Wafrah earns SAR 16.7M in H1 2024; Q2 income at SAR 6.1M on provision reversal

11/08/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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