Development Works Food 9M 2022 profit slumps 65% to SAR 1.2 mln; Q3 at SAR 443,000

07/11/2022 Argaam Exclusive

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Development Works Food Co. (DWF) posted a slump of 65% in net profit after Zakat and tax to SAR 1.2 million in the first nine months of 2022, from SAR 3.4 million in the year-ago period due to an increase in the cost of sales, amid higher costs of raw materials and packaging, which affected the profit margins. This came despite better sales and other revenues, alongside a decrease in general and administrative (G&A) expenses.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	77.58	78.77	1.5 %
Gross Income	12.10	7.79	(35.7 %)
Operating Income	1.98	(0.68)	(134.1 %)
Net Income	3.44	1.19	(65.3 %)
Average Shares	3.00	3.00	-
Earnings Per Share before unusual items (Riyals)	1.15	0.40	(65.3 %)
EPS (Riyal)	1.15	0.40	(65.3 %)

In Q3 2022, net profit after Zakat and tax fell by 43% to SAR 443,000, from SAR 770,000 in Q3 2021 on higher cost of sales, amid increased costs of raw materials and packaging.

Compared to Q2 2022, net profit plunged 85.5% from SAR 3.04 million hit by sales drop.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	33.16	24.74	(25.4 %)
Gross Income	3.77	2.56	(32.1 %)
Operating Income	0.28	(0.25)	(188.7 %)
Net Income	0.77	0.44	(42.5 %)
Average Shares	3.00	3.00	-
Earnings Per Share before unusual items (Riyal)	0.26	0.15	(42.5 %)
EPS (Riyal)	0.26	0.15	(42.5 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	33.81	24.74	(26.8 %)
Gross Income	5.99	2.56	(57.2 %)
Operating Income	3.18	(0.25)	(107.9 %)
Net Income	3.04	0.44	(85.4 %)
Average Shares	3.00	3.00	-
Earnings Per Share before unusual items (Riyal)	1.01	0.15	(85.4 %)
EPS (Riyal)	1.01	0.15	(85.4 %)

Total shareholders’ equity, no minority interest, stood at SAR 33.75 million as of Sept. 30, 2022, compared to SAR 32.65 million in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	12.65	330.6 %	4.90	641.3 %	(3.48)	16.2 %
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	29.67	134.6 %	11.61	137.0 %	0.76	121.8 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	34.66	16.8 %	14.83	27.7 %	5.65	644.4 %
Q1 2016	8.00	-	3.55	-	0.83	-
Q2 2016	10.18	-	5.22	-	1.65	-
Q3 2016	11.55	-	6.00	-	1.71	-
Q4 2016	5.19	-	(6.82)	-	(6.82)	-
2016	34.93	0.8 %	7.96	(46.3 %)	5.33	(5.6 %)
Q1 2017	13.47	68.3 %	6.37	79.3 %	1.09	31.2 %
Q2 2017	20.46	101.1 %	4.54	(13.0 %)	2.79	68.7 %
Q3 2017	20.04	73.5 %	3.76	(37.4 %)	2.24	31.5 %
Q4 2017	28.43	447.7 %	4.20	161.6 %	1.68	124.6 %
2017	82.41	135.9 %	14.74	85.2 %	7.88	47.9 %
Q1 2018	22.70	68.5 %	3.27	(48.7 %)	1.36	25.1 %
Q2 2018	31.16	52.3 %	4.56	0.4 %	2.86	2.5 %
Q3 2018	28.69	43.1 %	4.87	29.6 %	2.47	10.2 %
Q4 2018	26.11	(8.1 %)	2.20	(47.7 %)	(1.00)	(159.7 %)
2018	108.66	31.9 %	14.94	1.3 %	5.69	(27.8 %)
Q1 2019	30.76	35.5 %	4.73	44.7 %	1.11	(18.5 %)
Q2 2019	39.94	28.2 %	6.70	46.8 %	2.26	(21.0 %)
Q3 2019	37.07	29.2 %	5.39	10.7 %	2.40	(3.2 %)
Q4 2019	-	-	-	-	3.89	487.7 %
2019	96.27	(11.4 %)	19.45	30.2 %	9.65	69.5 %
Q1 2020	26.26	(14.6 %)	(2.11)	(144.7 %)	(3.97)	(458.4 %)
Q2 2020	22.42	(43.9 %)	(0.49)	(107.2 %)	(2.17)	(196.0 %)
Q3 2020	29.68	(19.9 %)	3.60	(33.2 %)	1.53	(36.3 %)
Q4 2020	16.15	-	1.62	-	(0.74)	(119.1 %)
2020	94.50	(1.8 %)	2.62	(86.5 %)	(5.35)	(155.5 %)
Q1 2021	19.81	(24.6 %)	2.30	208.8 %	(0.86)	78.2 %
Q2 2021	24.61	9.7 %	6.03	1344.1 %	2.56	218.3 %
Q3 2021	33.16	11.8 %	3.77	4.8 %	0.28	(81.4 %)
Q4 2021	23.28	44.2 %	(2.62)	(261.9 %)	(2.21)	(198.8 %)
2021	100.86	6.7 %	9.49	261.9 %	(0.23)	95.7 %
Q1 2022	20.22	2.1 %	(0.76)	(133.2 %)	(3.60)	(317.0 %)
Q2 2022	33.81	37.4 %	5.99	(0.8 %)	3.18	24.0 %
Q3 2022	24.74	(25.4 %)	2.56	(32.1 %)	(0.25)	(188.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	2.94	-	(0.91)	-	(4.15)	-
2013	12.65	330.6 %	4.90	641.3 %	(3.48)	16.2 %
2014	29.67	134.6 %	11.61	137.0 %	0.76	121.8 %
2015	34.66	16.8 %	14.83	27.7 %	5.65	644.4 %
2016	34.93	0.8 %	7.96	(46.3 %)	5.33	(5.6 %)
2017	82.41	135.9 %	14.74	85.2 %	7.88	47.9 %
2018	108.66	31.9 %	14.94	1.3 %	5.69	(27.8 %)
2019	96.27	(11.4 %)	19.45	30.2 %	9.65	69.5 %
2020	94.50	(1.8 %)	2.62	(86.5 %)	(5.35)	(155.5 %)
2021	100.86	6.7 %	9.49	261.9 %	(0.23)	95.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	(3.44)	15.9 %	(1.15)	-	(3.44)	(1.15)
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	1.01	129.4 %	0.34	-	1.01	0.34
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	5.79	471.2 %	1.93	-	5.79	1.93
Q1 2016	0.84	-	0.28	-	0.84	0.28
Q2 2016	1.60	-	0.53	-	1.60	0.53
Q3 2016	1.76	-	0.59	-	1.76	0.59
Q4 2016	(6.86)	-	(2.29)	-	(6.86)	(2.29)
2016	5.30	(8.3 %)	1.77	-	5.30	1.77
Q1 2017	1.04	23.7 %	0.35	-	1.04	0.35
Q2 2017	2.63	64.4 %	0.88	-	2.63	0.88
Q3 2017	2.25	27.6 %	0.75	-	2.25	0.75
Q4 2017	1.97	128.7 %	0.66	-	1.97	0.66
2017	7.89	48.7 %	2.63	-	7.89	2.63
Q1 2018	1.34	28.4 %	0.45	-	1.34	0.45
Q2 2018	2.69	2.4 %	0.90	-	2.69	0.90
Q3 2018	2.31	2.9 %	0.77	-	2.31	0.77
Q4 2018	1.40	(28.8 %)	0.47	-	1.40	0.47
2018	7.74	(1.9 %)	2.58	-	7.74	2.58
Q1 2019	1.46	8.8 %	0.49	-	1.46	0.49
Q2 2019	2.24	(16.6 %)	0.75	-	2.24	0.75
Q3 2019	2.47	6.7 %	0.82	-	2.47	0.82
Q4 2019	2.47	75.6 %	0.82	-	2.47	0.82
2019	8.63	11.5 %	2.88	-	8.63	2.88
Q1 2020	(3.92)	(369.3 %)	(1.31)	-	(3.92)	(1.31)
Q2 2020	(2.09)	(193.2 %)	(0.70)	-	(2.09)	(0.70)
Q3 2020	0.66	(73.2 %)	0.22	-	0.66	0.22
Q4 2020	(3.05)	(223.6 %)	(1.02)	(5.18)	2.13	0.71
2020	(8.40)	(197.3 %)	(2.80)	(5.18)	(3.22)	(1.07)
Q1 2021	0.12	103.0 %	0.04	-	0.12	0.04
Q2 2021	2.55	221.8 %	0.85	-	2.55	0.85
Q3 2021	0.77	16.5 %	0.26	-	0.77	0.26
Q4 2021	(1.09)	64.3 %	(0.36)	-	(1.09)	(0.36)
2021	2.35	128.0 %	0.78	-	2.35	0.78
Q1 2022	(2.29)	(2042.4 %)	(0.76)	-	(2.29)	(0.76)
Q2 2022	3.04	19.4 %	1.01	-	3.04	1.01
Q3 2022	0.44	(42.5 %)	0.15	-	0.44	0.15

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2012	(4.10)	-	(1.37)	-	(4.10)	(1.37)
2013	(3.44)	15.9 %	(1.15)	-	(3.44)	(1.15)
2014	1.01	129.4 %	0.34	-	1.01	0.34
2015	5.79	471.2 %	1.93	-	5.79	1.93
2016	5.30	(8.3 %)	1.77	-	5.30	1.77
2017	7.89	48.7 %	2.63	-	7.89	2.63
2018	7.74	(1.9 %)	2.58	-	7.74	2.58
2019	8.63	11.5 %	2.88	-	8.63	2.88
2020	(8.40)	(197.3 %)	(2.80)	(5.18)	(3.22)	(1.07)
2021	2.35	128.0 %	0.78	-	2.35	0.78

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	38.74 %	(18.00 %)	(27.23 %)
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	39.14 %	6.94 %	3.41 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	42.77 %	20.66 %	16.69 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	22.79 %	(2.71 %)	(7.62 %)
2016	22.79 %	20.09 %	15.18 %
Q1 2017	26.68 %	(1.46 %)	(6.09 %)
Q2 2017	19.92 %	1.37 %	(2.82 %)
Q3 2017	13.26 %	2.51 %	(1.60 %)
Q4 2017	22.90 %	13.73 %	9.57 %
2017	17.89 %	13.84 %	9.57 %
Q1 2018	17.21 %	13.38 %	8.93 %
Q2 2018	15.43 %	12.63 %	8.06 %
Q3 2018	15.23 %	12.41 %	7.49 %
Q4 2018	13.71 %	10.99 %	7.12 %
2018	13.75 %	10.99 %	7.12 %
Q1 2019	14.01 %	10.44 %	6.73 %
Q2 2019	14.74 %	9.82 %	5.91 %
Q3 2019	14.20 %	9.66 %	5.65 %
Q4 2019	-	-	-
2019	20.20 %	32.49 %	8.96 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	2.77 %	19.73 %	(3.41 %)
2020	2.77 %	19.73 %	(3.41 %)
Q1 2021	7.99 %	24.51 %	0.93 %
Q2 2021	15.02 %	35.22 %	6.05 %
Q3 2021	14.64 %	27.47 %	5.94 %
Q4 2021	9.40 %	21.89 %	2.33 %
2021	9.40 %	21.89 %	2.33 %
Q1 2022	6.34 %	22.19 %	(0.06 %)
Q2 2022	5.77 %	18.27 %	0.39 %
Q3 2022	5.06 %	19.65 %	0.10 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	(30.81 %)	(116.34 %)	(139.46 %)
2013	38.74 %	(18.00 %)	(27.23 %)
2014	39.14 %	6.94 %	3.41 %
2015	42.77 %	20.66 %	16.69 %
2016	22.79 %	20.09 %	15.18 %
2017	17.89 %	13.84 %	9.57 %
2018	13.75 %	10.99 %	7.12 %
2019	20.20 %	32.49 %	8.96 %
2020	2.77 %	19.73 %	(3.41 %)
2021	9.40 %	21.89 %	2.33 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	44.39 %	16.45 %	10.53 %
Q2 2016	51.32 %	22.31 %	15.70 %
Q3 2016	51.95 %	19.78 %	15.22 %
Q4 2016	(131.41 %)	(131.41 %)	(132.18 %)
Q1 2017	47.29 %	12.45 %	7.74 %
Q2 2017	22.20 %	17.35 %	12.84 %
Q3 2017	18.73 %	15.34 %	11.20 %
Q4 2017	14.79 %	10.60 %	6.94 %
Q1 2018	14.40 %	11.56 %	5.90 %
Q2 2018	14.64 %	13.54 %	8.63 %
Q3 2018	16.97 %	13.65 %	8.05 %
Q4 2018	8.41 %	4.54 %	5.38 %
Q1 2019	15.38 %	9.31 %	4.74 %
Q2 2019	16.77 %	10.91 %	5.62 %
Q3 2019	14.54 %	12.20 %	6.65 %
Q4 2019	-	-	-
Q1 2020	(8.04 %)	(4.67 %)	(14.94 %)
Q2 2020	(2.16 %)	4.43 %	(9.33 %)
Q3 2020	12.13 %	40.09 %	2.23 %
Q4 2020	10.02 %	43.26 %	13.20 %
Q1 2021	11.60 %	8.60 %	0.60 %
Q2 2021	24.52 %	45.50 %	10.35 %
Q3 2021	11.37 %	17.69 %	2.32 %
Q4 2021	(11.25 %)	14.21 %	(4.66 %)
Q1 2022	(3.78 %)	10.41 %	(11.33 %)
Q2 2022	17.71 %	26.35 %	8.99 %
Q3 2022	10.36 %	23.16 %	1.79 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	3.00	-	-	4.68
Q2 2016	3.00	-	-	5.11
Q3 2016	3.00	-	-	4.48
Q4 2016	3.00	(0.89)	(0.89)	4.84
Q1 2017	3.00	(0.82)	(0.82)	5.02
Q2 2017	3.00	(0.48)	(0.48)	5.90
Q3 2017	3.00	(0.32)	(0.32)	6.65
Q4 2017	3.00	2.63	2.63	7.16
Q1 2018	3.00	2.73	2.73	7.61
Q2 2018	3.00	2.75	2.75	8.51
Q3 2018	3.00	2.77	2.77	9.28
Q4 2018	3.00	2.58	2.58	10.10
Q1 2019	3.00	2.62	2.62	10.58
Q2 2019	3.00	2.47	2.47	11.33
Q3 2019	3.00	2.52	2.52	12.15
Q4 2019	3.00	2.88	2.88	12.97
Q1 2020	3.00	1.08	1.08	11.56
Q2 2020	3.00	(0.36)	(0.36)	10.86
Q3 2020	3.00	(0.96)	(0.96)	11.08
Q4 2020	3.00	(2.80)	(1.07)	10.17
Q1 2021	3.00	(1.45)	0.27	10.21
Q2 2021	3.00	0.09	1.82	11.06
Q3 2021	3.00	0.13	1.86	11.32
Q4 2021	3.00	0.78	0.78	10.85
Q1 2022	3.00	(0.02)	(0.02)	10.09
Q2 2022	3.00	0.14	0.14	11.10
Q3 2022	3.00	0.04	0.04	11.25

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2012	3.00	(1.37)	(1.37)	0.03
2013	3.00	(1.15)	(1.15)	0.03
2014	3.00	0.34	0.34	2.56
2015	3.00	1.93	1.93	2.30
2016	3.00	1.77	1.77	4.84
2017	3.00	2.63	2.63	7.16
2018	3.00	2.58	2.58	10.10
2019	3.00	2.88	2.88	12.97
2020	3.00	(2.80)	(1.07)	10.17
2021	3.00	0.78	0.78	10.85

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	NEG	NEG	7.75
Q2 2017	NEG	NEG	5.47
Q3 2017	NEG	NEG	4.29
Q4 2017	11.05	11.05	4.06
Q1 2018	9.69	9.69	3.47
Q2 2018	10.92	10.92	3.53
Q3 2018	9.69	9.69	2.89
Q4 2018	10.66	10.66	2.72
Q1 2019	12.72	12.72	3.15
Q2 2019	15.17	15.17	3.31
Q3 2019	12.24	12.24	2.54
Q4 2019	22.86	22.86	5.07
Q1 2020	39.32	39.32	3.68
Q2 2020	NEG	NEG	4.44
Q3 2020	NEG	NEG	10.75
Q4 2020	NEG	NEG	15.45
Q1 2021	NEG	More than 100	12.65
Q2 2021	More than 100	82.28	13.53
Q3 2021	More than 100	91.63	15.02
Q4 2021	More than 100	More than 100	26.02
Q1 2022	NEG	NEG	26.36
Q2 2022	More than 100	More than 100	16.41
Q3 2022	More than 100	More than 100	17.14

Period	P/E	Recurring P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	11.05	11.05	4.06
2018	10.66	10.66	2.72
2019	22.86	22.86	5.07
2020	NEG	NEG	15.45
2021	More than 100	More than 100	26.02

Business Segments (Million)

Compared With The

Period	Juice Time trade mark sales	Quiznos trade mark sales	Jamarti Brand sales	Sales of vegetables and fruits

Financial Ratios

	Current
Market Cap (M Riyal)	306.90
Enterprise Value (EV) (M Riyal)	310.92
Shares Outstanding ((M))	3.00
EPS ( Riyal) (TTM)	0.15
Book Value (BV) ( Riyal)	8.01
Par Value ( Riyal)	10.00
Recurring P/E	Neg
P/E (TTM)	More than 100
Price/book	12.77
Return on Average Assets (%) (TTM)	0.6
Return on Average Equity (%) (TTM)	2.0
EV/adj EBITDA	19.16
EV/Revenues	3.02

Development Works Food Co. (DWF)

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Development Works Food 9M 2022 profit slumps 65% to SAR 1.2 mln; Q3 at SAR 443,000

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q3

Financial Ratios

Share Price

Development Works Food Co. (DWF)

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Development Works Food 9M 2022 profit slumps 65% to SAR 1.2 mln; Q3 at SAR 443,000

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q3

Financial Ratios

Share Price

Development Works Food Co. (DWF)

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Business Segments (Million)