Wafrah for Industry and Development Co. reported a net profit of SAR 10.6 million for Q1 2024, a rise of 75% compared to SAR 6.1 million in the same period a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 39.85 | 54.12 | 35.8 % |
| Gross Income | 13.66 | 21.98 | 60.9 % |
| Operating Income | 5.51 | 9.69 | 75.7 % |
| Net Income | 6.08 | 10.64 | 75.1 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.26 | 0.46 | 75.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 36.62 | 54.12 | 47.8 % |
| Gross Income | 7.84 | 21.98 | 180.3 % |
| Operating Income | (9.58) | 9.69 | 201.0 % |
| Net Income | 5.73 | 10.64 | 85.7 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.25 | 0.46 | 85.7 % |
The profit increase was driven by a 36% year-on-year (YoY) increase in sales, due to the vegetable segment top-performance and the company’s on-going strategy to expand the customer base and boost sales, which led to higher demand for its products and sales volume.
The rise was also attributed to a 6% decrease in the cost of sales and an increase in profits from investments at fair value of SAR 1.2 million.
This came despite an increase in selling, distribution, administrative and general expenses for the purpose of strengthening the sales and administrative teams to keep pace with the large expansions currently underway in the meat and pastry factories. In addition, some allocations were made and Zakat expenses increased.
Sequentially, the company's Q1 2024 net profit rose 85.7% from SAR 5.73 million.
Shareholders’ equity, no minority interest, rose to SAR 243.1 million, up from SAR 218.93 million a year earlier.
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