Riyadh – Mubasher: The net profits after Zakat and tax of Wafrah for Industry and Development Company rose by 7.32% to SAR 15.23 million in the first nine months (9M) of 2023, compared to SAR 14.19 million in the same period of 2022, according to the interim financial results.
The company’s revenues reached SAR 125 million during January-September 2023, which represents a 29.62% year-on-year (YoY) growth from SAR 96.44 million.
However, the earnings per share (EPS) declined to SAR 0.66 in 9M-23 from SAR 1.43 in 9M-22.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the Saudi firm posted net profits after Zakat and tax of SAR 5.05 million, down by 67.68% YoY from SAR 3.01 million.
The revenues surged by 61.72% to SAR 46.70 million in Q3-23 from SAR 28.88 million in Q3-22.
On a quarterly basis, the Q3-23 profits decreased by 11.19% from the SAR 4.54 million recorded in Q2-23, while the revenues dropped by 18.16% from SAR 39.52 million.
It is worth noting that in January 2023, Wafrah signed a SAR 5.27 million contract with Abu Dhabi-based Lulu Group International.
