Riyadh –  Development Works Food Company turned to net losses after Zakat and tax valued at SAR 1.83 million in the first nine months (9M) of 2023, against net profits of SAR 1.50 million in 9M-22.

Revenues stood at SAR 70.73 million in 9M-23, lower by 10.20% year-on-year (YoY) than SAR 78.77 million, according to the interim financial results.

The loss per share hit SAR 0.63 as of 30 September 2023, versus earnings per share (EPS) of SAR 0.40 in 9M-22.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, Development Works Food recorded a YoY increase of 1.17% in net profit to SAR 508,849 from SAR 502,989.

The revenues, meanwhile, decreased by 3.58% to SAR 23.85 million in Q3-23 from SAR 24.74 million in the July-September 2022 period.

On a quarterly basis, the net profits in Q3-23 grew by 40.83% from SAR 361,317 in Q2-23, while the revenues dropped by 12.20% from SAR 27.17 million.

It is worth noting that Anas Al Amoud recently became the Chairman of Development Works Food after Ashry bin Saad Al Ashry resigned from his position in July 2023.

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