Wafrah earns SAR 18.6M in 9M 2024; Q3 at SAR 1.8M

10/11/2024 Argaam Exclusive

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Wafrah for Industry & Development Co. posted a profit of SAR 18.6 million in the first nine months of 2024, compared to SAR 16 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	126.08	127.54	1.2 %
Gross Income	42.89	43.77	2.0 %
Operating Income	12.84	10.32	(19.6 %)
Net Income	15.99	18.58	16.2 %
Average Shares	23.15	23.15	-
EPS (Riyals)	0.69	0.80	16.2 %

The profit increase was driven by a rise in the company’s sales of breakfast cereal products by 46%, meat products (32%), and pastries (14%). This was in addition to a 21% reduction in sales allowance expenses.

The company also cited a reversal of a previously established impairment provision for investments where it is no longer needed, along with recognition of gains from investments in financial instruments at fair value through profit or loss.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	46.71	41.66	(10.8 %)
Gross Income	15.02	12.58	(16.3 %)
Operating Income	3.97	1.64	(58.8 %)
Net Income	5.21	1.84	(64.7 %)
Average Shares	23.15	23.15	-
EPS (Riyals)	0.22	0.08	(64.7 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	31.76	41.66	31.2 %
Gross Income	9.31	12.58	35.1 %
Operating Income	(1.00)	1.64	263.9 %
Net Income	6.09	1.84	(69.8 %)
Average Shares	23.15	23.15	-
EPS (Riyals)	0.26	0.08	(69.8 %)

In Q3 2024, net profit reached 1.8 million, compared with SAR 5.21 million in Q3 2023, due to lower sales.

On a sequential basis, the bottom line dropped 69.8% from SAR 6 million in Q2 2024.

Shareholders’ equity, no minority interest, reached SAR 251.09 million as of Sept. 30, 2024, up from SAR 228.84 million a year earlier.

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