Wafrah for Industry and Development Co. reported a net profit after Zakat and tax of SAR 6.2 million for Q1 2022, compared to a loss of SAR 199,000 in the same period a year earlier.
The profit is attributed to higher sales and improved average selling price, in addition to lower cost resulting from higher production volume, despite the decrease in other revenue.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 21.57 | 34.56 | 60.2 % |
| Gross Income | 6.10 | 13.14 | 115.4 % |
| Operating Income | (0.36) | 6.74 | 1987.8 % |
| Net Income | (0.20) | 6.15 | 3191.7 % |
| Average Shares | 19.70 | 19.70 | 0.0 % |
| EPS (Riyals) | (0.01) | 0.31 | 3191.8 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 12.28 | 34.56 | 181.4 % |
| Gross Income | 0.81 | 13.14 | 1520.3 % |
| Operating Income | (5.72) | 6.74 | 217.9 % |
| Net Income | (6.41) | 6.15 | 196.0 % |
| Average Shares | 19.70 | 19.70 | 0.0 % |
| EPS (Riyals) | (0.33) | 0.31 | 196.0 % |
Sequentially, the company turned to a net profit in Q1 2022 from a net loss of SAR 6.4 million in Q4 2021.
Total shareholders’ equity stood at SAR 58.993 million as of March 31, 2022, declining by 5.2% from SAR 62.202 million a year earlier.
Accumulated losses as of March 31, 2022 reached SAR 17.59 million, representing 22.8% from the company’s capital of SAR 77.17 million.
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