Riyadh – Mubasher: The parallel market-listed Development Works Food Company achieved net profits after Zakat and tax worth SAR 183,562 during the first quarter of 2021, against net losses of SAR 3.92 million in Q1-20.

Earnings per share stood at SAR 0.07 in Q1-21, versus loss per share of SAR 3.14 in Q1-20, according to a bourse disclosure on Tuesday.

Revenues shrank by 24.5% to SAR 19.8 million in the January-March 2021 period, from SAR 26.26 million in the same period a year earlier.

Quarter-on-quarter, the net profits in Q1-21 were against losses worth SAR 2.74 million in Q4-20.

The revenues in Q1-21 were also lower by 32.8% than SAR 29.48 million in Q1-20.

Last month, the company said it would raise its capital by 20% to SAR 30 million distributed over 3 million shares.