Wafrah for Industry & Development Co. posted a 7% profit increase in the first nine months of 2023 to SAR 15.2 million, compared to SAR 14.2 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 96.44 | 125.01 | 29.6 % |
| Gross Income | 35.60 | 42.75 | 20.1 % |
| Operating Income | 15.26 | 12.09 | (20.8 %) |
| Net Income | 14.19 | 15.23 | 7.3 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.61 | 0.66 | 7.3 % |
The profit increase was driven by a 30% increase in sales and a 20% rise in gross profit. The company reported an increase in other revenue despite a provision for impairment in other debit balances.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 28.88 | 46.71 | 61.7 % |
| Gross Income | 9.56 | 15.34 | 60.5 % |
| Operating Income | 2.99 | 3.83 | 27.8 % |
| Net Income | 3.02 | 5.06 | 67.7 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.13 | 0.22 | 67.7 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 39.53 | 46.71 | 18.2 % |
| Gross Income | 14.54 | 15.34 | 5.5 % |
| Operating Income | 3.97 | 3.83 | (3.7 %) |
| Net Income | 4.55 | 5.06 | 11.2 % |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.20 | 0.22 | 11.2 % |
In Q3 2023, net profit rose 68% to SAR 5.1 million from SAR 3.02 million in Q3 2022.
On a sequential basis, the bottom line grew 11.2% from SAR 4.55 million in Q2 2023.
Shareholders’ equity, no minority interest, reached SAR 236.94 million as of Sept. 30, 2023, up from SAR 216.22 million a year earlier.
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