Development Works Food swings to SAR 1.2M profit in Q1 2024

16/05/2024 Argaam Exclusive

Development Works Food Co. turned to a net profit of SAR 1.2 million in Q1 2024, from SAR 2.7 million in net losses in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 19.70 23.86 21.1 %
Gross Income (0.72) 2.71 474.7 %
Operating Income (3.42) 0.78 122.9 %
Net Income (2.73) 1.19 143.7 %
Average Shares 3.00 3.00 -
EPS (Riyals) (0.91) 0.40 143.7 %

This was due to higher revenues and lower general & administrative expenses for the first three months of the year.

 

On a sequential basis, the company turned profitable from a net loss of SAR 2.48 million in Q4 2023.

 

Total shareholders’ equity, after minority interest, dropped marginally to SAR 26.15 million as of March 31, 2024, compared to SAR 26.54 million a year earlier.

 

Accumulated losses amounted to SAR 4.19 million at the end of the three-month period, or 14% of the company's capital.

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Share Price

Development Works Food Co.
130.80
(2.00) (1.51 %)

Development Works Food Co. (DWF)

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Financial Ratios
Current
Market Cap (M Riyal) 392.40
Enterprise Value (EV) (M) 396.03
Shares Outstanding ((M)) 3.00
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 9.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 14.24
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 8.00 - 3.55 - 0.83 -
Q2 2016 10.18 - 5.22 - 1.65 -
Q3 2016 11.55 - 6.00 - 1.71 -
Q4 2016 5.19 - (6.82) - (6.82) -
Q1 2017 13.47 68.3 % 6.37 79.3 % 1.09 31.2 %
Q2 2017 20.46 101.1 % 4.54 (13.0 %) 2.79 68.7 %
Q3 2017 20.04 73.5 % 3.76 (37.4 %) 2.24 31.5 %
Q4 2017 28.43 447.7 % 4.20 161.6 % 1.68 124.6 %
Q1 2018 22.70 68.5 % 3.27 (48.7 %) 1.36 25.1 %
Q2 2018 31.16 52.3 % 4.56 0.4 % 2.86 2.5 %
Q3 2018 28.69 43.1 % 4.87 29.6 % 2.47 10.2 %
Q4 2018 26.11 (8.1 %) 2.20 (47.7 %) (1.00) (159.7 %)
Q1 2019 30.76 35.5 % 4.73 44.7 % 1.11 (18.5 %)
Q2 2019 39.94 28.2 % 6.70 46.8 % 2.26 (21.0 %)
Q3 2019 37.07 29.2 % 5.39 10.7 % 2.40 (3.2 %)
Q4 2019 - - - - 3.89 487.7 %
Q1 2020 26.26 (14.6 %) (2.11) (144.7 %) (3.97) (458.4 %)
Q2 2020 22.42 (43.9 %) (0.49) (107.2 %) (2.17) (196.0 %)
Q3 2020 29.68 (19.9 %) 3.60 (33.2 %) 1.53 (36.3 %)
Q4 2020 16.15 - 1.62 - (0.74) (119.1 %)
Q1 2021 19.81 (24.6 %) 2.30 208.8 % (0.86) 78.2 %
Q2 2021 24.61 9.7 % 6.03 1344.1 % 2.56 218.3 %
Q3 2021 33.16 11.8 % 3.77 4.8 % 0.28 (81.4 %)
Q4 2021 23.28 44.2 % (2.62) (261.9 %) (2.21) (198.8 %)
Q1 2022 20.22 2.1 % (0.76) (133.2 %) (3.60) (317.0 %)
Q2 2022 33.81 37.4 % 5.99 (0.8 %) 3.18 24.0 %
Q3 2022 24.74 (25.4 %) 2.56 (32.1 %) (0.25) (188.7 %)
Q4 2022 19.88 (14.6 %) (3.40) (29.7 %) (5.93) (167.8 %)
Q1 2023 19.70 (2.6 %) (0.72) 5.4 % (3.42) 5.1 %
Q2 2023 27.18 (19.6 %) 3.02 (49.5 %) 0.45 (85.9 %)
Q3 2023 23.86 (3.6 %) 1.46 (43.1 %) (1.02) (304.2 %)
Q4 2023 18.71 (5.9 %) (0.40) 88.2 % (2.62) 55.9 %
Q1 2024 23.86 21.1 % 2.71 474.7 % 0.78 122.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 0.84 - 0.28 - 0.84 0.28
Q2 2016 1.60 - 0.53 - 1.60 0.53
Q3 2016 1.76 - 0.59 - 1.76 0.59
Q4 2016 (6.86) - (2.29) - (6.86) (2.29)
Q1 2017 1.04 23.7 % 0.35 - 1.04 0.35
Q2 2017 2.63 64.4 % 0.88 - 2.63 0.88
Q3 2017 2.25 27.6 % 0.75 - 2.25 0.75
Q4 2017 1.97 128.7 % 0.66 - 1.97 0.66
Q1 2018 1.34 28.4 % 0.45 - 1.34 0.45
Q2 2018 2.69 2.4 % 0.90 - 2.69 0.90
Q3 2018 2.31 2.9 % 0.77 - 2.31 0.77
Q4 2018 1.40 (28.8 %) 0.47 - 1.40 0.47
Q1 2019 1.46 8.8 % 0.49 - 1.46 0.49
Q2 2019 2.24 (16.6 %) 0.75 - 2.24 0.75
Q3 2019 2.47 6.7 % 0.82 - 2.47 0.82
Q4 2019 2.47 75.6 % 0.82 - 2.47 0.82
Q1 2020 (3.92) (369.3 %) (1.31) - (3.92) (1.31)
Q2 2020 (2.09) (193.2 %) (0.70) - (2.09) (0.70)
Q3 2020 0.66 (73.2 %) 0.22 - 0.66 0.22
Q4 2020 (3.05) (223.6 %) (1.02) (5.18) 2.13 0.71
Q1 2021 0.12 103.0 % 0.04 - 0.12 0.04
Q2 2021 2.55 221.8 % 0.85 - 2.55 0.85
Q3 2021 0.77 16.5 % 0.26 - 0.77 0.26
Q4 2021 (1.09) 64.3 % (0.36) - (1.09) (0.36)
Q1 2022 (2.29) (2042.4 %) (0.76) - (2.29) (0.76)
Q2 2022 3.04 19.4 % 1.01 - 3.04 1.01
Q3 2022 0.44 (42.5 %) 0.15 - 0.44 0.15
Q4 2022 (4.41) (306.4 %) (1.47) - (4.41) (1.47)
Q1 2023 (2.73) (19.2 %) (0.91) - (2.73) (0.91)
Q2 2023 0.32 (89.6 %) 0.11 - 0.32 0.11
Q3 2023 0.53 20.7 % 0.18 - 0.53 0.18
Q4 2023 (2.48) 43.8 % (0.83) - (2.48) (0.83)
Q1 2024 1.19 143.7 % 0.40 - 1.19 0.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 22.79 % (2.71 %) (7.62 %)
Q1 2017 26.68 % (1.46 %) (6.09 %)
Q2 2017 19.92 % 1.37 % (2.82 %)
Q3 2017 13.26 % 2.51 % (1.60 %)
Q4 2017 22.90 % 13.73 % 9.57 %
Q1 2018 17.21 % 13.38 % 8.93 %
Q2 2018 15.43 % 12.63 % 8.06 %
Q3 2018 15.23 % 12.41 % 7.49 %
Q4 2018 13.71 % 10.99 % 7.12 %
Q1 2019 14.01 % 10.44 % 6.73 %
Q2 2019 14.74 % 9.82 % 5.91 %
Q3 2019 14.20 % 9.66 % 5.65 %
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 2.77 % 19.73 % (3.41 %)
Q1 2021 7.99 % 24.51 % 0.93 %
Q2 2021 15.02 % 35.22 % 6.05 %
Q3 2021 14.64 % 27.47 % 5.94 %
Q4 2021 9.40 % 21.89 % 2.33 %
Q1 2022 6.34 % 22.19 % (0.06 %)
Q2 2022 5.77 % 18.27 % 0.39 %
Q3 2022 5.06 % 19.65 % 0.10 %
Q4 2022 4.45 % 16.91 % (3.27 %)
Q1 2023 4.52 % 17.25 % (3.73 %)
Q2 2023 1.60 % 15.47 % (6.98 %)
Q3 2023 0.40 % 12.77 % (6.95 %)
Q4 2023 3.76 % 14.52 % (4.88 %)
Q1 2024 7.26 % 17.34 % (0.47 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 3.00 - - 4.68
Q2 2016 3.00 - - 5.11
Q3 2016 3.00 - - 4.48
Q4 2016 3.00 (0.89) (0.89) 4.84
Q1 2017 3.00 (0.82) (0.82) 5.02
Q2 2017 3.00 (0.48) (0.48) 5.90
Q3 2017 3.00 (0.32) (0.32) 6.65
Q4 2017 3.00 2.63 2.63 7.16
Q1 2018 3.00 2.73 2.73 7.61
Q2 2018 3.00 2.75 2.75 8.51
Q3 2018 3.00 2.77 2.77 9.28
Q4 2018 3.00 2.58 2.58 10.10
Q1 2019 3.00 2.62 2.62 10.58
Q2 2019 3.00 2.47 2.47 11.33
Q3 2019 3.00 2.52 2.52 12.15
Q4 2019 3.00 2.88 2.88 12.97
Q1 2020 3.00 1.08 1.08 11.56
Q2 2020 3.00 (0.36) (0.36) 10.86
Q3 2020 3.00 (0.96) (0.96) 11.08
Q4 2020 3.00 (2.80) (1.07) 10.17
Q1 2021 3.00 (1.45) 0.27 10.21
Q2 2021 3.00 0.09 1.82 11.06
Q3 2021 3.00 0.13 1.86 11.32
Q4 2021 3.00 0.78 0.78 10.85
Q1 2022 3.00 (0.02) (0.02) 10.09
Q2 2022 3.00 0.14 0.14 11.10
Q3 2022 3.00 0.04 0.04 11.25
Q4 2022 3.00 (1.07) (1.07) 9.76
Q1 2023 3.00 (1.22) (1.22) 8.85
Q2 2023 3.00 (2.13) (2.13) 8.95
Q3 2023 3.00 (2.10) (2.10) 9.13
Q4 2023 3.00 (1.45) (1.45) 8.32
Q1 2024 3.00 (0.15) (0.15) 8.72

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 NEG NEG 7.75
Q2 2017 NEG NEG 5.47
Q3 2017 NEG NEG 4.29
Q4 2017 11.05 11.05 4.06
Q1 2018 9.69 9.69 3.47
Q2 2018 10.92 10.92 3.53
Q3 2018 9.69 9.69 2.89
Q4 2018 10.66 10.66 2.72
Q1 2019 12.72 12.72 3.15
Q2 2019 15.17 15.17 3.31
Q3 2019 12.24 12.24 2.54
Q4 2019 22.86 22.86 5.07
Q1 2020 39.32 39.32 3.68
Q2 2020 NEG NEG 4.44
Q3 2020 NEG NEG 10.75
Q4 2020 NEG NEG 15.45
Q1 2021 NEG More than 100 12.65
Q2 2021 More than 100 82.28 13.53
Q3 2021 More than 100 91.63 15.02
Q4 2021 More than 100 More than 100 26.02
Q1 2022 NEG NEG 26.36
Q2 2022 More than 100 More than 100 16.41
Q3 2022 More than 100 More than 100 17.14
Q4 2022 NEG NEG 15.76
Q1 2023 NEG NEG 18.06
Q2 2023 NEG NEG 18.12
Q3 2023 NEG NEG 11.63
Q4 2023 NEG NEG 16.35
Q1 2024 NEG NEG 15.17

Business Segments (Million)

Compared With The
Period Juice Time trade mark sales Quiznos trade mark sales Sales of vegetables and fruits Beef Shots sales Jamarti Brand sales
Q1 2023 16.73 1.70 1.27 - -
Q2 2023 25.77 1.78 (0.37) - -
Q3 2023 21.56 1.83 0.46 - -
Q4 2023 17.04 1.88 (1.03) - -
Q1 2024 18.97 1.61 1.79 1.48 -

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