Wafrah earns SAR 18.6M in 9M 2024; Q3 at SAR 1.8M

Wafrah earns SAR 18.6M in 9M 2024; Q3 at SAR 1.8M

10/11/2024 Argaam Exclusive

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Wafrah for Industry & Development Co. posted a profit of SAR 18.6 million in the first nine months of 2024, compared to SAR 16 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 126.08 127.54 1.2 %
Gross Income 42.89 43.77 2.0 %
Operating Income 12.84 10.32 (19.6 %)
Net Income 15.99 18.58 16.2 %
Average Shares 23.15 23.15 -
EPS (Riyals) 0.69 0.80 16.2 %

The profit increase was driven by a rise in the company’s sales of breakfast cereal products by 46%, meat products (32%), and pastries (14%). This was in addition to a 21% reduction in sales allowance expenses.

 

The company also cited a reversal of a previously established impairment provision for investments where it is no longer needed, along with recognition of gains from investments in financial instruments at fair value through profit or loss.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 46.71 41.66 (10.8 %)
Gross Income 15.02 12.58 (16.3 %)
Operating Income 3.97 1.64 (58.8 %)
Net Income 5.21 1.84 (64.7 %)
Average Shares 23.15 23.15 -
EPS (Riyals) 0.22 0.08 (64.7 %)

In Q3 2024, net profit reached 1.8 million, compared with SAR 5.21 million in Q3 2023, due to lower sales.

 

On a sequential basis, the bottom line dropped 69.8% from SAR 6 million in Q2 2024.

 

Shareholders’ equity, no minority interest, reached SAR 251.09 million as of Sept. 30, 2024, up from SAR 228.84 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2023 39.85 15.3 % 13.71 4.4 % 5.51 (18.2 %)
Q2 2023 39.53 19.8 % 14.16 9.7 % 4.12 (25.4 %)
Q3 2023 46.71 61.7 % 15.02 57.2 % 3.97 32.7 %
Q4 2023 36.62 7.5 % 7.84 (6.2 %) (9.58) (1,683.8 %)
Q1 2024 54.12 35.8 % 21.88 59.5 % 9.69 75.7 %
Q2 2024 31.76 (19.6 %) 9.31 (34.2 %) (1.00) (124.2 %)
Q3 2024 41.66 (10.8 %) 12.58 (16.3 %) 1.64 (58.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2023 6.08 (1.2 %) 0.26 - 6.08 0.26
Q2 2023 4.70 (6.5 %) 0.20 - 4.70 0.20
Q3 2023 5.21 72.7 % 0.22 - 5.21 0.22
Q4 2023 5.73 1626.6 % 0.25 - 5.73 0.25
Q1 2024 10.64 75.1 % 0.46 - 10.64 0.46
Q2 2024 6.09 29.7 % 0.26 7.46 (1.36) (0.06)
Q3 2024 1.84 (64.7 %) 0.08 - 1.84 0.08

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 %)
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 %
Q1 2023 32.79 % 15.99 % 10.12 %
Q2 2023 32.17 % 14.56 % 9.43 %
Q3 2023 32.00 % 13.71 % 9.75 %
Q4 2023 31.18 % 8.05 % 13.35 %
Q1 2024 33.28 % 9.70 % 14.85 %
Q2 2024 31.94 % 7.22 % 11.95 %
Q3 2024 31.44 % 6.09 % 10.27 %


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 0.58 0.58 9.66
Q3 2023 23.15 0.67 0.67 10.23
Q4 2023 23.15 0.94 0.94 10.04
Q1 2024 23.15 1.14 1.14 10.50
Q2 2024 23.15 1.20 0.87 10.76
Q3 2024 23.15 1.05 0.73 10.85

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 60.55 60.55 3.63
Q3 2023 61.24 61.24 4.04
Q4 2023 44.82 44.82 4.19
Q1 2024 41.57 41.57 4.49
Q2 2024 36.72 50.26 4.08
Q3 2024 41.90 60.43 4.06

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 9.38 27.44 1.87 0.83 - - -
Q3 2023 10.69 31.60 3.07 1.35 - - -
Q4 2023 13.58 17.83 2.72 2.50 - - -
Q1 2024 14.56 34.36 3.55 1.65 - - -
Q2 2024 10.32 17.89 2.33 1.22 - - -
Q3 2024 12.85 23.39 3.41 2.01 - - -


Financial Ratios
Current
Market Cap (M Riyal) 870.44
Enterprise Value (EV) (M) 847.25
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) 35.80
Price/book 3.47
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.
37.60
(0.30) (0.79 %)

Wafrah for Industry and Development Co. (WAFRAH)

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