WAJA Co.’s net profit fell 35% to SAR 5.4 million in H1 2023, compared to SAR 8.3 million in the year-ago period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 43.97 | 41.01 | (6.7 %) |
| Gross Income | 11.84 | 9.54 | (19.4 %) |
| Operating Income | 9.11 | 6.49 | (28.8 %) |
| Net Income | 8.30 | 5.36 | (35.4 %) |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Halala) | 11.85 | 7.65 | (35.4 %) |
The profit decline was mainly due to lower revenues, higher cost of revenues, as well as an increase in financing costs and the Zakat provision.
Total shareholders’ equity, no minority interest, reached SAR 77.65 million by the end of the six-month period, from SAR 62.82 million a year earlier.
On June 19, WAJA’s shareholders approved the board recommendation to reduce the stock’s par value from SAR 10 to SAR 0.5, while keeping capital unchanged. Thus, the number of shares will rise to 70 million from 3.5 million, according to Argaam’s data.
|
Historical Development of Financials |
|||
|
Period |
Revenues (SAR mln) |
Net Earnings (SAR mln) |
EPS (SAR/Share) |
|
H1 2021 |
36.49 |
11.80 |
0.17 |
|
H2 2021 |
42.54 |
5.56 |
0.08 |
|
H1 2022 |
43.97 |
8.30 |
0.12 |
|
H2 2022 |
55.21 |
9.96 |
0.14 |
|
H1 2023 |
41.01 |
5.36 |
0.08 |
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