Development Works Food Co. (DWF) deepened net losses to SAR 4.4 million in 2023, from SAR 3.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 98.65 | 89.45 | (9.3 %) |
| Gross Income | 4.39 | 3.36 | (23.4 %) |
| Operating Income | (6.61) | (6.60) | 0.0 % |
| Net Income | (3.22) | (4.36) | (35.4 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (1.07) | (1.45) | (35.4 %) |
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 19.88 | 18.71 | (5.9 %) |
| Gross Income | (3.40) | (0.40) | 88.2 % |
| Operating Income | (5.93) | (2.62) | 55.9 % |
| Net Income | (4.41) | (2.48) | 43.8 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | (1.47) | (0.83) | 43.8 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 23.86 | 18.71 | (21.6 %) |
| Gross Income | 1.86 | (0.40) | (121.6 %) |
| Operating Income | (1.02) | (2.62) | (156.7 %) |
| Net Income | 0.54 | (2.48) | (563.8 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.18 | (0.83) | (563.8 %) |
The higher losses were attributed to a decline in the sector’s sales in 2023, along with a rise in the cost of goods sold. This came despite lower administrative expenses.
In Q4 2023, DWF turned to a net loss of SAR 2.45 million against a net profit of SAR 540,000 in Q3 2023.
Total shareholders’ equity, after minority interest, fell to SAR 24.95 million as of Dec. 31, 2023, from SAR 29.27 million a year earlier.
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