Riyadh – Mubasher: Wafrah for Industry and Development Co has turned to profitability in the first quarter of 2019 with a net profit of SAR 529,250, against a net loss of SAR 1.02 million in Q1-18.

Revenue increased in Q1-19 by 9.3% year-on-year to SAR 26.240 million, compared to SAR 24.012 million in the prior-year period, Wafrah said in a statement to the Saudi Stock Exchange (Tadawul).

Earnings per Share (EPS) amounted to SAR 0.03 at the end of March, versus losses per share of SAR 0.05 in Q1-18, the company added.

Accumulated losses stood at SAR 92.366 million in the three-month period ended 31 March, accounting for 48.68% of the company’s capital worth SAR 200 million.

In 2018, Wafrah had incurred a net loss of SAR 26.5 million, down 47% from SAR 50.12 million a year earlier.