25/07/2022
Argaam Exclusive











Development Works Food Co. posted a net profit after Zakat and tax of SAR 748,000 for the first half of 2022, a decline of 72% compared to SAR 2.7 million a year earlier.




The firm attributed the profit decline to higher cost of income, especially in the first quarter of the current year, due to higher wages and higher prices of raw materials and packaging.










In Q2 2022, the company reported a net profit after Zakat and tax of SAR 3.04 million, up 19.3% from SAR 2.55 million a year before, driven by higher revenue.




Compared to the previous quarter, the firm turned to a net profit from a loss of SAR 2.26 million.







Current Quarter Comparison (M)
























Item Q2 2021 Q2 2022 Change‬
Revenues

24.61


33.81
37.4 %
Gross Income

6.03


5.99
(0.8 %)
Operating Income

2.56


3.18
24.0 %
Net Income

2.55


3.04
19.3 %
Average Shares

3.00


3.00
EPS (Riyals)

0.85


1.01
19.3 %




Total shareholders’ equity, after minority interest, reached SAR 33.312 million as on June 30, 2022, compared to SAR 32.564 million in year-earlier period.











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Share Price














Development Works Food Co. (DWF)




































Current
Market Cap (M Riyal) 558.00
Enterprise Value (EV) (M) 584.65
Book Value (BV) ( Riyal) 11.10
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 16.75
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5


















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