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Wafrah for Industry and Development Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 39,527,080 | 32,997,048 | 19.79 | 38,774,183 | 1.94 |
| Gross Profit (Loss) | 14,537,170 | 12,901,773 | 12.68 | 12,872,669 | 12.93 |
| Operational Profit (Loss) | 4,547,552 | 6,258,923 | -27.34 | 4,289,653 | 6.01 |
| Net Profit (Loss) after Zakat and Tax | 4,549,412 | 5,023,464 | -9.44 | 5,623,358 | -19.1 |
| Total Comprehensive Income | 4,605,301 | 4,850,525 | -5.05 | 5,629,158 | -18.19 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 78,301,263 | 67,558,647 | 15.9 |
| Gross Profit (Loss) | 27,409,839 | 26,042,916 | 5.25 |
| Operational Profit (Loss) | 8,837,205 | 13,382,865 | -33.97 |
| Net Profit (Loss) after Zakat and Tax | 10,172,770 | 11,175,960 | -8.98 |
| Total Comprehensive Income | 10,234,458 | 10,984,041 | -6.82 |
| Total Share Holders Equity (after Deducting Minority Equity) | 231,942,144 | 63,843,818 | 263.3 |
| Profit (Loss) per Share | 0.47 | 1.45 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit in the current quarter, 2023 mounted to SR 4.55 million, compared to net profit of SR 5.02 million for the corresponding quarter of 2022. This was attributed to the following reasons: 1- Gross profit for the current quarter increased to SR 14.54 million compared to SR 12.90 million for the corresponding quarter of 2022, with 13% increase. This was due to an increase in sales by 20% which resulted from widened customer base, stronger sales efforts, and better operation efficiency. 2- Decreased operational profit by 27% that resulted from expanding sales policy during the current quarter. 3- Increased tax estimate, from SR 0.57 million to SR 1.25 million |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit in the current quarter, 2023 mounted to SR 4.55 million, compared to net profit of SR 5.62 million for the previous quarter of 2023. This was attributed to the following reasons: 1- Gross profit for the current quarter increased to SR 14.54 million compared to SR 12.87 million for the previous quarter of 2023, with 13% increase. This was due to an increase in sales by 2% which resulted from widened customer base, stronger sales efforts, and higher demand for company’s products and better operation efficiency. 2- Increase in operational profit by 6% that resulted from expanding sales policy. 3- Increased tax estimate, from SR 0.40 million to SR 1.25 million |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit after deducting Zakat and tax reached SR 10.17 million in the first half of 2023 compared to SR 11.17 million compared to the corresponding period of 2022. This is attributed to: 1- Increase in gross profit in the first half of 2023 to from SR 27.41 compared to SR 26.04 in the corresponding period of 2022. This was due to increased sales by 16% which resulted from a widened customer base, stronger sales efforts, and higher demand for company’s products. 2- decrease in operational profit by 34% that resulted from expanding sales policy. 3- Increase in other revenues. 4- Increased tax estimate, from SR 0.40 million to SR 1.25 million |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Auditing the financial statements for the first 3 months and the period of 6 months ending in 30 June 2022 was done by another Auditor . he expressed his unmodified opinion by 14 August 2022.likewise, the financial statements for the year ending 31December 2022 was done by another auditor > he expressed his unmodified opinion on the statements on 28 March 2023. |
| Reclassification of Comparison Items | During the period ending 30.june 2023 the company reclassified to comply with the figures of the current period, that are considered more precise. |
| Additional Information | Loss per shares The weighted average number of shares for the two periods ended 30 June 2023 and 30 June 2022 was calculated by taking the effect of the capital decrease from the beginning of the nearest offered period to comply with the requirements of IAS 33 the company managed to amortize its accumulated losses that mounted to SR9.7 million as in the beginning of year 2023 , and mage earning profit SR 486,000 . the Company paid off SR 5 million to SIDF, and made a plan to pay off all the loan by the end of this year. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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