Wafrah narrows net loss to SAR 1 mln in Q1

09/05/2018 Argaam Exclusive

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Share Price

Wafrah for Industry & Development Co. (WAFRAH)

Wafrah for Industry & Development Co. (Wafrah) reported a net loss of SAR 1.02 million for the first quarter of 2018, compared to a net loss of SAR 4.95 million a year earlier due to higher sales, despite a SAR 0.5 million provision of doubtful debt.

The company was able to cut its losses in Q1 compared to the previous quarter when it incurred a net loss of SAR 36.4 million as it included provisions for investments impairment, doubtful debts and slow-moving inventories.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	15.67	24.01	53.3 %
Gross Income	1.23	6.83	456.8 %
Operating Income	(4.75)	(0.29)	93.9 %
Net Income	(4.95)	(1.02)	79.4 %
Average Shares	19.70	19.70	-
EPS (Riyals)	(0.25)	(0.05)	79.4 %

Item	Q4 2017	Q1 2018	Change‬
Revenues	11.51	24.01	108.6 %
Gross Income	(19.31)	6.83	135.4 %
Operating Income	(27.71)	(0.29)	99.0 %
Net Income	(36.41)	(1.02)	97.2 %
Average Shares	19.70	19.70	-
EPS (Riyals)	(1.85)	(0.05)	97.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	17.98	5.5 %	6.63	12.5 %	2.76	(3.3 %)	0.14
Q2 2009	20.72	4.2 %	7.06	1.2 %	1.84	(57.2 %)	0.09
Q3 2009	18.77	(28.0 %)	7.08	(30.0 %)	1.60	(78.4 %)	0.08
Q4 2009	13.80	9.6 %	4.14	18.6 %	(0.46)	(2.5 %)	(0.02)
2009	71.26	(5.7 %)	24.92	(5.9 %)	5.75	(59.3 %)	0.29
Q1 2010	19.33	7.5 %	8.13	22.5 %	3.05	10.4 %	0.15
Q2 2010	21.13	2.0 %	7.69	8.9 %	12.09	556.3 %	0.61
Q3 2010	20.18	7.5 %	7.25	2.4 %	2.25	40.5 %	0.11
Q4 2010	12.85	(6.9 %)	4.64	12.0 %	0.05	110.1 %	0.00
2010	73.50	3.1 %	27.71	11.2 %	17.43	203.2 %	0.89
Q1 2011	21.36	10.5 %	8.74	7.5 %	4.48	46.6 %	0.23
Q2 2011	24.05	13.8 %	8.29	7.8 %	2.44	(79.8 %)	0.12
Q3 2011	21.28	5.4 %	7.53	3.8 %	2.01	(10.4 %)	0.10
Q4 2011	15.20	18.3 %	4.14	(10.8 %)	0.90	1850.0 %	0.05
2011	81.89	11.4 %	28.70	3.6 %	9.83	(43.6 %)	0.50
Q1 2012	17.63	(17.5 %)	5.23	(40.1 %)	0.50	(88.9 %)	0.03
Q2 2012	25.02	4.0 %	9.21	11.1 %	3.52	44.3 %	0.18
Q3 2012	20.95	(1.6 %)	6.91	(8.2 %)	1.60	(20.8 %)	0.08
Q4 2012	16.48	8.4 %	5.29	27.8 %	0.23	(74.5 %)	0.01
2012	80.08	(2.2 %)	26.64	(7.2 %)	5.84	(40.6 %)	0.30
Q1 2013	21.36	21.2 %	7.04	34.6 %	1.27	156.4 %	0.06
Q2 2013	25.56	2.2 %	8.48	(7.8 %)	2.63	(25.2 %)	0.13
Q3 2013	20.34	(2.9 %)	6.64	(4.0 %)	1.00	(37.4 %)	0.05
Q4 2013	18.89	14.6 %	5.99	13.3 %	2.21	866.8 %	0.11
2013	86.16	7.6 %	28.16	5.7 %	7.12	21.9 %	0.36
Q1 2014	22.09	3.4 %	8.15	15.8 %	1.06	(16.2 %)	0.05
Q2 2014	26.71	4.5 %	9.61	13.3 %	2.15	(18.3 %)	0.11
Q3 2014	20.51	0.8 %	4.88	(26.4 %)	0.53	(47.4 %)	0.03
Q4 2014	17.52	(7.3 %)	3.22	(46.3 %)	(3.29)	(248.6 %)	(0.17)
2014	86.82	0.8 %	25.77	(8.5 %)	0.03	(99.5 %)	0.00
Q1 2015	15.06	(31.8 %)	3.94	(51.6 %)	(3.74)	(451.9 %)	(0.19)
Q2 2015	28.82	7.9 %	7.96	(17.2 %)	0.51	(76.4 %)	0.03
Q3 2015	14.79	(27.9 %)	2.56	(47.6 %)	(5.49)	(1145.7 %)	(0.28)
Q4 2015	29.37	67.6 %	10.39	223.1 %	3.09	193.9 %	0.16
2015	88.03	1.4 %	24.95	(3.2 %)	(5.51)	(16300.0 %)	(0.28)
Q1 2016	28.07	86.4 %	7.85	99.2 %	0.14	103.8 %	0.01
Q2 2016	22.23	(22.9 %)	7.82	(1.7 %)	0.70	37.0 %	0.04
Q3 2016	13.31	(10.0 %)	(1.45)	(156.6 %)	(9.34)	(70.0 %)	(0.47)
Q4 2016	17.95	(38.9 %)	1.53	(85.2 %)	(11.68)	(478.3 %)	(0.59)
2016	81.56	(7.4 %)	15.76	(36.8 %)	(20.18)	(266.3 %)	(1.02)
Q1 2017	15.67	(44.2 %)	1.23	(84.4 %)	(4.95)	(3562.2 %)	(0.25)
Q2 2017	21.29	(4.2 %)	5.49	(29.8 %)	(0.50)	(171.3 %)	(0.03)
Q3 2017	12.37	(7.0 %)	(1.74)	(20.2 %)	(8.26)	11.5 %	(0.42)
Q4 2017	11.51	(35.9 %)	(19.31)	(1358.8 %)	(36.41)	(211.7 %)	(1.85)
2017	60.83	(25.4 %)	(14.33)	(190.9 %)	(50.12)	(148.4 %)	(2.54)
Q1 2018	24.01	53.3 %	6.83	456.8 %	(1.02)	79.4 %	(0.05)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	75.59	16.4 %	26.49	3.6 %	14.13	87.4 %	0.72
2009	71.26	(5.7 %)	24.92	(5.9 %)	5.75	(59.3 %)	0.29
2010	73.50	3.1 %	27.71	11.2 %	17.43	203.2 %	0.89
2011	81.89	11.4 %	28.70	3.6 %	9.83	(43.6 %)	0.50
2012	80.08	(2.2 %)	26.64	(7.2 %)	5.84	(40.6 %)	0.30
2013	86.16	7.6 %	28.16	5.7 %	7.12	21.9 %	0.36
2014	86.82	0.8 %	25.77	(8.5 %)	0.03	(99.5 %)	0.00
2015	88.03	1.4 %	24.95	(3.2 %)	(5.51)	(16300.0 %)	(0.28)
2016	81.56	(7.4 %)	15.76	(36.8 %)	(20.18)	(266.3 %)	(1.02)
2017	60.83	(25.4 %)	(14.33)	(190.9 %)	(50.12)	(148.4 %)	(2.54)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	35.58 %	24.19 %	18.34 %
Q2 2009	35.30 %	23.10 %	14.97 %
Q3 2009	34.65 %	19.33 %	8.22 %
Q4 2009	34.97 %	19.53 %	8.07 %
2009	34.98 %	19.53 %	8.07 %
Q1 2010	36.38 %	19.58 %	8.31 %
Q2 2010	37.04 %	19.89 %	8.98 %
Q3 2010	36.56 %	20.76 %	9.65 %
Q4 2010	37.70 %	21.88 %	10.37 %
2010	37.70 %	21.88 %	10.37 %
Q1 2011	37.50 %	21.86 %	11.98 %
Q2 2011	36.87 %	22.28 %	11.63 %
Q3 2011	36.71 %	22.07 %	11.19 %
Q4 2011	35.04 %	20.52 %	12.00 %
2011	35.04 %	20.52 %	12.00 %
Q1 2012	32.23 %	18.12 %	7.48 %
Q2 2012	32.99 %	18.86 %	8.75 %
Q3 2012	32.35 %	18.17 %	8.26 %
Q4 2012	33.27 %	19.40 %	7.29 %
2012	33.27 %	19.40 %	7.29 %
Q1 2013	33.94 %	19.32 %	7.89 %
Q2 2013	32.87 %	17.81 %	6.79 %
Q3 2013	32.78 %	16.81 %	6.13 %
Q4 2013	32.68 %	16.52 %	7.91 %
2013	32.68 %	16.52 %	7.91 %
Q1 2014	33.68 %	16.08 %	7.61 %
Q2 2014	34.53 %	14.82 %	6.96 %
Q3 2014	32.48 %	11.65 %	6.41 %
Q4 2014	29.79 %	9.00 %	(3.54 %)
2014	29.68 %	8.53 %	(4.02 %)
Q1 2015	27.14 %	5.17 %	(9.88 %)
Q2 2015	24.42 %	8.95 %	(11.64 %)
Q3 2015	23.20 %	2.28 %	(20.41 %)
Q4 2015	28.23 %	8.87 %	(6.40 %)
2015	28.34 %	8.97 %	(6.26 %)
Q1 2016	28.46 %	12.00 %	(1.73 %)
Q2 2016	30.31 %	9.85 %	(1.65 %)
Q3 2016	26.48 %	9.34 %	(5.82 %)
Q4 2016	19.33 %	0.67 %	(20.71 %)
2016	19.33 %	0.67 %	(20.71 %)
Q1 2017	13.21 %	(6.38 %)	(31.79 %)
Q2 2017	9.98 %	(8.83 %)	(33.98 %)
Q3 2017	9.68 %	(7.39 %)	(32.85 %)
Q4 2017	(23.56 %)	(45.43 %)	(74.95 %)
2017	(23.56 %)	(45.43 %)	(74.96 %)
Q1 2018	(12.61 %)	(35.19 %)	(60.23 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	35.05 %	24.06 %	18.70 %
2009	34.98 %	19.53 %	8.07 %
2010	37.70 %	21.88 %	10.37 %
2011	35.04 %	20.52 %	12.00 %
2012	33.27 %	19.40 %	7.29 %
2013	32.68 %	16.52 %	7.91 %
2014	29.68 %	8.53 %	(4.02 %)
2015	28.34 %	8.97 %	(6.26 %)
2016	19.33 %	0.67 %	(20.71 %)
2017	(23.56 %)	(45.43 %)	(74.96 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	36.90 %	26.23 %	15.37 %
Q2 2009	34.08 %	19.71 %	8.89 %
Q3 2009	37.75 %	19.97 %	8.52 %
Q4 2009	30.03 %	9.94 %	(3.31 %)
Q1 2010	42.05 %	25.96 %	15.77 %
Q2 2010	36.39 %	20.75 %	11.20 %
Q3 2010	35.93 %	23.17 %	11.05 %
Q4 2010	36.11 %	15.57 %	(0.19 %)
Q1 2011	40.92 %	25.51 %	20.95 %
Q2 2011	34.46 %	22.26 %	10.15 %
Q3 2011	35.37 %	22.31 %	9.46 %
Q4 2011	27.24 %	8.25 %	5.90 %
Q1 2012	29.68 %	15.94 %	2.81 %
Q2 2012	36.79 %	24.44 %	14.07 %
Q3 2012	32.98 %	19.77 %	7.61 %
Q4 2012	32.10 %	14.98 %	1.39 %
Q1 2013	32.97 %	16.21 %	5.94 %
Q2 2013	33.18 %	19.38 %	10.30 %
Q3 2013	32.62 %	15.70 %	4.91 %
Q4 2013	31.72 %	13.89 %	10.14 %
Q1 2014	36.92 %	14.50 %	4.82 %
Q2 2014	35.99 %	15.06 %	8.06 %
Q3 2014	23.81 %	2.05 %	2.56 %
Q4 2014	18.36 %	0.93 %	(38.92 %)
Q1 2015	26.18 %	(3.18 %)	(24.87 %)
Q2 2015	27.61 %	25.08 %	1.76 %
Q3 2015	17.29 %	(35.01 %)	(37.13 %)
Q4 2015	35.39 %	21.22 %	10.51 %
Q1 2016	27.98 %	13.69 %	0.51 %
Q2 2016	35.20 %	19.81 %	3.13 %
Q3 2016	(10.88 %)	(43.58 %)	(70.16 %)
Q4 2016	8.54 %	(10.61 %)	(46.76 %)
Q1 2017	7.83 %	(7.12 %)	(31.60 %)
Q2 2017	25.81 %	13.15 %	(2.33 %)
Q3 2017	(14.08 %)	(38.39 %)	(66.78 %)
Q4 2017	(167.75 %)	(213.44 %)	(277.06 %)
Q1 2018	28.45 %	9.06 %	(4.25 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	19.70	0.71	0.71	8.78
Q2 2009	19.70	0.59	0.59	8.91
Q3 2009	19.70	0.29	0.29	9.00
Q4 2009	19.70	0.29	0.29	8.97
Q1 2010	19.70	0.31	0.31	9.13
Q2 2010	19.70	0.83	0.33	9.74
Q3 2010	19.70	0.86	0.36	9.86
Q4 2010	19.70	0.89	0.39	9.86
Q1 2011	19.70	0.96	0.46	10.10
Q2 2011	19.70	0.47	0.46	10.24
Q3 2011	19.70	0.46	0.45	10.33
Q4 2011	19.70	0.50	0.50	10.38
Q1 2012	19.70	0.30	0.30	10.46
Q2 2012	19.70	0.35	0.35	10.61
Q3 2012	19.70	0.33	0.33	10.71
Q4 2012	19.70	0.30	0.30	10.72
Q1 2013	19.70	0.34	0.34	10.81
Q2 2013	19.70	0.29	0.29	10.98
Q3 2013	19.70	0.26	0.26	11.05
Q4 2013	19.70	0.36	0.35	11.19
Q1 2014	19.70	0.35	0.34	11.29
Q2 2014	19.70	0.33	0.31	11.43
Q3 2014	19.70	0.30	0.29	10.85
Q4 2014	19.70	0.02	(0.16)	10.31
Q1 2015	19.70	(0.22)	(0.40)	10.11
Q2 2015	19.70	(0.30)	(0.48)	10.15
Q3 2015	19.70	(0.61)	(0.79)	9.86
Q4 2015	19.70	(0.29)	(0.29)	10.22
Q1 2016	19.70	(0.09)	(0.09)	10.03
Q2 2016	19.70	(0.08)	(0.08)	10.07
Q3 2016	19.70	(0.27)	(0.27)	9.80
Q4 2016	19.70	(1.02)	(0.86)	9.21
Q1 2017	19.70	(1.28)	(1.12)	8.95
Q2 2017	19.70	(1.34)	(1.18)	8.92
Q3 2017	19.70	(1.29)	(1.12)	8.50
Q4 2017	19.70	(2.54)	(2.32)	6.66
Q1 2018	19.70	(2.35)	(2.12)	6.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	19.70	0.72	0.72	8.64
2009	19.70	0.29	0.29	8.97
2010	19.70	0.89	0.39	9.86
2011	19.70	0.50	0.50	10.38
2012	19.70	0.30	0.30	10.72
2013	19.70	0.36	0.35	11.19
2014	19.70	0.00	(0.18)	10.31
2015	19.70	(0.28)	(0.28)	10.22
2016	19.70	(1.02)	(0.86)	9.21
2017	19.70	(2.54)	(2.32)	6.66

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	21.51	21.51	1.75
Q2 2009	44.45	44.45	2.93
Q3 2009	More than 50	More than 50	2.58
Q4 2009	More than 50	More than 50	2.65
Q1 2010	More than 50	More than 50	2.76
Q2 2010	23.81	More than 50	2.02
Q3 2010	22.49	More than 50	1.96
Q4 2010	21.91	More than 50	1.97
Q1 2011	19.26	40.14	1.82
Q2 2011	More than 50	More than 50	2.77
Q3 2011	More than 50	More than 50	2.62
Q4 2011	More than 50	More than 50	3.24
Q1 2012	More than 50	More than 50	3.48
Q2 2012	More than 50	More than 50	2.41
Q3 2012	More than 50	More than 50	2.80
Q4 2012	More than 50	More than 50	2.77
Q1 2013	More than 50	More than 50	4.04
Q2 2013	More than 50	More than 50	3.52
Q3 2013	More than 50	More than 50	3.28
Q4 2013	More than 50	More than 50	3.41
Q1 2014	More than 50	More than 50	3.69
Q2 2014	More than 50	More than 50	6.19
Q3 2014	More than 50	More than 50	6.37
Q4 2014	More than 50	NEG	3.89
Q1 2015	NEG	NEG	4.13
Q2 2015	NEG	NEG	4.41
Q3 2015	NEG	NEG	3.16
Q4 2015	NEG	NEG	2.99
Q1 2016	NEG	NEG	2.91
Q2 2016	NEG	NEG	2.96
Q3 2016	NEG	NEG	2.28
Q4 2016	NEG	NEG	3.27
Q1 2017	NEG	NEG	3.16
Q2 2017	NEG	NEG	2.83
Q3 2017	NEG	NEG	3.24
Q4 2017	NEG	NEG	3.69
Q1 2018	NEG	NEG	3.00

Period	P/E	Adjusted P/E	Price/book
2008	18.54	18.54	1.54
2009	More than 50	More than 50	2.65
2010	21.91	More than 50	1.97
2011	More than 50	More than 50	3.24
2012	More than 50	More than 50	2.77
2013	More than 50	More than 50	3.41
2014	More than 50	NEG	3.89
2015	NEG	NEG	2.99
2016	NEG	NEG	3.27
2017	NEG	NEG	3.69

Business Segments (Million)

Compared With The

Period	Pasta sector	Vegetable sector	Breakfast beans sector	Food Factory	Dates Factory	Adjustments
Q3 2008	16.11	6.66	0.40	2.91	-	-
Q4 2008	3.42	6.10	0.23	2.83	-	-
Q1 2009	7.85	6.78	0.56	2.79	-	-
Q1 2010	7.71	7.44	0.35	3.84	-	-
Q3 2011	11.13	8.18	0.10	1.87	-	-
Q4 2011	4.87	7.78	0.16	2.39	-	-
Q1 2012	8.72	6.33	0.19	2.40	-	-
Q2 2012	15.37	7.12	0.25	2.28	-	-
Q3 2012	11.47	6.39	0.32	2.76	-	-
Q4 2012	5.43	8.49	0.11	2.46	-	-
Q1 2013	9.13	9.50	0.06	2.67	-	-
Q2 2013	15.90	7.34	-	2.35	-	-
Q3 2013	9.97	7.65	0.17	2.55	-	-
Q4 2013	4.66	10.89	0.12	3.23	-	-
Q1 2014	7.93	11.81	0.10	2.24	-	-
Q2 2014	14.55	9.95	0.09	2.12	-	-
Q3 2014	4.69	12.16	0.09	3.57	-	-
Q4 2014	6.39	8.25	0.18	2.52	0.19	-
Q1 2015	6.08	7.65	0.22	1.10	-	-
Q2 2015	16.17	10.68	0.14	1.68	0.16	-
Q3 2015	4.57	8.07	0.12	1.97	0.06	-
Q4 2015	8.77	18.21	0.09	2.19	0.10	-
Q1 2017	5.58	9.97	0.08	1.42	-	(1.38)

Period	Pasta sector	Vegetable sector	Breakfast beans sector	Food Factory	Dates Factory	Adjustments
2008	35.27	26.77	2.34	11.21	-	-
2009	31.99	26.19	1.86	11.22	-	-
2010	35.55	27.59	1.12	9.24	-	-
2011	38.29	33.31	1.08	9.21	-	-
2012	40.98	28.33	0.87	9.89	-	-
2013	39.66	35.37	0.33	10.80	-	-
2014	33.56	42.16	0.45	10.46	0.19	-
2015	35.58	44.60	0.58	6.94	0.32	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,132.04
Enterprise Value (EV) (M)	1,079.63
Shares Outstanding ((M))	23.15
EPS ( Riyal) (TTM)	1.12
Book Value (BV) ( Riyal)	10.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	43.57
P/E (TTM)	43.57
Price/book	4.66
Return on Average Assets (%) (TTM)	8.2
Return on Average Equity (%) (TTM)	11.2

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Wafrah narrows net loss to SAR 1 mln in Q1

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Share Price

Wafrah for Industry & Development Co. (WAFRAH)

Current Quarter Comparison (M)

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Financial results (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) 2018 Q1

Financial Ratios

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Wafrah narrows net loss to SAR 1 mln in Q1

View other reports

Share Price

Wafrah for Industry & Development Co. (WAFRAH)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2017

Revenue by Business Segment (Latest) 2018 Q1

Financial Ratios

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Business Segments (Million)