Financial Results : Development Works posts SAR 2.6M profit in 9M 2024, SAR 376,000 in Q3

Development Works posts SAR 2.6M profit in 9M 2024, SAR 376,000 in Q3

07/11/2024 Argaam Exclusive

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Development Works Food Co. turned to a net profit of SAR 2.6 million in the first nine months of 2024 from a net loss of 1.9 million a year earlier due to higher sales and lower general and administrative expenses.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 70.74 76.66 8.4 %
Gross Income 3.76 8.49 125.7 %
Operating Income (3.99) 1.41 135.4 %
Net Income (1.88) 2.61 238.6 %
Average Shares 3.00 3.00 -
EPS (Riyals) (0.63) 0.87 238.6 %

In Q3 2024, net profit fell by 29.8% to SAR 376,000 from SAR 530,000 in Q3 2023.

 

Sequentially, Q3 profit dipped 63.8% from SAR 1.04 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 23.86 25.91 8.6 %
Gross Income 1.46 2.66 82.0 %
Operating Income (1.02) (0.45) 56.2 %
Net Income 0.53 0.38 (29.8 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.18 0.13 (29.8 %)

Accumulated losses reached SAR 2.77 million by Sept. 30, 2024, accounting for 9% of capital.

 

Total shareholders’ equity, after minority interest, declined to SAR 27.56 million as of Sept. 30, 2024, up from SAR 27.39 million in the prior-year period.

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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 %
Q3 2024 25.91 8.6 % 2.66 82.0 % (0.45) 56.2 %


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
Q3 2024 0.38 (29.8 %) 0.13 - 0.38 0.13

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 %
Q3 2024 8.48 % 17.85 % 0.13 %


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
Q3 2024 3.00 0.04 0.04 9.19

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
Q3 2024 More than 100 More than 100 13.93

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 -
Q3 2024 21.14 1.70 0.42 2.59 0.06 -


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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