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Wafrah for Industry & Development swings to profit in Q4

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Wafrah for Industry & Development swings to profit in Q4

Wafrah for Industry & Development Co. said its fourth-quarter normalized net income amounted to 10 halalas per share, compared with a loss of 24 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.0 million riyals, compared with a loss of 4.7 million riyals in the year-earlier period.

The normalized profit margin increased to 6.7% from negative 27.1% in the year-earlier period.

Total revenue grew 67.6% on an annual basis to 29.4 million riyals from 17.5 million riyals, and total operating expenses rose 15.0% on an annual basis to 26.3 million riyals from 22.8 million riyals.

Reported net income totaled 3.2 million riyals, or 16 halalas per share, compared to a loss of 3.7 million riyals, or a loss of 19 halalas per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 14 halalas per share, compared with a loss of 8 halalas per share in the prior year.

Normalized net income was a loss of 2.7 million riyals, compared with a loss of 1.3 million riyals in the prior year.

Full-year total revenue grew from the prior-year period to 88.0 million riyals from 86.8 million riyals, and total operating expenses grew year over year to 92.5 million riyals from 89.4 million riyals.

The company said reported net income came to a loss of 5.5 million riyals, or a loss of 28 halalas per share, in the full year, compared with income of 33,630 riyals, or 0 halalas per share, the prior year.

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