Wafrah turns to losses of SAR 2.8 mln in H1 2021

19/08/2021 Argaam Exclusive

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Wafrah for Industry and Development Co. reported a net loss after Zakat and tax of SAR 2.8 million in H1 2021, from a net profit of SAR 650,553 in the prior-year period.

The loss was attributed to lower sales, higher cost of sales and general and administrative expenses, in addition to the impairment of property plant and equipment (which was reclassified from other comprehensive income from Q1 2021).

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	39.19	36.72	(6.3 %)
Gross Income	13.54	9.35	(31.0 %)
Operating Income	0.69	(3.13)	(556.5 %)
Net Income	0.65	(2.79)	(528.0 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	0.03	(0.14)	(528.0 %)

The company reported a net loss after Zakat and tax of SAR 2.6 million for Q2 2021, from SAR 665,729 in the same quarter last year.

On a sequential basis, the company turned to losses in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	17.12	15.15	(11.5 %)
Gross Income	5.29	3.24	(38.7 %)
Operating Income	(0.78)	(2.77)	(257.4 %)
Net Income	(0.67)	(2.59)	(288.6 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.03)	(0.13)	(288.6 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	21.57	15.15	(29.8 %)
Gross Income	6.10	3.24	(46.8 %)
Operating Income	(0.36)	(2.77)	(675.9 %)
Net Income	(0.20)	(2.59)	(1,200.5 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.01)	(0.13)	(1,200.5 %)

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