Riyadh – Mubasher: The net profits of Wafrah for Industry and Development Company surged by 148.7% to SAR 1.316 million, after zakat and tax, during the first quarter (Q1) of 2020 from SAR 529,251 in the same period of 2019.

The rise in net profits is attributed to lower sales costs and an improvement in the operational efficiency and selling prices, according to the company's interim financial results for the period ended on 31 March 2020.

The company's revenues declined by 15.9% to SAR 22.066 million in Q1-20 from SAR 26.24 million in the corresponding quarter of 2019.

The earnings per share (EPS) stood at SAR 0.07 in the January-March period, versus SAR 0.03 in the corresponding period of 2019.

Meanwhile, the company's accumulated losses reached SAR 121.513 million by the end of the first quarter, representing 60.76% of its capital that is valued at SAR 200 million.

In April, the extraordinary general meeting (EGM) decided to reduce the capital by 61.4% to SAR 77.17 million to offset the SAR 122.83 million accumulated losses.