Zahrat Al Waha for Trading Co. reported a net profit of SAR 40.6 million for 2020, down 28%, compared to SAR 56.6 million in 2019.
The decrease in net profit was attributed to lower sales due to a decrease in average selling prices by 17.52%, affected by a drop in the prices of raw materials, which are the main components in determining selling prices.
In addition, selling and distribution expenses increased by 5.82% due to an increase in transport expenses by 6.75%.
Meanwhile, Zakat provision expense increased by 82.20% due to the payment of the differences in Zakat assessments for the years from 2016 to 2018.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 519.76 | 424.85 | (18.3 %) |
| Gross Income | 88.46 | 74.19 | (16.1 %) |
| Operating Income | 72.55 | 57.71 | (20.5 %) |
| Net Income | 56.64 | 40.57 | (28.4 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 2.52 | 1.80 | (28.4 %) |
The company reported a net profit of SAR 13.8 million for Q4 2020, a 38% year-on-year (YoY) decline.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 109.45 | 91.05 | (16.8 %) |
| Gross Income | 30.15 | 23.64 | (21.6 %) |
| Operating Income | 26.41 | 20.10 | (23.9 %) |
| Net Income | 22.39 | 13.84 | (38.2 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 1.00 | 0.62 | (38.2 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 101.54 | 91.05 | (10.3 %) |
| Gross Income | 14.93 | 23.64 | 58.3 % |
| Operating Income | 10.85 | 20.10 | 85.2 % |
| Net Income | 7.20 | 13.84 | 92.3 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.32 | 0.62 | 92.3 % |
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