Wafrah widens net loss to SAR 4.5 mln in 9M 2021

09/11/2021 Argaam Exclusive

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Wafrah for Industry and Development Co. widened net loss after Zakat and tax to SAR 4.5 million for the first nine months of 2021, from SAR 2.1 million in year-earlier period, driven by a 15% decline in sales and a 40% drop in gross profit.

The company also referred to higher general and administrative expenses (G&As) and the allocation of provisions for impairment of equipment and machinery.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	62.15	52.69	(15.2 %)
Gross Income	17.80	10.68	(40.0 %)
Operating Income	(2.26)	(6.17)	(173.3 %)
Net Income	(2.08)	(4.52)	(116.9 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.11)	(0.23)	(116.9 %)

Wafrah trimmed net loss after Zakat and tax to SAR 1.7 million in Q3 2021, from SAR 2.7 million in year-earlier period, on lower sales and marketing expenses, as well as higher other revenue.

On a sequential basis, net loss after Zakat and tax shrank by 33.1%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	22.96	15.97	(30.4 %)
Gross Income	4.26	1.34	(68.6 %)
Operating Income	(2.94)	(3.04)	(3.4 %)
Net Income	(2.92)	(1.73)	40.8 %
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.15)	(0.09)	40.8 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	15.15	15.97	5.4 %
Gross Income	3.24	1.34	(58.8 %)
Operating Income	(2.77)	(3.04)	(9.8 %)
Net Income	(2.59)	(1.73)	33.1 %
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.13)	(0.09)	33.1 %

Total shareholders’ equity, excluding minority equity, dropped 22.24% year-on-year (YoY) to SAR 57.89 million from SAR 74.45 million in the nine-month period.

Accumulated losses reached SAR 17.7 million, representing 22.94% of the company's capital reaching SAR 77.2 million.

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