Wafrah for Industry and Development Co. turned to a net profit of SAR 19 million for 2022, against a net loss of SAR 11 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 64.97 | 130.52 | 100.9 % |
| Gross Income | 11.49 | 43.96 | 282.5 % |
| Operating Income | (11.88) | 14.73 | 223.9 % |
| Net Income | (10.93) | 13.82 | 226.4 % |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | (0.55) | 0.60 | 207.5 % |
The positive results were buoyed by a surge of 107.87% year-on-year (YoY) in sales.
Gross profit margins rose to 36%, from 18% in 2021 on improved average selling prices.
Wafrah also reported a higher valuation of property, plants and equipment. Accordingly, the company reversed an earlier impairment provision that was previously allocated and reversed a loan guarantee provision, despite the decrease in other revenues.
In Q4 2022, the company turned to net profit of SAR 4.80 million, from a net loss of SAR 6.41 million in Q4 2021.
Wafrah’s net profit jumped 59.1% from SAR 3.02 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 12.28 | 34.08 | 177.5 % |
| Gross Income | 0.81 | 8.36 | 930.9 % |
| Operating Income | (5.72) | (0.54) | 90.6 % |
| Net Income | (6.41) | (0.38) | 94.1 % |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | (0.33) | (0.02) | 95.0 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 28.88 | 34.08 | 18.0 % |
| Gross Income | 9.56 | 8.36 | (12.5 %) |
| Operating Income | 2.99 | (0.54) | (117.9 %) |
| Net Income | 3.02 | (0.38) | (112.4 %) |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.13 | (0.02) | (112.4 %) |
Shareholders’ equity, no minority interest, increased to SAR 221.70 million as of Dec. 31, 2022, from SAR 52.86 million a year earlier.
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