Development Works Food turns to loss of SAR 2.3 mln in H1 2023; Q2 profit at SAR 361,300

Development Works Food turns to loss of SAR 2.3 mln in H1 2023; Q2 profit at SAR 361,300

13/08/2023 Argaam Exclusive

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Development Works Food Co. reported a net loss after Zakat and Tax of SAR 2.3 million for H1 2023, compared to a net profit after Zakat and Tax of SAR 997,700 a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 54.03 46.88 (13.2 %)
Gross Income 5.22 1.91 (63.5 %)
Operating Income (0.42) (2.97) (600.5 %)
Net Income 0.75 (2.42) (423.1 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.25 (0.81) (423.1 %)

The company said the switch to losses was due to lower sales in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 33.81 27.18 (19.6 %)
Gross Income 5.99 3.02 (49.5 %)
Operating Income 3.18 0.45 (85.9 %)
Net Income 3.04 0.32 (89.6 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 1.01 0.11 (89.6 %)

In Q2 2023, net profit after Zakat and Tax declined by 88.9% to SAR 361,300 from SAR 3.26 million in Q2 2022 due to a decrease in sales and other revenues.

 

On a sequential basis, the company turned to profit in Q2 2023 against a loss of SAR 4.64 million in Q1 2023, driven by higher sales.

 

Total shareholders’ equity, excluding minority interest, fell to SAR 26.86 million as of June 30, 2023, from SAR 33.31 million a year earlier.

 

Accumulated losses stood at SAR 3.44 million as of June 30, 2023, representing 11% of capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 - - - - - - -
Q2 2014 - - - - - - -
Q3 2014 - - - - - - -
Q4 2014 - - - - - - -
Q1 2015 - - - - - - -
Q2 2015 - - - - - - -
Q3 2015 - - - - - - -
Q4 2015 - - - - - - -
Q1 2016 8.00 - 3.55 - 0.84 - 0.28
Q2 2016 10.18 - 5.22 - 1.60 - 0.53
Q3 2016 11.55 - 6.00 - 1.76 - 0.59
Q4 2016 5.19 - (6.82) - (6.86) - (2.29)
Q1 2017 13.47 68.3 % 6.37 79.3 % 1.04 23.7 % 0.35
Q2 2017 20.46 101.1 % 4.54 (13.0 %) 2.63 64.4 % 0.88
Q3 2017 20.04 73.5 % 3.76 (37.4 %) 2.25 27.6 % 0.75
Q4 2017 28.43 447.7 % 4.20 161.6 % 1.97 128.7 % 0.66
Q1 2018 22.70 68.5 % 3.27 (48.7 %) 1.34 28.4 % 0.45
Q2 2018 31.16 52.3 % 4.56 0.4 % 2.69 2.4 % 0.90
Q3 2018 28.69 43.1 % 4.87 29.6 % 2.31 2.9 % 0.77
Q4 2018 26.11 (8.1 %) 2.20 (47.7 %) 1.40 (28.8 %) 0.47
Q1 2019 30.76 35.5 % 4.73 44.7 % 1.46 8.8 % 0.49
Q2 2019 39.94 28.2 % 6.70 46.8 % 2.24 (16.6 %) 0.75
Q3 2019 37.07 29.2 % 5.39 10.7 % 2.47 6.7 % 0.82
Q4 2019 - - - - 2.47 75.6 % 0.82
Q1 2020 26.26 (14.6 %) (2.11) (144.7 %) (3.92) (369.3 %) (1.31)
Q2 2020 22.42 (43.9 %) (0.49) (107.2 %) (2.09) (193.2 %) (0.70)
Q3 2020 29.68 (19.9 %) 3.60 (33.2 %) 0.66 (73.2 %) 0.22
Q4 2020 16.15 - 1.62 - (3.05) (223.6 %) (1.02)
Q1 2021 19.81 (24.6 %) 2.30 208.8 % 0.12 103.0 % 0.04
Q2 2021 24.61 9.7 % 6.03 1344.1 % 2.55 221.8 % 0.85
Q3 2021 33.16 11.8 % 3.77 4.8 % 0.77 16.5 % 0.26
Q4 2021 23.28 44.2 % (2.62) (261.9 %) (1.09) 64.3 % (0.36)
Q1 2022 20.22 2.1 % (0.76) (133.2 %) (2.29) (2042.4 %) (0.76)
Q2 2022 33.81 37.4 % 5.99 (0.8 %) 3.04 19.4 % 1.01
Q3 2022 24.74 (25.4 %) 2.56 (32.1 %) 0.44 (42.5 %) 0.15
Q4 2022 19.88 (14.6 %) (3.40) (29.7 %) (4.41) (306.4 %) (1.47)
Q1 2023 19.70 (2.6 %) (0.72) 5.4 % (2.73) (19.2 %) (0.91)
Q2 2023 27.18 (19.6 %) 3.02 (49.5 %) 0.32 (89.6 %) 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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

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 - -


Financial Ratios
Current
Market Cap (M Riyal) 372.00
Enterprise Value (EV) (M) 379.99
Shares Outstanding ((M)) 3.00
EPS ( Riyal) (TTM) (0.15)
Book Value (BV) ( Riyal) 8.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 14.23
Return on Average Assets (%) (TTM) (0.57 )
Return on Average Equity (%) (TTM) (1.66 )
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Share Price

Development Works Food Co.
124.20
0.40 0.32 %

Development Works Food Co. (DWF)

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