Wafrah for Industry and Development Co. turned to a net loss after Zakat and tax of SAR 198,588 in the first quarter of 2021, compared to a net profit of SAR 1.3 million in the year earlier period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 22.07 | 21.57 | (2.2 %) |
| Gross Income | 8.25 | 6.10 | (26.1 %) |
| Operating Income | 1.46 | (0.36) | (124.5 %) |
| Net Income | 1.32 | (0.20) | (115.1 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | 0.07 | (0.01) | (115.1 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 21.63 | 21.57 | (0.3 %) |
| Gross Income | 1.62 | 6.10 | 277.8 % |
| Operating Income | (7.60) | (0.36) | 95.3 % |
| Net Income | (10.30) | (0.20) | 98.1 % |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.52) | (0.01) | 98.1 % |
The net loss is attributed to 2.25% decrease in sales, higher cost of sales, increase in the provision for expected credit losses and provision for valuation loss of property, plant and equipment. However, general and administrative expenses, as well as sales and marketing expenses declined.
Accumulated losses reached SAR 14.24 million, or 18.46% of capital by the end of Q1 2021.
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