Wafrah for Industry and Development Co. turned to a net profit after Zakat and tax of SAR 14.2 million for the first nine months of 2022, against a net loss of SAR 4.5 million in the corresponding period last year. The company cited an 83.04% leap year-on-year (YoY) in sales amid higher average selling prices. It also reported a decrease in sales and marketing expenses, despite higher finance costs and lower other revenues.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 52.69 | 96.44 | 83.0 % |
| Gross Income | 10.68 | 35.60 | 233.3 % |
| Operating Income | (6.17) | 15.26 | 347.4 % |
| Net Income | (4.52) | 14.19 | 414.1 % |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | (0.23) | 0.61 | 367.3 % |
In Q3 2022, the company swung to a net profit after Zakat and tax of SAR 3 million, versus a net loss of SAR 1.73 million in Q3 2021, thanks to an 80.85% YoY jump in sales amid higher average selling prices and gross profit.
Compared to the previous quarter, Q3 net profit dropped 40% from SAR 5.02 million, as sales declined 12.47%, while general and administrative (G&A) expenses increased.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 15.97 | 28.88 | 80.9 % |
| Gross Income | 1.34 | 9.56 | 615.0 % |
| Operating Income | (3.04) | 2.99 | 198.4 % |
| Net Income | (1.73) | 3.02 | 274.2 % |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | (0.09) | 0.13 | 248.2 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 33.00 | 28.88 | (12.5 %) |
| Gross Income | 12.90 | 9.56 | (25.9 %) |
| Operating Income | 5.53 | 2.99 | (45.9 %) |
| Net Income | 5.02 | 3.02 | (39.9 %) |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | 0.26 | 0.13 | (48.9 %) |
Shareholders’ equity, after minority interest, rose to SAR 216.22 million as of Sept. 30, 2022, from SAR 57.89 million in the year-ago period.
Accumulated losses reached SAR 14.485 million by the end of September 2022, accounting for 6.26% of the company’s capital.
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