Wafrah for Industry and Development Co. reported a net profit of SAR 10.2 million in H1 2023, a decline of 9% from SAR 11.2 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 67.56 | 78.30 | 15.9 % |
| Gross Income | 26.04 | 27.41 | 5.2 % |
| Operating Income | 12.27 | 8.26 | (32.7 %) |
| Net Income | 11.18 | 10.17 | (9.0 %) |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | 0.57 | 0.44 | (22.6 %) |
The company attributed the decline to a 34% fall in operating profit year-on-year (YoY) and increased tax estimates from SAR 0.40 million to SAR 1.25 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 33.00 | 39.53 | 19.8 % |
| Gross Income | 12.90 | 14.54 | 12.7 % |
| Operating Income | 5.53 | 3.97 | (28.1 %) |
| Net Income | 5.02 | 4.55 | (9.4 %) |
| Average Shares | 19.70 | 23.15 | 17.5 % |
| EPS (Riyals) | 0.26 | 0.20 | (23.0 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 38.77 | 39.53 | 1.9 % |
| Gross Income | 12.87 | 14.54 | 12.9 % |
| Operating Income | 4.29 | 3.97 | (7.4 %) |
| Net Income | 5.62 | 4.55 | (19.1 %) |
| Average Shares | 23.15 | 23.15 | - |
| EPS (Riyals) | 0.24 | 0.20 | (19.1 %) |
Q2 2023 net profit reached SAR 4.55 million, a drop of 9.4% from SAR 5.02 million in Q2 2022, on lower operating profit and increased tax.
On a quarterly basis, net earnings fell 19.1% from SAR 5.62 million in Q1 2023.
Shareholders’ equity, with no minority interest, reached SAR 231.94 million by June 30, 2023, compared to SAR 63.84 million a year earlier.
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