Zahrat Al Waha for Trading Co. reported a net profit after Zakat and tax of SAR 9.9 million in H1 2022, down 73% from SAR 36.6 million in the year-earlier period.
This was driven by higher cost of goods sold, increased selling and distribution expenses, general and administrative (G&A) expenses and lower other revenue.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 242.73 | 336.10 | 38.5 % |
| Gross Income | 42.39 | 27.09 | (36.1 %) |
| Operating Income | 33.13 | 17.50 | (47.2 %) |
| Net Income | 36.60 | 9.92 | (72.9 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 1.63 | 0.44 | (72.9 %) |
Q2 2022 net profit after Zakat and tax plunged 75.4% year-on-year (YoY) to SAR 4.01 million, from SAR 16.28 million Q2 2021, on the rising cost of goods sold, selling and distribution expenses, G&A expenses and financing cost (FC).
The company also cited higher unrealized loss from investments at fair value through profit or loss (FVTPL).
On a sequential basis, net profit fell 32.2% from SAR 5.91 million in Q1 2022.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 124.59 | 184.27 | 47.9 % |
| Gross Income | 19.75 | 14.68 | (25.7 %) |
| Operating Income | 15.15 | 9.76 | (35.6 %) |
| Net Income | 16.28 | 4.01 | (75.4 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.72 | 0.18 | (75.4 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 151.84 | 184.27 | 21.4 % |
| Gross Income | 12.41 | 14.68 | 18.4 % |
| Operating Income | 7.74 | 9.76 | 26.1 % |
| Net Income | 5.91 | 4.01 | (32.2 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.26 | 0.18 | (32.2 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 289.809 million in H1 2022, compared to SAR 273.857 million in the prior-year period.
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