Wafrah 9M 2023 profit up 7% to SAR 15.2 mln; Q3 at SAR 5.1 mln

01/11/2023 Argaam Exclusive

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Wafrah for Industry & Development Co. posted a 7% profit increase in the first nine months of 2023 to SAR 15.2 million, compared to SAR 14.2 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	96.44	126.08	30.7 %
Gross Income	35.60	42.89	20.5 %
Operating Income	15.26	12.84	(15.9 %)
Net Income	14.19	15.99	12.6 %
Average Shares	23.15	23.15	-
EPS (Riyals)	0.61	0.69	12.6 %

The profit increase was driven by a 30% increase in sales and a 20% rise in gross profit. The company reported an increase in other revenue despite a provision for impairment in other debit balances.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	28.88	46.71	61.7 %
Gross Income	9.56	15.02	57.2 %
Operating Income	2.99	3.97	32.7 %
Net Income	3.02	5.21	72.7 %
Average Shares	23.15	23.15	-
EPS (Riyals)	0.13	0.22	72.7 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	39.53	46.71	18.2 %
Gross Income	14.16	15.02	6.1 %
Operating Income	4.12	3.97	(3.6 %)
Net Income	4.70	5.21	10.8 %
Average Shares	23.15	23.15	-
EPS (Riyals)	0.20	0.22	10.8 %

In Q3 2023, net profit rose 68% to SAR 5.1 million from SAR 3.02 million in Q3 2022.

On a sequential basis, the bottom line grew 11.2% from SAR 4.55 million in Q2 2023.

Shareholders’ equity, no minority interest, reached SAR 236.94 million as of Sept. 30, 2023, up from SAR 216.22 million a year earlier.

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