Financial Results : Development Works Food swings to SAR 1.3M profit in 2024; Q4 loss at SAR 1.3M

Development Works Food swings to SAR 1.3M profit in 2024; Q4 loss at SAR 1.3M

01/05/2025 Argaam Exclusive

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Development Works Food Co. turned to a net profit of SAR 1.3 million in 2024, after minority interest, from SAR 5.2 million in net losses a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 89.11 97.36 9.3 %
Gross Income 2.67 6.41 140.2 %
Operating Income (6.64) (1.38) 79.2 %
Net Income (5.17) 1.30 125.1 %
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyals) (1.72) (0.12) 93.3 %
EPS (Riyal) (1.72) 0.43 125.1 %

Net profit, before minority interest, reached SAR 1.3 million by the end of 2024, compared to SAR 5.1 million in 2023.

 

The annual profit growth was driven by a 9% year-on-year (YoY) increase in the 2024 sales, attributed to the launch of a new brand during the year.

 

Additionally, lower direct expenses related to the cost of sales, along with the reduced general & administrative expenses, contributed to Development Works Food’s return to profitability in 2024.

 

In Q4 2024, the company trimmed its loss to SAR 1.3 million, compared to SAR 3.3 million in Q4 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 18.38 20.70 12.6 %
Gross Income (1.09) (2.07) (90.2 %)
Operating Income (2.65) (2.80) (5.5 %)
Net Income (3.29) (1.31) 60.2 %
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyal) (1.10) (0.98) 10.1 %
EPS (Riyal) (1.10) (0.44) 60.2 %

On a sequential basis, the company turned to losses from a net profit of SAR 380,000 in Q3 2024.

 

Total shareholders’ equity, after minority interest, dropped marginally to SAR 22.27 million by the end of 2024, compared to SAR 20.92 million a year earlier.

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