Wafrah for Industry and Development Co. reported a net profit of SAR 16.7 million for H1 2024, compared to SAR 10.8 million a year ago.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 79.38 | 85.88 | 8.2 % |
| Gross Income | 27.87 | 31.19 | 11.9 % |
| Operating Income | 9.64 | 8.69 | (9.8 %) |
| Net Income | 10.78 | 16.74 | 55.3 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.47 | 0.72 | 55.3 % |
The profit increase was driven by an 8% year-on-year (YoY) increase in sales to SAR 6.5 million, due to the company’s on-going strategies, including increased marketing campaigns and product improvements, which led to the recovery and increase in sales.
This occurred despite increased selling and distribution expenses to strengthen the sales and administrative teams to support ongoing large expansions in the meat and pastry factories.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 39.53 | 31.76 | (19.6 %) |
| Gross Income | 14.16 | 9.31 | (34.2 %) |
| Operating Income | 4.12 | (1.00) | (124.2 %) |
| Net Income | 4.70 | 6.09 | 29.7 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.20 | 0.26 | 29.7 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 54.12 | 31.76 | (41.3 %) |
| Gross Income | 21.88 | 9.31 | (57.4 %) |
| Operating Income | 9.69 | (1.00) | (110.3 %) |
| Net Income | 10.64 | 6.09 | (42.7 %) |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.46 | 0.26 | (42.7 %) |
Sequentially, the company's Q2 2024 net profit rose 29.7% to SAR 6.09 million, from SAR 4.70 million a year ago.
Profits declined 42.7% quarter-on-quarter (QoQ) from SAR 10.64 million in Q1 2024.
Shareholders’ equity, no minority interest, rose to SAR 249.19 million, up from SAR 223.69 million a year earlier.
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