Financial Results : Development Works Food turns to profit of SAR 2.2M in H1 2024; Q2 at SAR 1M

Development Works Food turns to profit of SAR 2.2M in H1 2024; Q2 at SAR 1M

08/09/2024 Argaam Exclusive

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Development Works Food Co. turned to a net profit of SAR 2.2 million for the first half of 2024, against SAR 2.4 million in losses in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 46.88 50.75 8.3 %
Gross Income 2.30 5.83 153.5 %
Operating Income (2.97) 1.86 162.6 %
Net Income (2.42) 2.23 192.4 %
Average Shares 3.00 3.00 -
EPS (Riyals) (0.81) 0.74 192.4 %

This came thanks to higher revenues year-on-year (YoY) in H1 2024. In addition, during the same period, operating costs and general & administrative expenses declined on an annual basis.

 

In Q2 2024, the company’s bottom line more than tripled to SAR 1.04 million, from SAR 320,000 in Q2 2023, although revenues decreased YoY during the three-month period.

 

Sequentially, net income plunged by 13.2% from SAR 1.19 million in Q1 2024 on lower other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 27.18 26.90 (1.0 %)
Gross Income 3.02 3.12 3.2 %
Operating Income 0.45 1.08 140.1 %
Net Income 0.32 1.04 229.0 %
Average Shares 3.00 3.00 -
EPS (Riyals) 0.11 0.35 229.0 %

Shareholders' equity (after minority interest) climbed to SAR 27.18 million, versus SAR 26.86 million in the year-earlier period.

 

Accumulated losses amounted to SAR 3.15 million by the end of June 30, 2024, representing 11% of capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2022 19.88 (14.6 %) (3.40) (29.7 %) (5.93) (167.8 %)
Q1 2023 19.70 (2.6 %) (0.72) 5.4 % (3.42) 5.1 %
Q2 2023 27.18 (19.6 %) 3.02 (49.5 %) 0.45 (85.9 %)
Q3 2023 23.86 (3.6 %) 1.46 (43.1 %) (1.02) (304.2 %)
Q4 2023 18.71 (5.9 %) (0.40) 88.2 % (2.62) 55.9 %
Q1 2024 23.86 21.1 % 2.71 474.7 % 0.78 122.9 %
Q2 2024 26.90 (1.0 %) 3.12 3.2 % 1.08 140.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2022 (4.41) (306.4 %) (1.47) - (4.41) (1.47)
Q1 2023 (2.73) (19.2 %) (0.91) - (2.73) (0.91)
Q2 2023 0.32 (89.6 %) 0.11 - 0.32 0.11
Q3 2023 0.53 20.7 % 0.18 - 0.53 0.18
Q4 2023 (2.48) 43.8 % (0.83) - (2.48) (0.83)
Q1 2024 1.19 143.7 % 0.40 - 1.19 0.40
Q2 2024 1.04 229.0 % 0.35 - 1.04 0.35

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2022 4.45 % 16.91 % (3.27 %)
Q1 2023 4.52 % 17.25 % (3.73 %)
Q2 2023 1.60 % 15.47 % (6.98 %)
Q3 2023 0.40 % 12.77 % (6.95 %)
Q4 2023 3.76 % 14.52 % (4.88 %)
Q1 2024 7.26 % 17.34 % (0.47 %)
Q2 2024 7.38 % 17.09 % 0.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 3.00 (1.07) (1.07) 9.76
Q1 2023 3.00 (1.22) (1.22) 8.85
Q2 2023 3.00 (2.13) (2.13) 8.95
Q3 2023 3.00 (2.10) (2.10) 9.13
Q4 2023 3.00 (1.45) (1.45) 8.32
Q1 2024 3.00 (0.15) (0.15) 8.72
Q2 2024 3.00 0.10 0.10 9.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 NEG NEG 15.76
Q1 2023 NEG NEG 18.06
Q2 2023 NEG NEG 18.12
Q3 2023 NEG NEG 11.63
Q4 2023 NEG NEG 16.35
Q1 2024 NEG NEG 15.17
Q2 2024 More than 100 More than 100 13.90

Business Segments (Million)

Compared With The
Period Juice Time trade mark sales Quiznos trade mark sales Sales of vegetables and fruits Beef Shots sales Juice time plus Jamarti Brand sales
Q1 2023 16.73 1.70 1.27 - - -
Q2 2023 25.77 1.78 (0.37) - - -
Q3 2023 21.56 1.83 0.46 - - -
Q4 2023 17.04 1.88 (1.03) - - -
Q1 2024 18.97 1.61 1.79 1.48 - -
Q2 2024 24.47 1.58 (1.10) 1.93 0.02 -


Financial Ratios
Current
Market Cap (M Riyal) 392.40
Enterprise Value (EV) (M) 396.03
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 14.24
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Share Price

Development Works Food Co.
130.80
(2.00) (1.51 %)

Development Works Food Co. (DWF)

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