Development Works Food turns to loss of SAR 3.2 mln in 2022; Q4 at SAR 4.4 mln

Development Works Food turns to loss of SAR 3.2 mln in 2022; Q4 at SAR 4.4 mln

29/03/2023 Argaam Exclusive

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Development Works Food Co. turned to a net loss after minorities of SAR 3.2 million in 2022, against a net profit after minorities of SAR 2.4 million in 2021. 

 


Financials (M)

Item 2021 2022 Change‬
Revenues 100.86 98.65 (2.2 %)
Gross Income 9.49 4.39 (53.7 %)
Operating Income (0.23) (6.61) (2,759.7 %)
Net Income 2.35 (3.22) (237.2 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.78 (1.07) (237.2 %)

This was due to a decline in sales and higher cost of sales, in addition to booking a provision for credit losses (receivables and other receivable balances) in accordance with international standards. 

 

The company widened Q4 2022 loss to SAR 4.4 million from SAR 1.09 million a year before.  

 

Development Works Food turned to losses after recording a net profit of SAR 440,000 in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 23.28 19.88 (14.6 %)
Gross Income (2.62) (3.40) (29.7 %)
Operating Income (2.21) (5.93) (167.8 %)
Net Income (1.09) (4.41) (306.4 %)
Average Shares 3.00 3.00 -
EPS (Riyals) (0.36) (1.47) (306.4 %)

Total shareholders’ equity, excluding minority interest, reached SAR 29.2 million at the end of 2022, compared with SAR 32.5 million a year earlier. 

 

Accumulated losses stood at SAR 1.02 million as Dec. 31, 2022, representing 3% of capital. 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 8.00 - 3.55 - 0.83 -
Q2 2016 10.18 - 5.22 - 1.65 -
Q3 2016 11.55 - 6.00 - 1.71 -
Q4 2016 5.19 - (6.82) - (6.82) -
Q1 2017 13.47 68.3 % 6.37 79.3 % 1.09 31.2 %
Q2 2017 20.46 101.1 % 4.54 (13.0 %) 2.79 68.7 %
Q3 2017 20.04 73.5 % 3.76 (37.4 %) 2.24 31.5 %
Q4 2017 28.43 447.7 % 4.20 161.6 % 1.68 124.6 %
Q1 2018 22.70 68.5 % 3.27 (48.7 %) 1.36 25.1 %
Q2 2018 31.16 52.3 % 4.56 0.4 % 2.86 2.5 %
Q3 2018 28.69 43.1 % 4.87 29.6 % 2.47 10.2 %
Q4 2018 26.11 (8.1 %) 2.20 (47.7 %) (1.00) (159.7 %)
Q1 2019 30.76 35.5 % 4.73 44.7 % 1.11 (18.5 %)
Q2 2019 39.94 28.2 % 6.70 46.8 % 2.26 (21.0 %)
Q3 2019 37.07 29.2 % 5.39 10.7 % 2.40 (3.2 %)
Q4 2019 - - - - 3.89 487.7 %
Q1 2020 26.26 (14.6 %) (2.11) (144.7 %) (3.97) (458.4 %)
Q2 2020 22.42 (43.9 %) (0.49) (107.2 %) (2.17) (196.0 %)
Q3 2020 29.68 (19.9 %) 3.60 (33.2 %) 1.53 (36.3 %)
Q4 2020 16.15 - 1.62 - (0.74) (119.1 %)
Q1 2021 19.81 (24.6 %) 2.30 208.8 % (0.86) 78.2 %
Q2 2021 24.61 9.7 % 6.03 1344.1 % 2.56 218.3 %
Q3 2021 33.16 11.8 % 3.77 4.8 % 0.28 (81.4 %)
Q4 2021 23.28 44.2 % (2.62) (261.9 %) (2.21) (198.8 %)
Q1 2022 20.22 2.1 % (0.76) (133.2 %) (3.60) (317.0 %)
Q2 2022 33.81 37.4 % 5.99 (0.8 %) 3.18 24.0 %
Q3 2022 24.74 (25.4 %) 2.56 (32.1 %) (0.25) (188.7 %)
Q4 2022 19.88 (14.6 %) (3.40) (29.7 %) (5.93) (167.8 %)
2022 98.65 (2.2 %) 4.39 (53.7 %) (6.61) (2,759.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 0.84 - 0.28 - 0.84 0.28
Q2 2016 1.60 - 0.53 - 1.60 0.53
Q3 2016 1.76 - 0.59 - 1.76 0.59
Q4 2016 (6.86) - (2.29) - (6.86) (2.29)
Q1 2017 1.04 23.7 % 0.35 - 1.04 0.35
Q2 2017 2.63 64.4 % 0.88 - 2.63 0.88
Q3 2017 2.25 27.6 % 0.75 - 2.25 0.75
Q4 2017 1.97 128.7 % 0.66 - 1.97 0.66
Q1 2018 1.34 28.4 % 0.45 - 1.34 0.45
Q2 2018 2.69 2.4 % 0.90 - 2.69 0.90
Q3 2018 2.31 2.9 % 0.77 - 2.31 0.77
Q4 2018 1.40 (28.8 %) 0.47 - 1.40 0.47
Q1 2019 1.46 8.8 % 0.49 - 1.46 0.49
Q2 2019 2.24 (16.6 %) 0.75 - 2.24 0.75
Q3 2019 2.47 6.7 % 0.82 - 2.47 0.82
Q4 2019 2.47 75.6 % 0.82 - 2.47 0.82
Q1 2020 (3.92) (369.3 %) (1.31) - (3.92) (1.31)
Q2 2020 (2.09) (193.2 %) (0.70) - (2.09) (0.70)
Q3 2020 0.66 (73.2 %) 0.22 - 0.66 0.22
Q4 2020 (3.05) (223.6 %) (1.02) (5.18) 2.13 0.71
Q1 2021 0.12 103.0 % 0.04 - 0.12 0.04
Q2 2021 2.55 221.8 % 0.85 - 2.55 0.85
Q3 2021 0.77 16.5 % 0.26 - 0.77 0.26
Q4 2021 (1.09) 64.3 % (0.36) - (1.09) (0.36)
Q1 2022 (2.29) (2042.4 %) (0.76) - (2.29) (0.76)
Q2 2022 3.04 19.4 % 1.01 - 3.04 1.01
Q3 2022 0.44 (42.5 %) 0.15 - 0.44 0.15
Q4 2022 (4.41) (306.4 %) (1.47) - (4.41) (1.47)
2022 (3.22) (237.2 %) (1.07) - (3.22) (1.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 22.79 % (2.71 %) (7.62 %)
Q1 2017 26.68 % (1.46 %) (6.09 %)
Q2 2017 19.92 % 1.37 % (2.82 %)
Q3 2017 13.26 % 2.51 % (1.60 %)
Q4 2017 22.90 % 13.73 % 9.57 %
Q1 2018 17.21 % 13.38 % 8.93 %
Q2 2018 15.43 % 12.63 % 8.06 %
Q3 2018 15.23 % 12.41 % 7.49 %
Q4 2018 13.71 % 10.99 % 7.12 %
Q1 2019 14.01 % 10.44 % 6.73 %
Q2 2019 14.74 % 9.82 % 5.91 %
Q3 2019 14.20 % 9.66 % 5.65 %
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 2.77 % 19.73 % (3.41 %)
Q1 2021 7.99 % 24.51 % 0.93 %
Q2 2021 15.02 % 35.22 % 6.05 %
Q3 2021 14.64 % 27.47 % 5.94 %
Q4 2021 9.40 % 21.89 % 2.33 %
Q1 2022 6.34 % 22.19 % (0.06 %)
Q2 2022 5.77 % 18.27 % 0.39 %
Q3 2022 5.06 % 19.65 % 0.10 %
Q4 2022 4.45 % 16.91 % (3.27 %)
2022 4.45 % 16.91 % (3.27 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 3.00 - - 4.68
Q2 2016 3.00 - - 5.11
Q3 2016 3.00 - - 4.48
Q4 2016 3.00 (0.89) (0.89) 4.84
Q1 2017 3.00 (0.82) (0.82) 5.02
Q2 2017 3.00 (0.48) (0.48) 5.90
Q3 2017 3.00 (0.32) (0.32) 6.65
Q4 2017 3.00 2.63 2.63 7.16
Q1 2018 3.00 2.73 2.73 7.61
Q2 2018 3.00 2.75 2.75 8.51
Q3 2018 3.00 2.77 2.77 9.28
Q4 2018 3.00 2.58 2.58 10.10
Q1 2019 3.00 2.62 2.62 10.58
Q2 2019 3.00 2.47 2.47 11.33
Q3 2019 3.00 2.52 2.52 12.15
Q4 2019 3.00 2.88 2.88 12.97
Q1 2020 3.00 1.08 1.08 11.56
Q2 2020 3.00 (0.36) (0.36) 10.86
Q3 2020 3.00 (0.96) (0.96) 11.08
Q4 2020 3.00 (2.80) (1.07) 10.17
Q1 2021 3.00 (1.45) 0.27 10.21
Q2 2021 3.00 0.09 1.82 11.06
Q3 2021 3.00 0.13 1.86 11.32
Q4 2021 3.00 0.78 0.78 10.85
Q1 2022 3.00 (0.02) (0.02) 10.09
Q2 2022 3.00 0.14 0.14 11.10
Q3 2022 3.00 0.04 0.04 11.25
Q4 2022 3.00 (1.07) (1.07) 9.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 NEG NEG 7.75
Q2 2017 NEG NEG 5.47
Q3 2017 NEG NEG 4.29
Q4 2017 11.05 11.05 4.06
Q1 2018 9.69 9.69 3.47
Q2 2018 10.92 10.92 3.53
Q3 2018 9.69 9.69 2.89
Q4 2018 10.66 10.66 2.72
Q1 2019 12.72 12.72 3.15
Q2 2019 15.17 15.17 3.31
Q3 2019 12.24 12.24 2.54
Q4 2019 22.86 22.86 5.07
Q1 2020 39.32 39.32 3.68
Q2 2020 NEG NEG 4.44
Q3 2020 NEG NEG 10.75
Q4 2020 NEG NEG 15.45
Q1 2021 NEG More than 100 12.65
Q2 2021 More than 100 82.28 13.53
Q3 2021 More than 100 91.63 15.02
Q4 2021 More than 100 More than 100 26.02
Q1 2022 NEG NEG 26.36
Q2 2022 More than 100 More than 100 16.41
Q3 2022 More than 100 More than 100 17.14
Q4 2022 NEG NEG 15.76

Business Segments (Million)

Compared With The
Period Juice Time trade mark sales Quiznos trade mark sales Sales of vegetables and fruits Jamarti Brand sales


Financial Ratios
Current
Market Cap (M Riyal) 402.60
Enterprise Value (EV) (M) 406.23
Shares Outstanding ((M)) 3.00
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 9.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 14.61
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Share Price

Development Works Food Co.
134.20
1.00 0.75 %

Development Works Food Co. (DWF)

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