Wafrah for Industry and Development Co. reported a net profit after Zakat and tax of SAR 651,000 for the first half of 2020, a 21% year-on-year (YoY) decline, compared to SAR 824,000 a year earlier.
The decline in net profit was attributed to lower sales and booking a provision for expected credit losses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 50.28 | 39.19 | (22.1 %) |
| Gross Income | 14.86 | 13.54 | (8.9 %) |
| Operating Income | 1.40 | 0.69 | (50.9 %) |
| Net Income | 0.82 | 0.65 | (21.0 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | 0.04 | 0.03 | (21.0 %) |
In Q2 2010, the company turned to losses of SAR 666,000 compared to a net profit of SAR 294,835 a year earlier.
When compared to previous quarter, the company reported losses due to lower sales and higher cost of sales.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 24.04 | 17.12 | (28.8 %) |
| Gross Income | 7.38 | 5.29 | (28.3 %) |
| Operating Income | 0.58 | (0.78) | (234.5 %) |
| Net Income | 0.29 | (0.67) | (326.5 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | 0.01 | (0.03) | (326.5 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 22.07 | 17.12 | (22.4 %) |
| Gross Income | 8.25 | 5.29 | (35.9 %) |
| Operating Income | 1.46 | (0.78) | (153.1 %) |
| Net Income | 1.32 | (0.67) | (150.6 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | 0.07 | (0.03) | (150.6 %) |
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