Wafra incurs losses of 15.5 million riyals during Q2

Wafra Industrial and Development Company recorded a net loss of 15.5 million riyals during the second quarter, compared to a profit of 6.09 million riyals in the same quarter last year. This came after the announcement today of the preliminary financial results for the period ending June 30, 2025 (six months).

The operating loss amounted to 17.9 million riyals in the second quarter, compared to a loss of 998 thousand riyals in the same quarter of the previous year, an increase of 1688%.

The loss for the current period amounted to 10.99 million riyals, compared to a profit of 16.7 million riyals in the same quarter of the previous year.

The loss per share for the current period amounted to 0.48 riyals, compared to a profit of 0.72 riyals in the same period last year. The company stated in a statement today on Tadawul that the reason for the 61% decline in sales for the current quarter of 2025 compared to the same quarter of 2024 is due to the restructuring of the sales department and the adjustment of sales and credit policies granted to customers to improve the company’s financial efficiency during the coming period. This is in addition to the current quarter being devoid of most of the consumer seasons compared to the same quarter of 2024. The company continued: “The abundance of raw potato crops in agricultural lands, the increase in foreign imports of potato finger products, and the entry of new competitors also led to a decrease in the prices and sales volume of the company’s potato finger products compared to the same quarter of 2024. These combined factors led to a 56% decline in sales at the vegetable factory, an 82% decline in the pasta factory, and a 40% decline in the meat factory compared to the same quarter of 2024.”