Development Works Food Co. incurs SAR 2.9 million loss in 2020

Development Works Food Co. incurs SAR 2.9 million loss in 2020

27/04/2021 Argaam Exclusive

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Development Works Food Co. swung to a net loss after Zakat and tax of SAR 2.9 million in 2020, versus a net profit of SAR 8.6 million a year earlier, due to a decrease in the parent company’s sales, along with an increase in the cost of sales of imported fruits amid the COVID-19 precautionary measures and closure of activities.

 

The company also cited high costs in some of its activities, which it exited, and the company’s focus on activities that have a competitive advantage and achieve lucrative returns.



Financials (M)

Item 2019 2020 Change‬
Revenues 96.27 94.50 (1.8 %)
Gross Income 19.45 2.62 (86.5 %)
Operating Income 9.65 (5.35) (155.5 %)
Net Income 8.63 (8.40) (197.3 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 2.88 (2.80) (197.3 %)

In Q4 2020, the company posted a net profit after Zakat and tax of SAR 2.4 million.

 

Shareholders’ equity, excluding minority interest, decreased by 21.6% to SAR 30.520 million in 2020, compared to SAR 38.921 million in 2019.



Current Half Annual Comparison (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Operating Income 3.89 (0.74) (119.1 %)
Net Income 2.47 (3.05) (223.6 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.82 (1.02) (223.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 10.18 - 5.22 - 1.65 -
H2 2016 5.19 - (6.82) - (6.82) -
H1 2017 20.46 101.1 % 4.54 (13.0 %) 2.79 68.7 %
H2 2017 28.43 447.7 % 4.20 161.6 % 1.68 124.6 %
H1 2018 31.16 52.3 % 4.56 0.4 % 2.86 2.5 %
H2 2018 26.11 (8.1 %) 2.20 (47.7 %) (1.00) (159.7 %)
H1 2019 39.94 28.2 % 6.70 46.8 % 2.26 (21.0 %)
H2 2019 - - - - 3.89 487.7 %
H1 2020 22.42 (43.9 %) (0.49) (107.2 %) (2.17) (196.0 %)
H2 2020 16.15 - 1.62 - (0.74) (119.1 %)
2020 94.50 (1.8 %) 2.62 (86.5 %) (5.35) (155.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 1.60 - 0.53 - 1.60 0.53
H2 2016 (6.86) - (2.29) - (6.86) (2.29)
H1 2017 2.63 64.4 % 0.88 - 2.63 0.88
H2 2017 1.97 128.7 % 0.66 - 1.97 0.66
H1 2018 2.69 2.4 % 0.90 - 2.69 0.90
H2 2018 1.40 (28.8 %) 0.47 - 1.40 0.47
H1 2019 2.24 (16.6 %) 0.75 - 2.24 0.75
H2 2019 2.47 75.6 % 0.82 - 2.47 0.82
H1 2020 (2.09) (193.2 %) (0.70) - (2.09) (0.70)
H2 2020 (3.05) (223.6 %) (1.02) (5.18) 2.13 0.71
2020 (8.40) (197.3 %) (2.80) (5.18) (3.22) (1.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 22.79 % (2.71 %) (7.62 %)
H1 2017 19.92 % 1.37 % (2.82 %)
H2 2017 22.90 % 13.73 % 9.57 %
H1 2018 15.43 % 12.63 % 8.06 %
H2 2018 13.71 % 10.99 % 7.12 %
H1 2019 14.74 % 9.82 % 5.91 %
H2 2019 - - -
H1 2020 - - -
H2 2020 2.77 % 19.73 % (3.41 %)
2020 2.77 % 19.73 % (3.41 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2011 - - - -
H2 2011 - - - -
H1 2012 - - - -
H2 2012 - - - -
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 3.00 - - 5.11
H2 2016 3.00 (0.89) (0.89) 4.84
H1 2017 3.00 (0.48) (0.48) 5.90
H2 2017 3.00 2.63 2.63 7.16
H1 2018 3.00 2.75 2.75 8.51
H2 2018 3.00 2.58 2.58 10.10
H1 2019 3.00 2.47 2.47 11.33
H2 2019 3.00 2.88 2.88 12.97
H1 2020 3.00 (0.36) (0.36) 10.86
H2 2020 3.00 (2.80) (1.07) 10.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 NEG NEG 5.47
H2 2017 11.05 11.05 4.06
H1 2018 10.92 10.92 3.53
H2 2018 10.66 10.66 2.72
H1 2019 15.17 15.17 3.31
H2 2019 22.86 22.86 5.07
H1 2020 NEG NEG 4.44
H2 2020 NEG NEG 15.45


Financial Ratios
Current
Market Cap (M Riyal) 394.20
Enterprise Value (EV) (M) 403.60
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 8.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 15.80
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