 23.7 million, representing 30.8% of company’s capital.

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