Wafrah for Industry and Development Co. widened net loss after Zakat and tax to SAR 4.5 million for the first nine months of 2021, from SAR 2.1 million in year-earlier period, driven by a 15% decline in sales and a 40% drop in gross profit.
The company also referred to higher general and administrative expenses (G&As) and the allocation of provisions for impairment of equipment and machinery.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 62.15 | 52.69 | (15.2 %) |
| Gross Income | 17.80 | 10.68 | (40.0 %) |
| Operating Income | (2.26) | (6.17) | (173.3 %) |
| Net Income | (2.08) | (4.52) | (116.9 %) |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.11) | (0.23) | (116.9 %) |
Wafrah trimmed net loss after Zakat and tax to SAR 1.7 million in Q3 2021, from SAR 2.7 million in year-earlier period, on lower sales and marketing expenses, as well as higher other revenue.
On a sequential basis, net loss after Zakat and tax shrank by 33.1%.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 22.96 | 15.97 | (30.4 %) |
| Gross Income | 4.26 | 1.34 | (68.6 %) |
| Operating Income | (2.94) | (3.04) | (3.4 %) |
| Net Income | (2.92) | (1.73) | 40.8 % |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.15) | (0.09) | 40.8 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 15.15 | 15.97 | 5.4 % |
| Gross Income | 3.24 | 1.34 | (58.8 %) |
| Operating Income | (2.77) | (3.04) | (9.8 %) |
| Net Income | (2.59) | (1.73) | 33.1 % |
| Average Shares | 19.70 | 19.70 | - |
| EPS (Riyals) | (0.13) | (0.09) | 33.1 % |
Total shareholders’ equity, excluding minority equity, dropped 22.24% year-on-year (YoY) to SAR 57.89 million from SAR 74.45 million in the nine-month period.
Accumulated losses reached SAR 17.7 million, representing 22.94% of the company's capital reaching SAR 77.2 million.
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