Zahrat Al Waha for Trading Co. reported a net profit of SAR 16.9 million in the nine-month period of 2023, an increase of 64% year-on-year (YoY) from SAR 10.3 million in a year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 507.60 | 463.72 | (8.6 %) |
| Gross Income | 36.45 | 44.71 | 22.7 % |
| Operating Income | 22.14 | 28.78 | 30.0 % |
| Net Income | 10.34 | 16.93 | 63.7 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.46 | 0.75 | 63.7 % |
The rise was due to a decrease in the cost of goods sold (COGS) and higher profit from investments at fair value through profit or loss.
Net earnings soared to SAR 7.2 million in Q3 2023 from SAR 0.42 million in Q3 2022 due to lower COGS and general and administrative expenses (G&As).
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 171.50 | 156.45 | (8.8 %) |
| Gross Income | 9.35 | 16.91 | 80.8 % |
| Operating Income | 4.64 | 11.74 | 153.2 % |
| Net Income | 0.42 | 7.16 | 1597.6 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.02 | 0.32 | 1597.6 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 150.48 | 156.45 | 4.0 % |
| Gross Income | 15.93 | 16.91 | 6.1 % |
| Operating Income | 10.84 | 11.74 | 8.3 % |
| Net Income | 7.84 | 7.16 | (8.6 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.35 | 0.32 | (8.6 %) |
On a quarterly basis, Q3 net earnings dropped 8.6% due to higher selling and distribution expenses and unrealized losses on investments at fair value through profit or loss.
Total shareholders’ equity, no minority interest, stood at SAR 299.235 million by Sept. 30, 2023, compared to SAR 290.439 million in the prior-year period.
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