Wafrah for Industry and Development Co. widened net loss after Zakat and tax to SAR 2.1 million for the first nine months of 2020, compared to SAR 981,000 in year-earlier period, driven by 13% lower sales revenue, in addition to allocating credit loss provisions.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 71.55 | 62.15 | (13.1 %) |
| Gross Income | 19.32 | 17.80 | (7.9 %) |
| Operating Income | (0.39) | (2.26) | (475.8 %) |
| Net Income | (0.98) | (2.08) | (112.3 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.05) | (0.11) | (112.3 %) |
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 21.27 | 22.96 | 7.9 % |
| Gross Income | 4.46 | 4.26 | (4.6 %) |
| Operating Income | (1.79) | (2.94) | (64.5 %) |
| Net Income | (1.81) | (2.92) | (62.0 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.09) | (0.15) | (62.0 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 17.12 | 22.96 | 34.1 % |
| Gross Income | 5.29 | 4.26 | (19.5 %) |
| Operating Income | (0.78) | (2.94) | (279.6 %) |
| Net Income | (0.67) | (2.92) | (339.0 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.03) | (0.15) | (339.0 %) |
Wafrah widened Q3 2020 net loss after Zakat and tax by 51.4% YoY to SAR 2.7 million, due to higher cost of sales and increased selling and marketing expenses.
On a sequential basis, Q3 2020 net loss widened by more than four-fold on higher selling, general and administrative expenses (SG&As).
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