Wafrah for Industry and Development Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	21,570,430	22,066,464	-2.247	21,629,233	-0.271
Gross Profit (Loss)	6,100,849	8,253,196	-26.078	1,614,954	277.772
Operational Profit (Loss)	499,574	1,721,966	-70.988	-5,016,747	-
Net Profit (Loss) after Zakat and Tax	-198,588	1,316,282	-	-10,296,013	-98.071
Total Comprehensive Income	-142,699	1,165,488	-	-11,297,496	-98.736
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	62,202,247	77,669,596	-19.914
Profit (Loss) per Share	-0.26	0.17
All figures are in (Actual) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	14,242,119	77,170,350	18.46
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The main reason for the net losses in the current quarter compared to the net profit in the equivalent quarter of the previous year is attributed to the decrease in sales by 2.25 %. Also to the increase of cost of sales and the increase in the provision for expected credit losses, and provision for valuation loss of property, plant and equipment by the sum of SR 468,578 despite the decrease in the General and Administrative expenses, and in sales and marketing expenses, and despite the increase in other revenues.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The main reason for the decrease in the losses of the current quarter compared to net losses in the previous quarter is attributed to the increase in cost of sales in the previous quarter. It also has to be mentioned that the results of last quarter included provisions that are usually made at the end of the year, which included provision for expected credit losses by SR 1,326,059 and provision for impairment in inventory value and slow moving goods by the sum of SR 2,032,961, in addition to provision for possible Zakat differences for the years from 2014 to 2018 to the sum of SR 2,728,946.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Material Uncertainty Related to Going Concern:

We draw attention to note (2-d) to the financial statements, which indicates that the company incurred a loss of approximately SAR 31March 2021. In addition to the Company's current liabilities as on march 31, 2020 exceeding its current assets by SAR 12470986. These conditions or events indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of these matters.Reclassification of Comparison Items N AAdditional Information In response to the spread of the Covid-19 virus around the world and the resulting disruption of social and economic activities in those markets, the company's management has proactively assessed its impact on its operations and has taken a series of preventive measures, including forming teams and ongoing crisis management processes, to ensure the health and safety of its employees. And its customers, consumers and society as a wider range as well as ensuring the continuity of supplying its products in all its markets. Whereas, the food industry in general has been exempt from the various bans and restrictions imposed by the various regulatory authorities including the exemption from curfew hours. Based on these factors, the company’s management believes that the Covid-19 epidemic did not have a significant impact on the company's financial statement results that were reported for the period ended 31 March 2021.

In view of the continuation of the pandemic, the company is monitoring the situation closely, especially in the next few months, and the company expects the situation to gradually improve and hopes that the outbreak of Covid-19 will end this year.

The weighted average number of shares for the two periods ended 31 March 2021 and 31 March 2020 was reached by taking the effect of the capital decrease from the beginning of the nearest offered period (January 1, 2020) to comply with the requirements of IAS 33

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.