Wafrah for Industry & Development Co. posted a 52% profit increase in 2023 to SAR 21 million, compared to SAR 13.8 million in the year-earlier period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 130.52 | 161.63 | 23.8 % |
| Gross Income | 43.96 | 50.59 | 15.1 % |
| Operating Income | 14.73 | 2.50 | (83.0 %) |
| Net Income | 13.82 | 20.96 | 51.7 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.60 | 0.91 | 51.7 % |
The profit increase was driven by a 24% year-on-year (YoY) increase in sales, as the vegetable segment expanded by 29% YoY and the pastry segment contributed positively to the sales.
The company adopted a strategy in 2023 to expand the customer base and boost the sales force, which led to higher demand for its products and sales volume.
Wafrah’s investment profits at fair value grew by SAR 15 million and other income by SAR 5.9 million.
Meanwhile, sales, marketing, administrative, and general expenses rose, while some provisions were made, in addition to higher Zakat expenses.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 34.08 | 36.62 | 7.5 % |
| Gross Income | 8.36 | 7.84 | (6.2 %) |
| Operating Income | (0.54) | (6.40) | (1,091.3 %) |
| Net Income | (0.38) | 5.73 | 1626.6 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | (0.02) | 0.25 | 1626.6 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 46.71 | 36.62 | (21.6 %) |
| Gross Income | 15.34 | 7.84 | (48.9 %) |
| Operating Income | 3.83 | (6.40) | (267.3 %) |
| Net Income | 5.06 | 5.73 | 13.3 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.22 | 0.25 | 13.3 % |
In Q4 2023, the company turned to a profit of SAR 5.73 million against a loss of SAR 0.38 million in Q4 2022.
On a sequential basis, the bottom line grew 13.3% from SAR 5.06 million in Q3 2023.
Shareholders’ equity, no minority interest, rose to SAR 232.46 million as of Dec. 31, 2023, up from SAR 212.85 million a year earlier.
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