Development Works Food Co. (DWF) posted a slump of 65% in net profit after Zakat and tax to SAR 1.2 million in the first nine months of 2022, from SAR 3.4 million in the year-ago period due to an increase in the cost of sales, amid higher costs of raw materials and packaging, which affected the profit margins. This came despite better sales and other revenues, alongside a decrease in general and administrative (G&A) expenses.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 77.58 | 78.77 | 1.5 % |
| Gross Income | 12.10 | 7.79 | (35.7 %) |
| Operating Income | 1.98 | (0.68) | (134.1 %) |
| Net Income | 3.44 | 1.19 | (65.3 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 1.15 | 0.40 | (65.3 %) |
In Q3 2022, net profit after Zakat and tax fell by 43% to SAR 443,000, from SAR 770,000 in Q3 2021 on higher cost of sales, amid increased costs of raw materials and packaging.
Compared to Q2 2022, net profit plunged 85.5% from SAR 3.04 million hit by sales drop.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 33.16 | 24.74 | (25.4 %) |
| Gross Income | 3.77 | 2.56 | (32.1 %) |
| Operating Income | 0.28 | (0.25) | (188.7 %) |
| Net Income | 0.77 | 0.44 | (42.5 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.26 | 0.15 | (42.5 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 33.81 | 24.74 | (26.8 %) |
| Gross Income | 5.99 | 2.56 | (57.2 %) |
| Operating Income | 3.18 | (0.25) | (107.9 %) |
| Net Income | 3.04 | 0.44 | (85.4 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 1.01 | 0.15 | (85.4 %) |
Total shareholders’ equity, no minority interest, stood at SAR 33.75 million as of Sept. 30, 2022, compared to SAR 32.65 million in the year-earlier period.
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