Food Development Records Net Profit of SR770, 000 during the 3Q, an increase of 16%

The Food Development Business Company achieved a net profit after zakat and tax of SR770 thousand during the third quarter, compared to SR661.19 thousand riyals during the same period of the previous year, an increase of 16.47%.

This came after Development Works Food Co. announces its interim financial results for the period ending on 2021-09-30 (nine months).

The operational profit amounted to SR275.89 million during the third quarter, compared to SR1.52 million during the same period of the previous year, a decrease of 81.9%.

The gross profit amounted to SR3.77 million during the third quarter, compared to SR3.59 million during the same period of the previous year, an increase of 4.8%.

The net profit after zakat and tax during the current period amounted to SR3.8 million, compared to a loss of SR5.35 million during the same period of the previous year.

Profits per share during the current period amounted to 1.14 riyals, compared to SR2.14 during the same period of the previous year.

The reason for the increase in net profit for the current quarter of 2021 compared to the net profit for the same quarter of the previous year 2020 is mainly due to the increase in sales and focus on activities that generate returns

The reason for the decrease in the net profit for the current quarter of 2021 compared to the net profit for the previous quarter of the year 2021 is due to the decrease in the profit of the controlling company due to seasonality.

The reason for the increase in net profit for the current period of 2021 compared to the net losses for the same period of the previous year 2020 is mainly due to the exit from unprofitable activities and focus on activities that generate a return as well as controlling operating costs

Certain figures for the comparative period have been reclassified to conform to the presentation for the current period, the company said.