Wafrah’s profits plunge 82% in Q2

Net profits after zakat and tax tumbled 82.27% in Q2-19

  

Riyadh – Mubasher: Wafrah for Industry and Development Company (Wafrah) reported its interim financial statements for the second quarter of 2019.

Net profits after zakat and tax tumbled 82.27% to SAR 294,385 in Q2-19, compared to SAR 1.66 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Total revenues inched down 0.23% year-on-year to SAR 24.04 million in Q2-19.

For the first six months of 2019, net profits of Wafrah increased by 28.8% to SAR 823,636, versus SAR 638,978 in H1-18.

Revenues of the Saudi-based firm levelled up 4.5% to SAR 50.28 million in H1-19, from SAR 48.11 million in the same period of the prior year.

Profit per share stood at SAR 0.041 during the six-month period ended in June, compared to SAR 0.032 in the same period a year earlier.

Source: Mubasher

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