Financial Results : Wafrah H1 2023 net profit declines 9% to SAR 10.2 mln; Q2 at 4.6 mln

Wafrah H1 2023 net profit declines 9% to SAR 10.2 mln; Q2 at 4.6 mln

13/08/2023 Argaam Exclusive

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Wafrah for Industry and Development Co. reported a net profit of SAR 10.2 million in H1 2023, a decline of 9% from SAR 11.2 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 67.56 79.38 17.5 %
Gross Income 26.04 27.87 7.0 %
Operating Income 12.27 9.64 (21.5 %)
Net Income 11.18 10.78 (3.6 %)
Average Shares 19.70 23.15 17.5 %
Earnings Per Share before unusual items (Riyals) 0.57 0.47 (18.0 %)
EPS (Riyal) 0.57 0.47 (18.0 %)

The company attributed the decline to a 34% fall in operating profit year-on-year (YoY) and increased tax estimates from SAR 0.40 million to SAR 1.25 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 33.00 39.53 19.8 %
Gross Income 12.90 14.16 9.7 %
Operating Income 5.53 4.12 (25.4 %)
Net Income 5.02 4.70 (6.5 %)
Average Shares 19.70 23.15 17.5 %
Earnings Per Share before unusual items (Riyal) 0.26 0.20 (20.4 %)
EPS (Riyal) 0.26 0.20 (20.4 %)

Q2 2023 net profit reached SAR 4.55 million, a drop of 9.4% from SAR 5.02 million in Q2 2022, on lower operating profit and increased tax.

 

On a quarterly basis, net earnings fell 19.1% from SAR 5.62 million in Q1 2023.

 

Shareholders’ equity, with no minority interest, reached SAR 231.94 million by June 30, 2023, compared to SAR 63.84 million a year earlier.

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