| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 562.17 | 522.61 | 7.57 | ||
| Gross Profit (Loss) | 10.2 | -10.85 | - | ||
| Operational Profit (Loss) | -113.29 | -40.34 | 180.84 | ||
| Net profit (Loss) | -144.45 | -74.79 | 93.14 | ||
| Total Comprehensive Income | -162.88 | -80.2 | 103.09 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,038.27 | 1,201.15 | -13.56 | ||
| Profit (Loss) per Share | -1.78 | -0.92 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -3,163 | 0.39 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | : Total Sales increased by 8% mainly due to increase in local sales which increased by 11% whereas export sales increased by 2% in comparison to the last year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Company earned gross profit amounting SAR 10.201 M during the year as compared to the gross loss of SAR 10.851 M. Gross profit increased mainly due to better sales and raw material pricing resultantly margin on sales improved coupled with cost control measures implemented by management. |
Company reported Net Loss amounting SAR 144.45 M as compared to the net loss of SAR 74,790 M reported last year. Net loss increased mainly due to incorporating the provision amounting SAR 100 M against corporate guarantee given in favor of Saudi Industrial Development Fund for the loan availed by Al-Reef Sugar Refining Co. The Company’s share in this guarantee equivalent to 15% (proportionate to investment) of the loan value, amounting to SAR 100 M. Al Reef Sugar Refining Co. defaulted on loan installments during prior years but SIDF refrained from formally calling the guarantee until 17 November 2024. In response to SIDF’s guarantee call and the announcement on Tadawul, the Company has recognized a provision in accordance with IFRS 9, based on recent developments which were not quite clear during prior years.
We would like to draw attention to Note (31), which indicates that during the current year, the Group has amended the disclosures regarding potential contractual obligations existing since 2016 related to a guarantee provided to the Saudi Industrial Development Fund for a loan granted to Al-Reef Sugar Refining Company in the amount of SAR 100.8 million. This guarantee was not disclosed in the financial statements for prior periods. A provision for this obligation was also recognized during the current year as a result of the Group receiving a demand from the Saudi Industrial Development Fund to repay the full value of the guarantee (Note 8/3). Our opinion has not been modified in this regard.
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.