Wafrah swings to SAR 11.2 mln profit in H1 2022; Q2 profit at SAR 5 mln

Wafrah for Industry and Development Co. reported a net profit after Zakat and tax of SAR 11.2 million in H1 2022, from a net loss of SAR 2.8 million in the prior-year period.  

The improved results were attributed to increase in sales by 83.99% year-on-year (YoY), as well as high average selling price and low cost of sales. 

This was despite an increase in the general and administrative expenses, as well as the selling and marketing expenses and provision for expected credit.

The company recorded a net profit after Zakat and tax of SAR 5 million for Q2 2022, from a net loss of SAR 2.59 million in the same quarter last year, driven by high sales and average selling price as well as low cost of sales.

On a sequential basis, Q2 2022 net profit fell 18.3% from SAR 6.15 million.

Total shareholders’ equity, after minority interest, reached SAR 63.844 million as of June 30, 2022, rising 7.03% compared with SAR 59.650 million a year earlier.

Accumulated losses reached SAR 12.569 million until the end of H1 2022, or 16.29% of capital.

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