Riyadh – Mubasher: Wafrah for Industry and Development Company has turned to net losses after Zakat and tax of SAR 198,588 during the first quarter (Q1) of 2021, against a net profit of SAR 1.31 million in Q1-20.
The company posted a loss per share of SAR 0.26 in Q1-21, versus earnings per share of SAR 0.14 in Q1-20.
The net loss in Q1-21 was 98% lower than the SAR 10.29 million losses incurred in the fourth quarter (Q4) of 2020, according to the interim income statements.
Revenues meanwhile decreased by 2% to SAR 21.57 million in Q1-21 from SAR 22.06 million in Q1-20. They were also quarterly lower by 0.27% from SAR 21.62 million in Q4-20.
Wafrah said its accumulated losses until 31 March 2021 stood at SAR 14.24 million, representing 18.46% of the SAR 77.17 million capital.
