Wafrah for Industry and Development reported a net profit after Zakat and tax of SAR 1.3 million for Q1 2020, compared to a net profit of SAR 529,251 in year earlier period.
The strong performance was buoyed by a decline in the cost of sales, improved operating efficiency, higher selling prices of some products and higher sales of meat, cereals and nuts.
Moreover, lower general and administrative expenses, as well as a rise in other income also bolstered the quarterly results.
When compared to the previous quarter, the company turned profitable from a net loss of SAR 23.9 million, thanks to better sales and operating efficiency, higher selling prices of some products and higher sales of meat, cereals and nuts.
The previous quarter figures included provisions of SAR 4.3 million for investment impairments in associates, along with other provisions worth SAR 1 million for real estate investment impairments.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 26.24 | 22.07 | (15.9 %) |
| Gross Income | 7.48 | 8.25 | 10.4 % |
| Operating Income | 0.82 | 1.46 | 78.0 % |
| Net Income | 0.53 | 1.32 | 148.8 % |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | 0.03 | 0.07 | 148.8 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 11.27 | 22.07 | 95.9 % |
| Gross Income | (2.56) | 8.25 | 422.5 % |
| Operating Income | (10.09) | 1.46 | 114.5 % |
| Net Income | (24.39) | 1.32 | 105.4 % |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (1.24) | 0.07 | 105.4 % |
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