Wafrah turns to SAR 14.2 mln profit in 9M 2022; Q3 at SAR 3 mln

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.

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.

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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