Financial Results : Development Works turns to losses of SAR 6 mln in H1 2020

Development Works turns to losses of SAR 6 mln in H1 2020

08/09/2020 Argaam Exclusive

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Development Works Food Co. reported a net loss after Zakat and tax of SAR 6 million for the first half of 2020, from a net profit of SAR 3.7 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 70.69 48.68 (31.1 %)
Gross Income 11.43 (2.60) (122.7 %)
Operating Income 3.37 (6.14) (282.3 %)
Net Income 3.70 (6.02) (262.6 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 1.23 (2.01) (262.6 %)

The losses were attributed to lower sales as a result of the precautionary measures taken to fight the spread of the coronavirus including shutting down the branches, limiting the service to delivery and cutting down the work hours.

 

The losses were partially offset by lower operating costs and lower general and administrative expenses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2019 H1 2020 Change‬
Revenues 39.94 22.42 (43.9 %)
Gross Income 6.70 (0.49) (107.2 %)
Operating Income 2.26 (2.17) (196.0 %)
Net Income 2.24 (2.09) (193.2 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.75 (0.70) (193.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 10.18 - 5.22 - 1.65 -
H2 2016 5.19 - (6.82) - (6.82) -
H1 2017 20.46 101.1 % 4.54 (13.0 %) 2.79 68.7 %
H2 2017 28.43 447.7 % 4.20 161.6 % 1.68 124.6 %
H1 2018 31.16 52.3 % 4.56 0.4 % 2.86 2.5 %
H2 2018 26.11 (8.1 %) 2.20 (47.7 %) (1.00) (159.7 %)
H1 2019 39.94 28.2 % 6.70 46.8 % 2.26 (21.0 %)
H2 2019 - - - - 3.89 487.7 %
H1 2020 22.42 (43.9 %) (0.49) (107.2 %) (2.17) (196.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 1.60 - 0.53 - 1.60 0.53
H2 2016 (6.86) - (2.29) - (6.86) (2.29)
H1 2017 2.63 64.4 % 0.88 - 2.63 0.88
H2 2017 1.97 128.7 % 0.66 - 1.97 0.66
H1 2018 2.69 2.4 % 0.90 - 2.69 0.90
H2 2018 1.40 (28.8 %) 0.47 - 1.40 0.47
H1 2019 2.24 (16.6 %) 0.75 - 2.24 0.75
H2 2019 2.47 75.6 % 0.82 - 2.47 0.82
H1 2020 (2.09) (193.2 %) (0.70) - (2.09) (0.70)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 22.79 % (2.71 %) (7.62 %)
H1 2017 19.92 % 1.37 % (2.82 %)
H2 2017 22.90 % 13.73 % 9.57 %
H1 2018 15.43 % 12.63 % 8.06 %
H2 2018 13.71 % 10.99 % 7.12 %
H1 2019 14.74 % 9.82 % 5.91 %
H2 2019 - - -
H1 2020 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2011 - - - -
H2 2011 - - - -
H1 2012 - - - -
H2 2012 - - - -
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 3.00 - - 5.11
H2 2016 3.00 (0.89) (0.89) 4.84
H1 2017 3.00 (0.48) (0.48) 5.90
H2 2017 3.00 2.63 2.63 7.16
H1 2018 3.00 2.75 2.75 8.51
H2 2018 3.00 2.58 2.58 10.10
H1 2019 3.00 2.47 2.47 11.33
H2 2019 3.00 2.88 2.88 12.97
H1 2020 3.00 (0.36) (0.36) 10.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 NEG NEG 5.47
H2 2017 11.05 11.05 4.06
H1 2018 10.92 10.92 3.53
H2 2018 10.66 10.66 2.72
H1 2019 15.17 15.17 3.31
H2 2019 22.86 22.86 5.07
H1 2020 NEG NEG 4.44


Financial Ratios
Current
Market Cap (M Riyal) 399.00
Enterprise Value (EV) (M) 408.40
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 8.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 15.99
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Share Price

Development Works Food Co.
133.20
2.40 1.83 %

Development Works Food Co. (DWF)

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