Zahrat Al Waha Trading Co.’s net profit marginally declined to SAR 9.8 million in the first half of 2023 from SAR 9.9 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 336.10 | 307.27 | (8.6 %) |
| Gross Income | 27.09 | 27.80 | 2.6 % |
| Operating Income | 17.50 | 17.04 | (2.6 %) |
| Net Income | 9.92 | 9.76 | (1.6 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.44 | 0.43 | (1.6 %) |
The six-month results were hurt by higher selling and distribution expenses, as well as general and administrative (G&A) expenses. The company also reported an increase in the impairment of trade receivables provisions and financing costs.
The second-quarter net profit soared 96% to SAR 7.8 million from SAR 4 million in Q2 2022, buoyed by a drop in the cost of goods sold and G&A expenses. Zahrat Al Waha recorded an increase in unrealized profits from investments at fair value through profit or loss.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 184.27 | 150.48 | (18.3 %) |
| Gross Income | 14.68 | 15.93 | 8.5 % |
| Operating Income | 9.76 | 10.84 | 11.0 % |
| Net Income | 4.01 | 7.84 | 95.6 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.18 | 0.35 | 95.6 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 156.79 | 150.48 | (4.0 %) |
| Gross Income | 11.87 | 15.93 | 34.3 % |
| Operating Income | 6.21 | 10.84 | 74.7 % |
| Net Income | 1.93 | 7.84 | 307.1 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.09 | 0.35 | 307.1 % |
Total shareholders’ equity, no minority interest, stood at SAR 292.16 million as of June 30, 2023, compared to SAR 289.80 million a year earlier.
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