Financial Results : Wafrah trims net loss to SAR 10.9 mln in 2021; Q4 losses at SAR 6.4 mln

Wafrah trims net loss to SAR 10.9 mln in 2021; Q4 losses at SAR 6.4 mln

20/03/2022 Argaam Exclusive

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Wafrah for Industry and Development Co. narrowed net loss after Zakat and tax by 11.7% to SAR 10.9 million for 2021, compared to SAR 12.4 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 83.78 64.97 (22.5 %)
Gross Income 19.41 11.49 (40.8 %)
Operating Income (9.85) (11.88) (20.6 %)
Net Income (12.38) (10.93) 11.7 %
Average Shares 19.70 19.70 -
Earnings Per Share before unusual items (Riyals) (0.63) (0.55) 11.7 %
EPS (Riyal) (0.63) (0.55) 11.7 %

This was driven by lower selling and marketing expenses, as well as a decrease in credit loss provisions.

 

The company’s Q4 net loss narrowed to SAR 6.4 million from SAR 10.3 million in Q 4 2020.

 

Sequentially, losses widened from SAR 1.73 million in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 21.63 12.28 (43.2 %)
Gross Income 1.62 0.81 (49.8 %)
Operating Income (7.60) (5.72) 24.7 %
Net Income (10.30) (6.41) 37.7 %
Average Shares 19.70 19.70 -
Earnings Per Share before unusual items (Riyal) (0.52) (0.33) 37.7 %
EPS (Riyal) (0.52) (0.33) 37.7 %

Total shareholders’ equity, excluding minority interest, dropped 15.2% year-on-year (YoY) to SAR 52.9 million for 2021.

 

Accumulated losses reached SAR 23.7 million, representing 30.8% of company’s capital.

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