Financial Results : Development Works Food swings to net profit of SAR 3 mln in H1 2021

Development Works Food swings to net profit of SAR 3 mln in H1 2021

17/08/2021 Argaam Exclusive

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Development Works Food Co. (DWF) turned to a net profit after Zakat and tax of SAR 3 million for the first half of 2021, against a net loss of SAR 6 million a year earlier.

 

The positive results were driven by DWF’s exit from unprofitable business lines and its focus on activities that generate a return. The company also cited lower expenses and controlling operating costs.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 48.68 44.42 (8.8 %)
Gross Income (2.60) 8.33 420.8 %
Operating Income (6.14) 1.70 127.7 %
Net Income (6.02) 2.67 144.3 %
Average Shares 3.00 3.00 -
EPS (Riyals) (2.01) 0.89 144.3 %

In Q2 2021, DWF reported a net profit after Zakat and tax of SAR 2.9 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2020 H1 2021 Change‬
Revenues 22.42 24.61 9.7 %
Gross Income (0.49) 6.03 1344.1 %
Operating Income (2.17) 2.56 218.3 %
Net Income (2.09) 2.55 221.8 %
Average Shares 3.00 3.00 -
EPS (Riyals) (0.70) 0.85 221.8 %

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H2 2020 16.15 - 1.62 - (0.74) (119.1 %)
H1 2021 24.61 9.7 % 6.03 1344.1 % 2.56 218.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
H2 2020 (3.05) (223.6 %) (1.02) (5.18) 2.13 0.71
H1 2021 2.55 221.8 % 0.85 - 2.55 0.85

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
H2 2020 2.77 % 19.73 % (3.41 %)
H1 2021 15.02 % 35.22 % 6.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H2 2020 3.00 (2.80) (1.07) 10.17
H1 2021 3.00 0.09 1.82 11.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H2 2020 NEG NEG 15.45
H1 2021 More than 100 82.28 13.53


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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