Wafrah swings to SAR 19 mln profit in 2022; Q4 at SAR 4.8 mln

Wafrah swings to SAR 19 mln profit in 2022; Q4 at SAR 4.8 mln

26/03/2023 Argaam Exclusive

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Wafrah for Industry and Development Co. turned to a net profit of SAR 19 million for 2022, against a net loss of SAR 11 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 64.97 130.52 100.9 %
Gross Income 11.49 43.96 282.5 %
Operating Income (11.88) 14.73 223.9 %
Net Income (10.93) 13.82 226.4 %
Average Shares 19.70 23.15 17.5 %
EPS (Riyals) (0.55) 0.60 207.5 %

The positive results were buoyed by a surge of 107.87% year-on-year (YoY) in sales.

 

Gross profit margins rose to 36%, from 18% in 2021 on improved average selling prices.

 

Wafrah also reported a higher valuation of property, plants and equipment. Accordingly, the company reversed an earlier impairment provision that was previously allocated and reversed a loan guarantee provision, despite the decrease in other revenues.

 

In Q4 2022, the company turned to net profit of SAR 4.80 million, from a net loss of SAR 6.41 million in Q4 2021.

 

Wafrah’s net profit jumped 59.1% from SAR 3.02 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 12.28 34.08 177.5 %
Gross Income 0.81 8.36 930.9 %
Operating Income (5.72) (0.54) 90.6 %
Net Income (6.41) (0.38) 94.1 %
Average Shares 19.70 23.15 17.5 %
EPS (Riyals) (0.33) (0.02) 95.0 %

Shareholders’ equity, no minority interest, increased to SAR 221.70 million as of Dec. 31, 2022, from SAR 52.86 million a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 21.36 21.2 % 7.04 34.6 % 1.69 96.6 %
Q2 2013 25.56 2.2 % 8.48 (7.8 %) 3.24 (22.7 %)
Q3 2013 20.34 (2.9 %) 6.64 (4.0 %) 1.68 (23.5 %)
Q4 2013 18.89 14.6 % 5.99 13.3 % 1.31 107.4 %
Q1 2014 22.09 3.4 % 8.15 15.8 % 1.58 (6.8 %)
Q2 2014 26.71 4.5 % 9.61 13.3 % 2.40 (26.0 %)
Q3 2014 20.51 0.8 % 4.88 (26.4 %) (1.26) (175.0 %)
Q4 2014 17.52 (7.3 %) 3.22 (46.3 %) (4.92) (474.6 %)
Q1 2015 15.06 (31.8 %) 3.94 (51.6 %) (3.42) (316.9 %)
Q2 2015 28.82 7.9 % 7.96 (17.2 %) 0.81 (66.2 %)
Q3 2015 14.79 (27.9 %) 2.56 (47.6 %) (4.93) (292.2 %)
Q4 2015 29.37 67.6 % 10.39 223.1 % 3.00 161.0 %
Q1 2016 28.07 86.4 % 7.85 99.2 % 0.42 112.3 %
Q2 2016 22.23 (22.9 %) 7.82 (1.7 %) 1.05 28.7 %
Q3 2016 13.31 (10.0 %) (1.45) (156.6 %) (9.16) (85.6 %)
Q4 2016 17.95 (38.9 %) 1.53 (85.2 %) (5.30) (276.7 %)
Q1 2017 15.67 (44.2 %) 1.23 (84.4 %) (4.75) (1224.9 %)
Q2 2017 21.29 (4.2 %) 5.49 (29.8 %) (0.54) (152.0 %)
Q3 2017 12.37 (7.0 %) (1.74) (20.2 %) (8.01) 12.5 %
Q4 2017 11.51 (35.9 %) (19.31) (1358.8 %) (27.71) (423.0 %)
Q1 2018 24.01 53.3 % 6.83 456.8 % (0.29) 93.9 %
Q2 2018 24.10 13.2 % 8.42 53.2 % 1.89 448.4 %
Q3 2018 13.42 8.5 % (1.68) 3.7 % (9.08) (13.3 %)
Q4 2018 18.60 61.6 % (0.39) 98.0 % (5.56) 80.0 %
Q1 2019 26.24 9.3 % 7.48 9.5 % 0.82 384.7 %
Q2 2019 24.04 (0.2 %) 7.38 (12.3 %) 0.58 (69.6 %)
Q3 2019 21.27 58.5 % 4.46 366.1 % (1.79) 80.3 %
Q4 2019 11.27 (39.4 %) (2.56) (552.8 %) (10.09) (81.6 %)
Q1 2020 22.07 (15.9 %) 8.25 10.4 % 1.46 78.0 %
Q2 2020 17.12 (28.8 %) 5.29 (28.3 %) (0.78) (234.5 %)
Q3 2020 22.96 7.9 % 4.26 (4.6 %) (2.94) (64.5 %)
Q4 2020 21.63 92.0 % 1.62 163.1 % (7.60) 24.7 %
Q1 2021 21.57 (2.2 %) 6.10 (26.1 %) (0.36) (124.5 %)
Q2 2021 15.15 (11.5 %) 3.24 (38.7 %) (2.77) (257.4 %)
Q3 2021 15.97 (30.4 %) 1.34 (68.6 %) (3.04) (3.4 %)
Q4 2021 12.28 (43.2 %) 0.81 (49.8 %) (5.72) 24.7 %
Q1 2022 34.56 60.2 % 13.14 115.4 % 6.74 1987.8 %
Q2 2022 33.00 117.8 % 12.90 297.7 % 5.53 299.6 %
Q3 2022 28.88 80.9 % 9.56 615.0 % 2.99 198.4 %
Q4 2022 34.08 177.5 % 8.36 930.9 % (0.54) 90.6 %
2022 130.52 100.9 % 43.96 282.5 % 14.73 223.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 1.27 156.4 % 0.06 - 1.27 0.06
Q2 2013 2.63 (25.2 %) 0.13 - 2.63 0.13
Q3 2013 1.00 (37.4 %) 0.05 - 1.00 0.05
Q4 2013 2.21 866.8 % 0.11 0.30 1.92 0.10
Q1 2014 1.06 (16.2 %) 0.05 - 1.06 0.05
Q2 2014 2.15 (18.3 %) 0.11 - 2.15 0.11
Q3 2014 0.53 (47.4 %) 0.03 - 0.53 0.03
Q4 2014 (3.29) (248.6 %) (0.17) 3.53 (6.82) (0.35)
Q1 2015 (3.74) (451.9 %) (0.19) - (3.74) (0.19)
Q2 2015 0.51 (76.4 %) 0.03 - 0.51 0.03
Q3 2015 (5.49) (1145.7 %) (0.28) - (5.49) (0.28)
Q4 2015 3.09 193.9 % 0.16 - 3.09 0.16
Q1 2016 0.14 103.8 % 0.01 - 0.14 0.01
Q2 2016 0.70 37.0 % 0.04 - 0.70 0.04
Q3 2016 (9.34) (70.0 %) (0.47) - (9.34) (0.47)
Q4 2016 (11.68) (478.3 %) (0.59) (3.29) (8.39) (0.43)
Q1 2017 (4.95) (3562.2 %) (0.25) - (4.95) (0.25)
Q2 2017 (0.50) (171.3 %) (0.03) - (0.50) (0.03)
Q3 2017 (8.26) 11.5 % (0.42) - (8.26) (0.42)
Q4 2017 (36.41) (211.7 %) (1.85) (4.52) (31.89) (1.62)
Q1 2018 (1.02) 79.4 % (0.05) - (1.02) (0.05)
Q2 2018 1.66 434.9 % 0.08 - 1.66 0.08
Q3 2018 (9.33) (12.9 %) (0.47) - (9.33) (0.47)
Q4 2018 (17.81) 51.1 % (0.90) (9.50) (8.31) (0.42)
Q1 2019 0.53 151.8 % 0.03 - 0.53 0.03
Q2 2019 0.29 (82.3 %) 0.01 - 0.29 0.01
Q3 2019 (1.81) 80.6 % (0.09) - (1.81) (0.09)
Q4 2019 (24.39) (36.9 %) (1.24) (13.43) (10.96) (0.56)
Q1 2020 1.32 148.8 % 0.07 - 1.32 0.07
Q2 2020 (0.67) (326.5 %) (0.03) - (0.67) (0.03)
Q3 2020 (2.92) (62.0 %) (0.15) - (2.92) (0.15)
Q4 2020 (10.30) 57.8 % (0.52) - (10.30) (0.52)
Q1 2021 (0.20) (115.1 %) (0.01) - (0.20) (0.01)
Q2 2021 (2.59) (288.6 %) (0.13) - (2.59) (0.13)
Q3 2021 (1.73) 40.8 % (0.09) - (1.73) (0.09)
Q4 2021 (6.41) 37.7 % (0.33) - (6.41) (0.33)
Q1 2022 6.15 3191.7 % 0.31 - 6.15 0.31
Q2 2022 5.02 294.1 % 0.26 - 5.02 0.26
Q3 2022 3.02 274.2 % 0.13 - 3.02 0.13
Q4 2022 (0.38) 94.1 % (0.02) - (0.38) (0.02)
2022 13.82 226.4 % 0.60 - 13.82 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 33.94 % 19.32 % 7.89 %
Q2 2013 32.87 % 17.81 % 6.79 %
Q3 2013 32.78 % 16.81 % 6.13 %
Q4 2013 32.68 % 16.52 % 7.91 %
Q1 2014 33.68 % 16.08 % 7.61 %
Q2 2014 34.53 % 14.82 % 6.96 %
Q3 2014 32.48 % 11.65 % 6.41 %
Q4 2014 29.79 % 9.00 % (3.54 %)
Q1 2015 27.14 % 5.17 % (9.88 %)
Q2 2015 24.42 % 8.95 % (11.64 %)
Q3 2015 23.20 % 2.28 % (20.41 %)
Q4 2015 28.23 % 8.87 % (6.40 %)
Q1 2016 28.46 % 12.00 % (1.73 %)
Q2 2016 30.31 % 9.85 % (1.65 %)
Q3 2016 26.48 % 9.34 % (5.82 %)
Q4 2016 19.33 % 0.67 % (20.71 %)
Q1 2017 13.21 % (6.38 %) (31.79 %)
Q2 2017 9.98 % (8.83 %) (33.98 %)
Q3 2017 9.68 % (7.39 %) (32.85 %)
Q4 2017 (23.56 %) (45.43 %) (74.95 %)
Q1 2018 (12.61 %) (35.19 %) (60.23 %)
Q2 2018 (8.06 %) (31.90 %) (54.88 %)
Q3 2018 (7.86 %) (34.21 %) (55.56 %)
Q4 2018 16.45 % (4.47 %) (21.21 %)
Q1 2019 16.79 % (3.02 %) (18.76 %)
Q2 2019 15.54 % (4.53 %) (20.43 %)
Q3 2019 20.99 % 3.97 % (10.31 %)
Q4 2019 20.24 % (1.15 %) (14.42 %)
Q1 2020 22.30 % (0.57 %) (14.19 %)
Q2 2020 21.53 % (2.56 %) (16.89 %)
Q3 2020 20.76 % (4.08 %) (18.03 %)
Q4 2020 23.17 % (0.67 %) (15.00 %)
Q1 2021 20.73 % (3.02 %) (16.91 %)
Q2 2021 18.72 % (5.81 %) (19.69 %)
Q3 2021 16.55 % (6.31 %) (19.94 %)
Q4 2021 17.69 % (5.67 %) (16.83 %)
Q1 2022 23.77 % 4.69 % (5.87 %)
Q2 2022 29.42 % 11.92 % 3.16 %
Q3 2022 33.49 % 15.46 % 7.16 %
Q4 2022 33.68 % 17.72 % 10.59 %
2022 33.68 % 17.72 % 10.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 19.70 0.34 0.34 10.81
Q2 2013 19.70 0.29 0.29 10.98
Q3 2013 19.70 0.26 0.26 11.05
Q4 2013 19.70 0.36 0.35 11.19
Q1 2014 19.70 0.35 0.34 11.29
Q2 2014 19.70 0.33 0.31 11.43
Q3 2014 19.70 0.30 0.29 10.85
Q4 2014 19.70 0.02 (0.16) 10.31
Q1 2015 19.70 (0.22) (0.40) 10.11
Q2 2015 19.70 (0.30) (0.48) 10.15
Q3 2015 19.70 (0.61) (0.79) 9.86
Q4 2015 19.70 (0.29) (0.29) 10.22
Q1 2016 19.70 (0.09) (0.09) 10.03
Q2 2016 19.70 (0.08) (0.08) 10.07
Q3 2016 19.70 (0.27) (0.27) 9.80
Q4 2016 19.70 (1.02) (0.86) 9.21
Q1 2017 19.70 (1.28) (1.12) 8.95
Q2 2017 19.70 (1.34) (1.18) 8.92
Q3 2017 19.70 (1.29) (1.12) 8.50
Q4 2017 19.70 (2.54) (2.32) 6.66
Q1 2018 19.70 (2.35) (2.12) 6.49
Q2 2018 19.70 (2.24) (2.01) 6.58
Q3 2018 19.70 (2.29) (2.06) 6.11
Q4 2018 19.70 (1.35) (0.86) 5.15
Q1 2019 19.70 (1.27) (0.78) 5.19
Q2 2019 19.70 (1.34) (0.85) 5.20
Q3 2019 19.70 (0.95) (0.47) 5.10
Q4 2019 19.70 (1.29) (0.61) 3.84
Q1 2020 19.70 (1.25) (0.57) 3.94
Q2 2020 19.70 (1.30) (0.62) 3.91
Q3 2020 19.70 (1.35) (0.67) 3.78
Q4 2020 19.70 (0.64) (0.64) 3.17
Q1 2021 19.70 (0.72) (0.72) 3.16
Q2 2021 19.70 (0.81) (0.81) 3.03
Q3 2021 19.70 (0.75) (0.75) 2.94
Q4 2021 19.70 (0.55) (0.55) 2.68
Q1 2022 19.70 (0.23) (0.23) 3.00
Q2 2022 19.70 0.15 0.15 3.24
Q3 2022 23.15 0.34 0.34 9.34
Q4 2022 23.15 0.60 0.60 9.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 More than 100 More than 100 4.04
Q2 2013 More than 100 More than 100 3.52
Q3 2013 More than 100 More than 100 3.28
Q4 2013 More than 100 More than 100 3.41
Q1 2014 More than 100 More than 100 3.69
Q2 2014 More than 100 More than 100 6.19
Q3 2014 More than 100 More than 100 6.37
Q4 2014 More than 100 NEG 3.89
Q1 2015 NEG NEG 4.13
Q2 2015 NEG NEG 4.41
Q3 2015 NEG NEG 3.16
Q4 2015 NEG NEG 2.99
Q1 2016 NEG NEG 2.91
Q2 2016 NEG NEG 2.96
Q3 2016 NEG NEG 2.28
Q4 2016 NEG NEG 3.27
Q1 2017 NEG NEG 3.16
Q2 2017 NEG NEG 2.83
Q3 2017 NEG NEG 3.24
Q4 2017 NEG NEG 3.69
Q1 2018 NEG NEG 3.00
Q2 2018 NEG NEG 2.64
Q3 2018 NEG NEG 2.99
Q4 2018 NEG NEG 3.86
Q1 2019 NEG NEG 3.44
Q2 2019 NEG NEG 2.83
Q3 2019 NEG NEG 2.57
Q4 2019 NEG NEG 4.28
Q1 2020 NEG NEG 3.72
Q2 2020 NEG NEG 5.20
Q3 2020 NEG NEG 10.90
Q4 2020 NEG NEG 22.40
Q1 2021 NEG NEG 26.30
Q2 2021 NEG NEG 26.15
Q3 2021 NEG NEG 24.00
Q4 2021 NEG NEG 24.84
Q1 2022 NEG NEG 20.01
Q2 2022 More than 100 More than 100 13.82
Q3 2022 More than 100 More than 100 3.90
Q4 2022 42.89 42.89 2.78

Business Segments (Million)

Compared With The
Period Pasta sector Vegetable sector Meat products sector Breakfast beans sector Food Factory Dates Factory Adjustments
Q1 2012 8.72 6.33 - 0.19 2.40 - -
Q2 2012 15.37 7.12 - 0.25 2.28 - -
Q3 2012 11.47 6.39 - 0.32 2.76 - -
Q4 2012 5.43 8.49 - 0.11 2.46 - -
Q1 2013 9.13 9.50 - 0.06 2.67 - -
Q2 2013 15.90 7.34 - - 2.35 - -
Q3 2013 9.97 7.65 - 0.17 2.55 - -
Q4 2013 4.66 10.89 - 0.12 3.23 - -
Q1 2014 7.93 11.81 - 0.10 2.24 - -
Q2 2014 14.55 9.95 - 0.09 2.12 - -
Q3 2014 4.69 12.16 - 0.09 3.57 - -
Q4 2014 6.39 8.25 - 0.18 2.52 0.19 -
Q1 2015 6.08 7.65 - 0.22 1.10 - -
Q2 2015 16.17 10.68 - 0.14 1.68 0.16 -
Q3 2015 4.57 8.07 - 0.12 1.97 0.06 -
Q4 2015 8.77 18.21 - 0.09 2.19 0.10 -
Q1 2017 5.58 9.97 - 0.08 1.42 - (1.38)
Q1 2022 11.84 20.51 1.72 0.50 - - -
Q2 2022 8.57 21.73 1.98 0.72 - - -
Q3 2022 9.01 16.28 2.19 1.40 - - -
Q4 2022 11.33 19.15 2.16 1.44 - - -


Financial Ratios
Current
Market Cap (M Riyal) 895.91
Enterprise Value (EV) (M) 872.72
Shares Outstanding ((M)) 23.15
EPS ( Riyal) (TTM) 1.05
Book Value (BV) ( Riyal) 10.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 36.85
Price/book 3.57
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 10.0
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Share Price

Wafrah for Industry and Development Co.
38.70
(0.35) (0.90 %)

Wafrah for Industry and Development Co. (WAFRAH)

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