Development Works Food Co. reported net loss after Zakat and tax of SAR 4 million for the first quarter of 2020, versus net profit of SAR 1.45 million in year-earlier period, driven by a 15% slump in sales, higher rents as well as amortization expenses.
The company’s results were also impacted by the Kingdom's precautionary measures to curb the COVID-19 outbreak.
On a sequential basis, the Nomu-listed firm swung to losses in Q1 2020, versus net profit of SAR 2.14 million in Q4 2019.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 30.76 | 26.26 | (14.6 %) |
| Gross Income | 4.73 | (2.11) | (144.7 %) |
| Operating Income | 1.11 | (3.97) | (458.4 %) |
| Net Income | 1.46 | (3.92) | (369.3 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.49 | (1.31) | (369.3 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Operating Income | 3.89 | (3.97) | (202.1 %) |
| Net Income | 2.47 | (3.92) | (259.2 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.82 | (1.31) | (259.2 %) |
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