Financial Results : Wafrah 2024 profit dips 76% to SAR 5M; Q4 loss at SAR 13.5M

Wafrah 2024 profit dips 76% to SAR 5M; Q4 loss at SAR 13.5M

23/03/2025 Argaam Exclusive

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Wafrah for Industry & Development Co.’s 2024 net profit slumped 76% to SAR 5 million, compared to SAR 21 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 161.63 161.62 0.0 %
Gross Income 50.21 50.85 1.3 %
Operating Income 2.50 3.85 53.9 %
Net Income 20.96 5.04 (76.0 %)
Average Shares 23.15 23.15 -
Earnings Per Share before unusual items (Riyals) 0.26 0.16 (37.4 %)
EPS (Riyal) 0.91 0.22 (76.0 %)

The annual net profit was hurt by a SAR 13.7 million decline in profit from investments at fair value through profit or loss. Other revenues also decreased by SAR 3.8 million by 2024-end.

 

On the other hand, selling & marketing expenses as well as finance costs & foreign exchange (FX) differences increased by SAR 4 and SAR 900,000, respectively.

 

This came although the company maintained in 2024 the same sales level achieved in the previous year, thanks to a 31% year-on-year (YoY) increase in net sales in the meat sector, followed by the breakfast cereals sector (22%) and then the pasta sector (6%).

 

In addition, in 2024, administrative & general expenses and production costs decreased by SAR 2 million and SAR 600,000, respectively, in tandem with a pullback in Zakat expenses.

 

In Q4 2024, Wafrah incurred a net loss of SAR 13.5 million, against a net profit of SAR 5 million in the prior-year period.

 

The company earned SAR 1.84 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 35.55 34.08 (4.1 %)
Gross Income 7.31 7.08 (3.2 %)
Operating Income (10.34) (6.47) 37.4 %
Net Income 4.98 (13.54) (372.0 %)
Average Shares 23.15 23.15 -
Earnings Per Share before unusual items (Riyal) (0.43) (0.32) 26.3 %
EPS (Riyal) 0.21 (0.58) (372.0 %)

Total shareholders’ equity, no minority interest, reached SAR 238.98 million as of Dec. 31, 2024, compared to SAR 232.46 million a year earlier.

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