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

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 %

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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