Wafrah Q1 2024 profit surges 75% to SAR 10.6M

15/05/2024 Argaam Exclusive

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Wafrah for Industry and Development Co. reported a net profit of SAR 10.6 million for Q1 2024, a rise of 75% compared to SAR 6.1 million in the same period a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	39.85	54.12	35.8 %
Gross Income	13.66	21.98	60.9 %
Operating Income	5.51	9.69	75.7 %
Net Income	6.08	10.64	75.1 %
Average Shares	23.15	23.15	-
EPS (Riyals)	0.26	0.46	75.1 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	36.62	54.12	47.8 %
Gross Income	7.84	21.98	180.3 %
Operating Income	(9.58)	9.69	201.0 %
Net Income	5.73	10.64	85.7 %
Average Shares	23.15	23.15	-
EPS (Riyals)	0.25	0.46	85.7 %

The profit increase was driven by a 36% year-on-year (YoY) increase in sales, due to the vegetable segment top-performance and the company’s on-going strategy to expand the customer base and boost sales, which led to higher demand for its products and sales volume.

The rise was also attributed to a 6% decrease in the cost of sales and an increase in profits from investments at fair value of SAR 1.2 million.

This came despite an increase in selling, distribution, administrative and general expenses for the purpose of strengthening the sales and administrative teams to keep pace with the large expansions currently underway in the meat and pastry factories. In addition, some allocations were made and Zakat expenses increased.

Sequentially, the company's Q1 2024 net profit rose 85.7% from SAR 5.73 million.

Shareholders’ equity, no minority interest, rose to SAR 243.1 million, up from SAR 218.93 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	15.06	(31.8 %)	3.94	(51.6 %)	(3.74)	(451.9 %)	(0.19)
Q2 2015	28.82	7.9 %	7.96	(17.2 %)	0.51	(76.4 %)	0.03
Q3 2015	14.79	(27.9 %)	2.56	(47.6 %)	(5.49)	(1145.7 %)	(0.28)
Q4 2015	29.37	67.6 %	10.39	223.1 %	3.09	193.9 %	0.16
2015	88.03	1.4 %	24.95	(3.2 %)	(5.51)	(16300.0 %)	(0.28)
Q1 2016	28.07	86.4 %	7.85	99.2 %	0.14	103.8 %	0.01
Q2 2016	22.23	(22.9 %)	7.82	(1.7 %)	0.70	37.0 %	0.04
Q3 2016	13.31	(10.0 %)	(1.45)	(156.6 %)	(9.34)	(70.0 %)	(0.47)
Q4 2016	17.95	(38.9 %)	1.53	(85.2 %)	(11.68)	(478.3 %)	(0.59)
2016	81.56	(7.4 %)	15.76	(36.8 %)	(20.18)	(266.3 %)	(1.02)
Q1 2017	15.67	(44.2 %)	1.23	(84.4 %)	(4.95)	(3562.2 %)	(0.25)
Q2 2017	21.29	(4.2 %)	5.49	(29.8 %)	(0.50)	(171.3 %)	(0.03)
Q3 2017	12.37	(7.0 %)	(1.74)	(20.2 %)	(8.26)	11.5 %	(0.42)
Q4 2017	11.51	(35.9 %)	(19.31)	(1358.8 %)	(36.41)	(211.7 %)	(1.85)
2017	60.83	(25.4 %)	(14.33)	(190.9 %)	(50.12)	(148.4 %)	(2.54)
Q1 2018	24.01	53.3 %	6.83	456.8 %	(1.02)	79.4 %	(0.05)
Q2 2018	24.10	13.2 %	8.42	53.2 %	1.66	434.9 %	0.08
Q3 2018	13.42	8.5 %	(1.68)	3.7 %	(9.33)	(12.9 %)	(0.47)
Q4 2018	18.60	61.6 %	(0.39)	98.0 %	(17.81)	51.1 %	(0.90)
2018	80.13	31.7 %	13.18	192.0 %	(26.50)	47.1 %	(1.35)
Q1 2019	26.24	9.3 %	7.48	9.5 %	0.53	151.8 %	0.03
Q2 2019	24.04	(0.2 %)	7.38	(12.3 %)	0.29	(82.3 %)	0.01
Q3 2019	21.27	58.5 %	4.46	366.1 %	(1.81)	80.6 %	(0.09)
Q4 2019	11.27	(39.4 %)	(2.56)	(552.8 %)	(24.39)	(36.9 %)	(1.24)
2019	82.82	3.4 %	16.76	27.2 %	(25.37)	4.3 %	(1.29)
Q1 2020	22.07	(15.9 %)	8.25	10.4 %	1.32	148.8 %	0.07
Q2 2020	17.12	(28.8 %)	5.29	(28.3 %)	(0.67)	(326.5 %)	(0.03)
Q3 2020	22.96	7.9 %	4.26	(4.6 %)	(2.92)	(62.0 %)	(0.15)
Q4 2020	21.63	92.0 %	1.62	163.1 %	(10.30)	57.8 %	(0.52)
2020	83.78	1.2 %	19.41	15.8 %	(12.38)	51.2 %	(0.63)
Q1 2021	21.57	(2.2 %)	6.10	(26.1 %)	(0.20)	(115.1 %)	(0.01)
Q2 2021	15.15	(11.5 %)	3.24	(38.7 %)	(2.59)	(288.6 %)	(0.13)
Q3 2021	15.97	(30.4 %)	1.34	(68.6 %)	(1.73)	40.8 %	(0.09)
Q4 2021	12.28	(43.2 %)	0.81	(49.8 %)	(6.41)	37.7 %	(0.33)
2021	64.97	(22.5 %)	11.49	(40.8 %)	(10.93)	11.7 %	(0.55)
Q1 2022	34.56	60.2 %	13.14	115.4 %	6.15	3191.7 %	0.31
Q2 2022	33.00	117.8 %	12.90	297.7 %	5.02	294.1 %	0.26
Q3 2022	28.88	80.9 %	9.56	615.0 %	3.02	274.2 %	0.13
Q4 2022	34.08	177.5 %	8.36	930.9 %	(0.38)	94.1 %	(0.02)
2022	130.52	100.9 %	43.96	282.5 %	13.82	226.4 %	0.60
Q1 2023	39.85	15.3 %	13.66	3.9 %	6.08	(1.2 %)	0.26
Q2 2023	39.53	19.8 %	14.54	12.7 %	4.55	(9.4 %)	0.20
Q3 2023	46.71	61.7 %	15.34	60.5 %	5.06	67.7 %	0.22
Q4 2023	36.62	7.5 %	7.84	(6.2 %)	5.73	1626.6 %	0.25
2023	161.63	23.8 %	50.59	15.1 %	20.96	51.7 %	0.91
Q1 2024	54.12	35.8 %	21.98	60.9 %	10.64	75.1 %	0.46

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	86.82	0.8 %	25.77	(8.5 %)	0.03	(99.5 %)	0.00
2015	88.03	1.4 %	24.95	(3.2 %)	(5.51)	(16300.0 %)	(0.28)
2016	81.56	(7.4 %)	15.76	(36.8 %)	(20.18)	(266.3 %)	(1.02)
2017	60.83	(25.4 %)	(14.33)	(190.9 %)	(50.12)	(148.4 %)	(2.54)
2018	80.13	31.7 %	13.18	192.0 %	(26.50)	47.1 %	(1.35)
2019	82.82	3.4 %	16.76	27.2 %	(25.37)	4.3 %	(1.29)
2020	83.78	1.2 %	19.41	15.8 %	(12.38)	51.2 %	(0.63)
2021	64.97	(22.5 %)	11.49	(40.8 %)	(10.93)	11.7 %	(0.55)
2022	130.52	100.9 %	43.96	282.5 %	13.82	226.4 %	0.60
2023	161.63	23.8 %	50.59	15.1 %	20.96	51.7 %	0.91

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2015	28.34 %	8.97 %	(6.26 %)
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 %)
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 %)
2017	(23.56 %)	(45.43 %)	(74.96 %)
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 %)
2018	16.45 %	(5.09 %)	(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 %)
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 %)
2020	23.17 %	(0.67 %)	(14.78 %)
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 %)
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 %
Q1 2023	32.75 %	15.99 %	10.12 %
Q2 2023	32.40 %	14.33 %	9.32 %
Q3 2023	32.40 %	13.36 %	9.56 %
Q4 2023	31.57 %	7.71 %	13.16 %
2023	31.30 %	6.76 %	12.97 %
Q1 2024	33.73 %	9.39 %	14.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	29.68 %	8.53 %	(4.02 %)
2015	28.34 %	8.97 %	(6.26 %)
2016	19.33 %	0.67 %	(20.71 %)
2017	(23.56 %)	(45.43 %)	(74.96 %)
2018	16.45 %	(5.09 %)	(21.21 %)
2019	20.24 %	(1.15 %)	(14.42 %)
2020	23.17 %	(0.67 %)	(14.78 %)
2021	17.69 %	(5.67 %)	(16.83 %)
2022	33.68 %	17.72 %	10.59 %
2023	31.30 %	6.76 %	12.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	26.18 %	(3.18 %)	(24.87 %)
Q2 2015	27.61 %	25.08 %	1.76 %
Q3 2015	17.29 %	(35.01 %)	(37.13 %)
Q4 2015	35.39 %	21.22 %	10.51 %
Q1 2016	27.98 %	13.69 %	0.51 %
Q2 2016	35.20 %	19.81 %	3.13 %
Q3 2016	(10.88 %)	(43.58 %)	(70.16 %)
Q4 2016	8.54 %	(10.61 %)	(46.76 %)
Q1 2017	7.83 %	(7.12 %)	(31.60 %)
Q2 2017	25.81 %	13.15 %	(2.33 %)
Q3 2017	(14.08 %)	(38.39 %)	(66.78 %)
Q4 2017	(167.75 %)	(213.44 %)	(277.06 %)
Q1 2018	28.45 %	9.06 %	(4.25 %)
Q2 2018	34.92 %	17.32 %	6.89 %
Q3 2018	(12.50 %)	(50.45 %)	(69.50 %)
Q4 2018	(2.11 %)	(16.98 %)	(44.68 %)
Q1 2019	28.50 %	12.46 %	2.02 %
Q2 2019	30.69 %	12.18 %	1.22 %
Q3 2019	20.98 %	2.53 %	(8.49 %)
Q4 2019	(22.71 %)	(68.26 %)	(97.30 %)
Q1 2020	37.40 %	17.10 %	5.96 %
Q2 2020	30.88 %	9.01 %	(3.89 %)
Q3 2020	18.55 %	(2.69 %)	(12.74 %)
Q4 2020	7.47 %	(24.31 %)	(47.60 %)
Q1 2021	28.28 %	8.41 %	(0.92 %)
Q2 2021	21.42 %	(4.36 %)	(17.09 %)
Q3 2021	8.37 %	(3.64 %)	(10.85 %)
Q4 2021	6.60 %	(34.66 %)	(52.21 %)
Q1 2022	38.02 %	26.48 %	17.80 %
Q2 2022	39.10 %	21.54 %	15.22 %
Q3 2022	33.10 %	16.65 %	10.44 %
Q4 2022	24.54 %	6.03 %	(1.10 %)
Q1 2023	34.28 %	19.44 %	15.25 %
Q2 2023	36.78 %	14.65 %	11.51 %
Q3 2023	32.84 %	12.44 %	10.83 %
Q4 2023	21.40 %	(18.57 %)	15.65 %
Q1 2024	40.61 %	21.84 %	19.67 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2023	23.15	0.59	0.59	9.46
Q2 2023	23.15	0.57	0.57	10.02
Q3 2023	23.15	0.66	0.66	10.23
Q4 2023	23.15	0.93	0.93	10.04
Q1 2024	23.15	1.12	1.12	10.50

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	19.70	0.00	(0.18)	10.31
2015	19.70	(0.28)	(0.28)	10.22
2016	19.70	(1.02)	(0.86)	9.21
2017	19.70	(2.54)	(2.32)	6.66
2018	19.70	(1.35)	(0.86)	5.15
2019	19.70	(1.29)	(0.61)	3.84
2020	19.70	(0.63)	(0.63)	3.17
2021	19.70	(0.55)	(0.55)	2.68
2022	23.15	0.60	0.60	9.19
2023	23.15	0.91	0.91	10.04

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2023	55.67	55.67	3.49
Q2 2023	61.24	61.24	3.50
Q3 2023	62.44	62.44	4.04
Q4 2023	45.45	45.45	4.19
Q1 2024	42.05	42.05	4.49

Period	P/E	Adjusted P/E	Price/book
2014	More than 100	NEG	3.89
2015	NEG	NEG	2.99
2016	NEG	NEG	3.27
2017	NEG	NEG	3.69
2018	NEG	NEG	3.86
2019	NEG	NEG	4.28
2020	NEG	NEG	22.40
2021	NEG	NEG	24.84
2022	42.89	42.89	2.78
2023	46.44	46.44	4.19

Business Segments (Million)

Compared With The

Period	Pasta sector	Vegetable sector	Meat products sector	Breakfast beans sector	Food Factory	Dates Factory	Adjustments
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	-	-	-
Q1 2023	12.91	23.74	2.05	1.15	-	-	-
Q2 2023	9.44	27.37	1.88	0.84	-	-	-
Q3 2023	10.69	31.61	3.06	1.35	-	-	-
Q4 2023	13.58	17.83	2.72	2.50	-	-	-
Q1 2024	14.56	34.36	3.55	1.65	-	-	-

Period	Pasta sector	Vegetable sector	Meat products sector	Breakfast beans sector	Food Factory	Dates Factory	Adjustments
2014	33.56	42.16	-	0.45	10.46	0.19	-
2015	35.58	44.60	-	0.58	6.94	0.32	-
2021	22.92	32.03	7.98	2.04	-	-	-
2022	40.74	77.68	8.05	4.05	-	-	-
2023	46.27	99.91	9.64	5.80	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,025.55
Enterprise Value (EV) (M)	981.91
Shares Outstanding ((M))	23.15
EPS ( Riyal) (TTM)	1.12
Book Value (BV) ( Riyal)	10.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.47
P/E (TTM)	39.47
Price/book	4.22
Return on Average Assets (%) (TTM)	8.0
Return on Average Equity (%) (TTM)	11.2

Wafrah for Industry and Development Co. (WAFRAH)

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Wafrah Q1 2024 profit surges 75% to SAR 10.6M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Wafrah for Industry and Development Co. (WAFRAH)

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Wafrah Q1 2024 profit surges 75% to SAR 10.6M

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Wafrah for Industry and Development Co. (WAFRAH)

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Business Segments (Million)