“Wafra” returns to profitability in the first quarter with 6.15 million riyals

Wafrah Company for Industry and Development announced its transformation in profitability in the first quarter of 2022 with a value of 6.15 million riyals, compared to a loss of 198.58 thousand riyals in the corresponding period of the previous year.

On a quarterly basis, the company made profits in the first quarter, compared to a loss of 6.4 million riyals in the fourth quarter of 2021.

The company stated in a statement in “Saudi Tadawul”, today, Monday, that the main reason for posting net profits is due to the increase in sales of 60.22% and the improvement in average sales prices and the reduction in costs due to the increase in production volume despite the decrease in other revenues.

The company’s sales in the first quarter increased by 60% to 34.56 million riyals, compared to 21.57 million riyals in the corresponding period of 2021.

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