Financial Results : Development Works Food 9M 2022 profit slumps 65% to SAR 1.2 mln; Q3 at SAR 443,000

Development Works Food 9M 2022 profit slumps 65% to SAR 1.2 mln; Q3 at SAR 443,000

07/11/2022 Argaam Exclusive

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Development Works Food Co. (DWF) posted a slump of 65% in net profit after Zakat and tax to SAR 1.2 million in the first nine months of 2022, from SAR 3.4 million in the year-ago period due to an increase in the cost of sales, amid higher costs of raw materials and packaging, which affected the profit margins. This came despite better sales and other revenues, alongside a decrease in general and administrative (G&A) expenses.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 77.58 78.77 1.5 %
Gross Income 12.10 7.79 (35.7 %)
Operating Income 1.98 (0.68) (134.1 %)
Net Income 3.44 1.19 (65.3 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 1.15 0.40 (65.3 %)

In Q3 2022, net profit after Zakat and tax fell by 43% to SAR 443,000, from SAR 770,000 in Q3 2021 on higher cost of sales, amid increased costs of raw materials and packaging.

 

Compared to Q2 2022, net profit plunged 85.5% from SAR 3.04 million hit by sales drop.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 33.16 24.74 (25.4 %)
Gross Income 3.77 2.56 (32.1 %)
Operating Income 0.28 (0.25) (188.7 %)
Net Income 0.77 0.44 (42.5 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.26 0.15 (42.5 %)

Total shareholders’ equity, no minority interest, stood at SAR 33.75 million as of Sept. 30, 2022, compared to SAR 32.65 million in the 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 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
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) -
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 %
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 %)
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 %
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 %)
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 %)
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 %
Q3 2022 24.74 (25.4 %) 2.56 (32.1 %) (0.25) (188.7 %)


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 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
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)
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
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
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
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
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)
Q1 2022 (2.29) (2042.4 %) (0.76) - (2.29) (0.76)
Q2 2022 3.04 19.4 % 1.01 - 3.04 1.01
Q3 2022 0.44 (42.5 %) 0.15 - 0.44 0.15

Profitability

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 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 22.79 % (2.71 %) (7.62 %)
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 %
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 %
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 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 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 %
Q1 2022 6.34 % 22.19 % (0.06 %)
Q2 2022 5.77 % 18.27 % 0.39 %
Q3 2022 5.06 % 19.65 % 0.10 %


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
Q3 2022 3.00 0.04 0.04 11.25

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
Q3 2022 More than 100 More than 100 17.14

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) 397.80
Enterprise Value (EV) (M) 401.43
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 14.43
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Share Price

Development Works Food Co.
133.00
2.20 1.68 %

Development Works Food Co. (DWF)

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