Wafrah losses drop 12% to SR11 mln in 2021

Wafrah for Industry and Development Co. reported a net loss of 12% to SR 11 million in 2021 from SR 12 million the year earlier.

The company added in its financial result statement published on Tadawul that operational profit jumped by 83% to SR 12 million from SR 6 million the year before.

Moreover, gross profit of Wafrah dropped 41% to SR 11 million in 2021 from SR 19 million, while the loss per share (EPS) surged to SR 1.42 from SR 1.6 in 2020.

The decrease in net loss was spurred by lower selling and marketing expenses, to the decrease in the provisions for expected credit losses there was no need for the provision for impairment of inventory value for the reversal of the provision of spare parts no longer required and for lower estimated Zakat/tax, despite the decrease in sales value by 22.45%.