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Wafrah for Industry & Development Q3 loss widens 84.5% YOY

Wafrah for Industry & Development Co. said its third-quarter normalized net income amounted to a loss of 28 halalas per share, compared with a loss of 15 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.7 million riyals, compared with a loss of 3.1 million riyals in the year-earlier period.

The normalized profit margin fell to negative 42.6% from negative 20.7% in the year-earlier period.

Total revenue grew 21.1% year over year to 17.9 million riyals from 14.8 million riyals, and total operating expenses increased 37.2% from the prior-year period to 27.0 million riyals from 19.7 million riyals.

Reported net income totaled a loss of 9.3 million riyals, or a loss of 47 halalas per share, compared to a loss of 5.5 million riyals, or a loss of 27 halalas per share, in the year-earlier period.

As of Oct. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.