Development Works Food posts 72% decline in H1 2022 net profit to SAR 748,000, Q2 at SAR 3 mln

25/07/2022 Argaam Exclusive

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Development Works Food Co. posted a net profit after Zakat and tax of SAR 748,000 for the first half of 2022, a decline of 72% compared to SAR 2.7 million a year earlier.

The firm attributed the profit decline to higher cost of income, especially in the first quarter of the current year, due to higher wages and higher prices of raw materials and packaging.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	44.42	54.03	21.6 %
Gross Income	8.33	5.22	(37.3 %)
Operating Income	1.70	(0.42)	(124.9 %)
Net Income	2.67	0.75	(71.9 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.89	0.25	(71.9 %)

In Q2 2022, the company reported a net profit after Zakat and tax of SAR 3.04 million, up 19.3% from SAR 2.55 million a year before, driven by higher revenue.

Compared to the previous quarter, the firm turned to a net profit from a loss of SAR 2.26 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	24.61	33.81	37.4 %
Gross Income	6.03	5.99	(0.8 %)
Operating Income	2.56	3.18	24.0 %
Net Income	2.55	3.04	19.4 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.85	1.01	19.4 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	20.22	33.81	67.2 %
Gross Income	(0.76)	5.99	883.8 %
Operating Income	(3.60)	3.18	188.2 %
Net Income	(2.29)	3.04	232.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	(0.76)	1.01	232.6 %

Total shareholders’ equity, after minority interest, reached SAR 33.312 million as on June 30, 2022, compared to SAR 32.564 million in year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	12.65	330.6 %	4.90	641.3 %	(3.48)	16.2 %
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	29.67	134.6 %	11.61	137.0 %	0.76	121.8 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	34.66	16.8 %	14.83	27.7 %	5.65	644.4 %
Q1 2016	8.00	-	3.55	-	0.83	-
Q2 2016	10.18	-	5.22	-	1.65	-
Q3 2016	11.55	-	6.00	-	1.71	-
Q4 2016	5.19	-	(6.82)	-	(6.82)	-
2016	34.93	0.8 %	7.96	(46.3 %)	5.33	(5.6 %)
Q1 2017	13.47	68.3 %	6.37	79.3 %	1.09	31.2 %
Q2 2017	20.46	101.1 %	4.54	(13.0 %)	2.79	68.7 %
Q3 2017	20.04	73.5 %	3.76	(37.4 %)	2.24	31.5 %
Q4 2017	28.43	447.7 %	4.20	161.6 %	1.68	124.6 %
2017	82.41	135.9 %	14.74	85.2 %	7.88	47.9 %
Q1 2018	22.70	68.5 %	3.27	(48.7 %)	1.36	25.1 %
Q2 2018	31.16	52.3 %	4.56	0.4 %	2.86	2.5 %
Q3 2018	28.69	43.1 %	4.87	29.6 %	2.47	10.2 %
Q4 2018	26.11	(8.1 %)	2.20	(47.7 %)	(1.00)	(159.7 %)
2018	108.66	31.9 %	14.94	1.3 %	5.69	(27.8 %)
Q1 2019	30.76	35.5 %	4.73	44.7 %	1.11	(18.5 %)
Q2 2019	39.94	28.2 %	6.70	46.8 %	2.26	(21.0 %)
Q3 2019	37.07	29.2 %	5.39	10.7 %	2.40	(3.2 %)
Q4 2019	-	-	-	-	3.89	487.7 %
2019	96.27	(11.4 %)	19.45	30.2 %	9.65	69.5 %
Q1 2020	26.26	(14.6 %)	(2.11)	(144.7 %)	(3.97)	(458.4 %)
Q2 2020	22.42	(43.9 %)	(0.49)	(107.2 %)	(2.17)	(196.0 %)
Q3 2020	29.68	(19.9 %)	3.60	(33.2 %)	1.53	(36.3 %)
Q4 2020	16.15	-	1.62	-	(0.74)	(119.1 %)
2020	94.50	(1.8 %)	2.62	(86.5 %)	(5.35)	(155.5 %)
Q1 2021	19.81	(24.6 %)	2.30	208.8 %	(0.86)	78.2 %
Q2 2021	24.61	9.7 %	6.03	1344.1 %	2.56	218.3 %
Q3 2021	33.16	11.8 %	3.77	4.8 %	0.28	(81.4 %)
Q4 2021	23.28	44.2 %	(2.62)	(261.9 %)	(2.21)	(198.8 %)
2021	100.86	6.7 %	9.49	261.9 %	(0.23)	95.7 %
Q1 2022	20.22	2.1 %	(0.76)	(133.2 %)	(3.60)	(317.0 %)
Q2 2022	33.81	37.4 %	5.99	(0.8 %)	3.18	24.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	2.94	-	(0.91)	-	(4.15)	-
2013	12.65	330.6 %	4.90	641.3 %	(3.48)	16.2 %
2014	29.67	134.6 %	11.61	137.0 %	0.76	121.8 %
2015	34.66	16.8 %	14.83	27.7 %	5.65	644.4 %
2016	34.93	0.8 %	7.96	(46.3 %)	5.33	(5.6 %)
2017	82.41	135.9 %	14.74	85.2 %	7.88	47.9 %
2018	108.66	31.9 %	14.94	1.3 %	5.69	(27.8 %)
2019	96.27	(11.4 %)	19.45	30.2 %	9.65	69.5 %
2020	94.50	(1.8 %)	2.62	(86.5 %)	(5.35)	(155.5 %)
2021	100.86	6.7 %	9.49	261.9 %	(0.23)	95.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	(3.44)	15.9 %	(1.15)	-	(3.44)	(1.15)
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	1.01	129.4 %	0.34	-	1.01	0.34
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	5.79	471.2 %	1.93	-	5.79	1.93
Q1 2016	0.84	-	0.28	-	0.84	0.28
Q2 2016	1.60	-	0.53	-	1.60	0.53
Q3 2016	1.76	-	0.59	-	1.76	0.59
Q4 2016	(6.86)	-	(2.29)	-	(6.86)	(2.29)
2016	5.30	(8.3 %)	1.77	-	5.30	1.77
Q1 2017	1.04	23.7 %	0.35	-	1.04	0.35
Q2 2017	2.63	64.4 %	0.88	-	2.63	0.88
Q3 2017	2.25	27.6 %	0.75	-	2.25	0.75
Q4 2017	1.97	128.7 %	0.66	-	1.97	0.66
2017	7.89	48.7 %	2.63	-	7.89	2.63
Q1 2018	1.34	28.4 %	0.45	-	1.34	0.45
Q2 2018	2.69	2.4 %	0.90	-	2.69	0.90
Q3 2018	2.31	2.9 %	0.77	-	2.31	0.77
Q4 2018	1.40	(28.8 %)	0.47	-	1.40	0.47
2018	7.74	(1.9 %)	2.58	-	7.74	2.58
Q1 2019	1.46	8.8 %	0.49	-	1.46	0.49
Q2 2019	2.24	(16.6 %)	0.75	-	2.24	0.75
Q3 2019	2.47	6.7 %	0.82	-	2.47	0.82
Q4 2019	2.47	75.6 %	0.82	-	2.47	0.82
2019	8.63	11.5 %	2.88	-	8.63	2.88
Q1 2020	(3.92)	(369.3 %)	(1.31)	-	(3.92)	(1.31)
Q2 2020	(2.09)	(193.2 %)	(0.70)	-	(2.09)	(0.70)
Q3 2020	0.66	(73.2 %)	0.22	-	0.66	0.22
Q4 2020	(3.05)	(223.6 %)	(1.02)	(5.18)	2.13	0.71
2020	(8.40)	(197.3 %)	(2.80)	(5.18)	(3.22)	(1.07)
Q1 2021	0.12	103.0 %	0.04	-	0.12	0.04
Q2 2021	2.55	221.8 %	0.85	-	2.55	0.85
Q3 2021	0.77	16.5 %	0.26	-	0.77	0.26
Q4 2021	(1.09)	64.3 %	(0.36)	-	(1.09)	(0.36)
2021	2.35	128.0 %	0.78	-	2.35	0.78
Q1 2022	(2.29)	(2042.4 %)	(0.76)	-	(2.29)	(0.76)
Q2 2022	3.04	19.4 %	1.01	-	3.04	1.01

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	(4.10)	-	(1.37)	-	(4.10)	(1.37)
2013	(3.44)	15.9 %	(1.15)	-	(3.44)	(1.15)
2014	1.01	129.4 %	0.34	-	1.01	0.34
2015	5.79	471.2 %	1.93	-	5.79	1.93
2016	5.30	(8.3 %)	1.77	-	5.30	1.77
2017	7.89	48.7 %	2.63	-	7.89	2.63
2018	7.74	(1.9 %)	2.58	-	7.74	2.58
2019	8.63	11.5 %	2.88	-	8.63	2.88
2020	(8.40)	(197.3 %)	(2.80)	(5.18)	(3.22)	(1.07)
2021	2.35	128.0 %	0.78	-	2.35	0.78

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	38.74 %	(18.00 %)	(27.23 %)
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	39.14 %	6.94 %	3.41 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	42.77 %	20.66 %	16.69 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	22.79 %	(2.71 %)	(7.62 %)
2016	22.79 %	20.09 %	15.18 %
Q1 2017	26.68 %	(1.46 %)	(6.09 %)
Q2 2017	19.92 %	1.37 %	(2.82 %)
Q3 2017	13.26 %	2.51 %	(1.60 %)
Q4 2017	22.90 %	13.73 %	9.57 %
2017	17.89 %	13.84 %	9.57 %
Q1 2018	17.21 %	13.38 %	8.93 %
Q2 2018	15.43 %	12.63 %	8.06 %
Q3 2018	15.23 %	12.41 %	7.49 %
Q4 2018	13.71 %	10.99 %	7.12 %
2018	13.75 %	10.99 %	7.12 %
Q1 2019	14.01 %	10.44 %	6.73 %
Q2 2019	14.74 %	9.82 %	5.91 %
Q3 2019	14.20 %	9.66 %	5.65 %
Q4 2019	-	-	-
2019	20.20 %	32.49 %	8.96 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	2.77 %	19.73 %	(3.41 %)
2020	2.77 %	19.73 %	(3.41 %)
Q1 2021	7.99 %	24.51 %	0.93 %
Q2 2021	15.02 %	35.22 %	6.05 %
Q3 2021	14.64 %	27.47 %	5.94 %
Q4 2021	9.40 %	21.89 %	2.33 %
2021	9.40 %	21.89 %	2.33 %
Q1 2022	6.34 %	22.19 %	(0.06 %)
Q2 2022	5.77 %	18.27 %	0.39 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	(30.81 %)	(116.34 %)	(139.46 %)
2013	38.74 %	(18.00 %)	(27.23 %)
2014	39.14 %	6.94 %	3.41 %
2015	42.77 %	20.66 %	16.69 %
2016	22.79 %	20.09 %	15.18 %
2017	17.89 %	13.84 %	9.57 %
2018	13.75 %	10.99 %	7.12 %
2019	20.20 %	32.49 %	8.96 %
2020	2.77 %	19.73 %	(3.41 %)
2021	9.40 %	21.89 %	2.33 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	44.39 %	16.45 %	10.53 %
Q2 2016	51.32 %	22.31 %	15.70 %
Q3 2016	51.95 %	19.78 %	15.22 %
Q4 2016	(131.41 %)	(131.41 %)	(132.18 %)
Q1 2017	47.29 %	12.45 %	7.74 %
Q2 2017	22.20 %	17.35 %	12.84 %
Q3 2017	18.73 %	15.34 %	11.20 %
Q4 2017	14.79 %	10.60 %	6.94 %
Q1 2018	14.40 %	11.56 %	5.90 %
Q2 2018	14.64 %	13.54 %	8.63 %
Q3 2018	16.97 %	13.65 %	8.05 %
Q4 2018	8.41 %	4.54 %	5.38 %
Q1 2019	15.38 %	9.31 %	4.74 %
Q2 2019	16.77 %	10.91 %	5.62 %
Q3 2019	14.54 %	12.20 %	6.65 %
Q4 2019	-	-	-
Q1 2020	(8.04 %)	(4.67 %)	(14.94 %)
Q2 2020	(2.16 %)	4.43 %	(9.33 %)
Q3 2020	12.13 %	40.09 %	2.23 %
Q4 2020	10.02 %	43.26 %	13.20 %
Q1 2021	11.60 %	8.60 %	0.60 %
Q2 2021	24.52 %	45.50 %	10.35 %
Q3 2021	11.37 %	17.69 %	2.32 %
Q4 2021	(11.25 %)	14.21 %	(4.66 %)
Q1 2022	(3.78 %)	10.41 %	(11.33 %)
Q2 2022	17.71 %	26.35 %	8.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	3.00	-	-	4.68
Q2 2016	3.00	-	-	5.11
Q3 2016	3.00	-	-	4.48
Q4 2016	3.00	(0.89)	(0.89)	4.84
Q1 2017	3.00	(0.82)	(0.82)	5.02
Q2 2017	3.00	(0.48)	(0.48)	5.90
Q3 2017	3.00	(0.32)	(0.32)	6.65
Q4 2017	3.00	2.63	2.63	7.16
Q1 2018	3.00	2.73	2.73	7.61
Q2 2018	3.00	2.75	2.75	8.51
Q3 2018	3.00	2.77	2.77	9.28
Q4 2018	3.00	2.58	2.58	10.10
Q1 2019	3.00	2.62	2.62	10.58
Q2 2019	3.00	2.47	2.47	11.33
Q3 2019	3.00	2.52	2.52	12.15
Q4 2019	3.00	2.88	2.88	12.97
Q1 2020	3.00	1.08	1.08	11.56
Q2 2020	3.00	(0.36)	(0.36)	10.86
Q3 2020	3.00	(0.96)	(0.96)	11.08
Q4 2020	3.00	(2.80)	(1.07)	10.17
Q1 2021	3.00	(1.45)	0.27	10.21
Q2 2021	3.00	0.09	1.82	11.06
Q3 2021	3.00	0.13	1.86	11.32
Q4 2021	3.00	0.78	0.78	10.85
Q1 2022	3.00	(0.02)	(0.02)	10.09
Q2 2022	3.00	0.14	0.14	11.10

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	3.00	(1.37)	(1.37)	0.03
2013	3.00	(1.15)	(1.15)	0.03
2014	3.00	0.34	0.34	2.56
2015	3.00	1.93	1.93	2.30
2016	3.00	1.77	1.77	4.84
2017	3.00	2.63	2.63	7.16
2018	3.00	2.58	2.58	10.10
2019	3.00	2.88	2.88	12.97
2020	3.00	(2.80)	(1.07)	10.17
2021	3.00	0.78	0.78	10.85

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	NEG	NEG	7.75
Q2 2017	NEG	NEG	5.47
Q3 2017	NEG	NEG	4.29
Q4 2017	11.05	11.05	4.06
Q1 2018	9.69	9.69	3.47
Q2 2018	10.92	10.92	3.53
Q3 2018	9.69	9.69	2.89
Q4 2018	10.66	10.66	2.72
Q1 2019	12.72	12.72	3.15
Q2 2019	15.17	15.17	3.31
Q3 2019	12.24	12.24	2.54
Q4 2019	22.86	22.86	5.07
Q1 2020	39.32	39.32	3.68
Q2 2020	NEG	NEG	4.44
Q3 2020	NEG	NEG	10.75
Q4 2020	NEG	NEG	15.45
Q1 2021	NEG	More than 100	12.65
Q2 2021	More than 100	82.28	13.53
Q3 2021	More than 100	91.63	15.02
Q4 2021	More than 100	More than 100	26.02
Q1 2022	NEG	NEG	26.36
Q2 2022	More than 100	More than 100	16.41

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	11.05	11.05	4.06
2018	10.66	10.66	2.72
2019	22.86	22.86	5.07
2020	NEG	NEG	15.45
2021	More than 100	More than 100	26.02

Business Segments (Million)

Compared With The

Period	Juice Time trade mark sales	Quiznos trade mark sales	Sales of vegetables and fruits	Jamarti Brand sales

Financial Ratios

	Current
Market Cap (M Riyal)	398.40
Enterprise Value (EV) (M)	402.03
Shares Outstanding ((M))	3.00
EPS ( Riyal) (TTM)	0.04
Book Value (BV) ( Riyal)	9.19
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	14.45
Return on Average Assets (%) (TTM)	0.2
Return on Average Equity (%) (TTM)	0.5

Development Works Food Co. (DWF)

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Development Works Food posts 72% decline in H1 2022 net profit to SAR 748,000, Q2 at SAR 3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Development Works Food Co. (DWF)

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Development Works Food posts 72% decline in H1 2022 net profit to SAR 748,000, Q2 at SAR 3 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Development Works Food Co. (DWF)

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Business Segments (Million)