Financial Results : Wafrah turns to profit of SAR 6.2 mln in Q1 2022

Wafrah turns to profit of SAR 6.2 mln in Q1 2022

09/05/2022 Argaam Exclusive

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Wafrah for Industry and Development Co. reported a net profit after Zakat and tax of SAR 6.2 million for Q1 2022, compared to a loss of SAR 199,000 in the same period a year earlier.

 

The profit is attributed to higher sales and improved average selling price, in addition to lower cost resulting from higher production volume, despite the decrease in other revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 21.57 34.56 60.2 %
Gross Income 6.10 13.14 115.4 %
Operating Income (0.36) 6.74 1987.8 %
Net Income (0.20) 6.15 3191.7 %
Average Shares 19.70 19.70 0.0 %
EPS (Riyals) (0.01) 0.31 3191.8 %

Sequentially, the company turned to a net profit in Q1 2022 from a net loss of SAR 6.4 million in Q4 2021.

 

Total shareholders’ equity stood at SAR 58.993 million as of March 31, 2022, declining by 5.2% from SAR 62.202 million a year earlier.

 

Accumulated losses as of March 31, 2022 reached SAR 17.59 million, representing 22.8% from the company’s capital of SAR 77.17 million.

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