Financial Results : Wafrah swings to SAR 19 mln profit in 2022; Q4 at SAR 4.8 mln

Wafrah swings to SAR 19 mln profit in 2022; Q4 at SAR 4.8 mln

26/03/2023 Argaam Exclusive

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Wafrah for Industry and Development Co. turned to a net profit of SAR 19 million for 2022, against a net loss of SAR 11 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 64.97 130.52 100.9 %
Gross Income 11.49 43.96 282.5 %
Operating Income (11.88) 14.73 223.9 %
Net Income (10.93) 13.82 226.4 %
Average Shares 19.70 23.15 17.5 %
EPS (Riyals) (0.55) 0.60 207.5 %

The positive results were buoyed by a surge of 107.87% year-on-year (YoY) in sales.

 

Gross profit margins rose to 36%, from 18% in 2021 on improved average selling prices.

 

Wafrah also reported a higher valuation of property, plants and equipment. Accordingly, the company reversed an earlier impairment provision that was previously allocated and reversed a loan guarantee provision, despite the decrease in other revenues.

 

In Q4 2022, the company turned to net profit of SAR 4.80 million, from a net loss of SAR 6.41 million in Q4 2021.

 

Wafrah’s net profit jumped 59.1% from SAR 3.02 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 12.28 34.08 177.5 %
Gross Income 0.81 8.36 930.9 %
Operating Income (5.72) (0.54) 90.6 %
Net Income (6.41) (0.38) 94.1 %
Average Shares 19.70 23.15 17.5 %
EPS (Riyals) (0.33) (0.02) 95.0 %

Shareholders’ equity, no minority interest, increased to SAR 221.70 million as of Dec. 31, 2022, from SAR 52.86 million a year earlier.

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