Riyadh - Mubasher: Wafrah for Industry and Development Company inked a contract with Abu Dhabi-headquartered firm Lulu Group International on 15 January 2023 at a value of SAR 5.27 million.
Meanwhile, Wafrah will manufacture and prepare macaroni of different types and pack sizes under Lulu’s trade name for one year, according to a recent bourse disclosure.
The Saudi company noted that the agreement will enlarge its revenues during the contract’s duration period.
Earlier this month, Wafrah and Saudia Dairy and Foodstuff Company (SADAFCO) penned a SAR 11.84 million deal to provide the latter with frozen French fries for six months.
In the first nine months (9M) of 2022, Wafrah turned profitable at SAR 14.19 million, against net losses after Zakat and tax worth SAR 4.51 million in the January-September 2021 period.
Revenues widened by 83.04% year-on-year (YoY) to SAR 96.44 million in 9M-22 from SAR 52.68 million.
Additionally, the earnings per share (EPS) stood at SAR 1.43 in 9M-22, versus a loss per share of SAR 0.46 in 9M-21.
Wafrah incurred accumulated losses worth SAR 14.48 million as of 30 September 2022, accounting for 6.26% of the SAR 231.51 million capital.
