| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 536.43 | 559.15 | -4.063 | 548.62 | -2.221 |
| Gross Profit (Loss) | 172.9 | 202.47 | -14.604 | 128.87 | 34.166 |
| Operational Profit (Loss) | 15.39 | 33.55 | -54.128 | -58.51 | - |
| Net Profit (Loss) after Zakat and Tax | 6.37 | 18.19 | -64.98 | -69.27 | - |
| Total Comprehensive Income | 6.37 | 18.19 | -64.98 | -67.26 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 1,484.64 | 1,458.66 | 1.781 |
| Profit (Loss) per Share | 0.06 | 0.18 | |
| All figures are in (Millions) 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 decrease in the Company’s net profit in the current quarter compared to the similar quarter last year by SAR 11.82 million is due to: |
Revenue:
The Company’s revenue decreased for the current quarter by 4.06% compared to the similar quarter last year is mainly on account of decrease in sales of agricultural sector by 49.45% and decrease in sales of dairy and food processing sector by 1.11%.
Cost of sales:
Cost of sales percentage on revenue is increased during the current quarter by 3.98% compared to the similar quarter last year is mainly on account of the increase in the direct material cost due to removal of government subsidy on animal feed.
General and Administrative expenses:
General and administrative expenses increased in the current quarter by 16.20% compared to the similar quarter last year is mainly on account of increase in professional consultancy charges for new projects and Information Technology expenses.
Other expenses (net):
Other expenses increased in the current quarter by SR 5.06 million compared to the similar quarter last year is mainly on account of increase in loss on sales of biological assets and increase in foreign exchange losses.
Despite the changes in preceding elements that negatively impacted the net profit of the Company in the current quarter, there are other elements that positively impacted the net profit of the current quarter as follows:
Selling and Marketing expenses:
Selling and marketing expenses decreased in the current quarter compared to the similar quarter last year by 15.43% mainly on account of less expending the marking and promotional activities.
Finance Cost:
Finance cost decreased in the current quarter compared to the similar quarter last year by 46.55% due to the decrease in the interest rates and reduction in the loans and borrowings compared to the similar quarter last year.
All the above elements collectively impacted the gross profit and operating profit as follows:
Gross profit:
Gross profit of the current quarter decreased by 14.60% compared to the similar quarter last year due to the increase in the costs of sales percentage over the net revenue by 3.98%.
Operating profit:
Operating profit of the current quarter decreased by 54.13% compared to the similar quarter last year primarily due to increase in cost of sales, increase in general and administrative expenses.
Cost of sales:
Cost of sales percentage over net revenue has decreased during the current quarter by 8.74% compared to the previous quarter is mainly on account of the decrease in the direct material cost.
Selling and Marketing expenses:
Selling and marketing expenses decreased in the current quarter compared to the previous quarter by 10.90% mainly on account of less expending the marking and promotional activities.
Impairment losses on property, plant, and equipment:
During the last quarter NADEC recognized impairment losses of SR 55.51 for Sudan project no such expenses in the current quarter.
Finance Cost:
Finance cost decreased in the current quarter compared to the previous quarter by 19.60% due to the decrease in interest rates on loans and borrowings compared to the previous quarter.
On the other hand, the below elements had a negative impact on the net profit of the current quarter compared to the previous quarter.
Revenue:
The Company’s revenue decreased for the current quarter by 2.22% compared to the previous quarter due to the decrease in sales of agricultural sector by 66.97% whereas the sales of dairy and food processing sector grew by 4.59%.
General and Administrative expenses:
General and administrative expenses increased in the current quarter by 51.61% compared to the previous quarter is mainly on account of increase in professional consultancy charges for new projects and Information Technology expenses.
All the above elements collectively impacted the gross profit and operating profit as follows:
Gross Profit:
Gross profit for the current quarter was increased by 34.17% compared to the previous quarter due to the decrease in cost of sales percentage over the net revenue by 8.74%.
Operating profit:
Operating profit of the current quarter increased compared to the previous quarter by SAR 73.90 million due to decrease in selling and marketing expenses, finance cost and absence of one-off expenses like impairment losses from Sudan project.
2- The comprehensive income for the current quarter reached SAR 6.37 million compared to comprehensive loss of SAR 67.26 million for the previous quarter
3-The net profit for the current quarter reached SAR 6.37 million compared to net profit of SAR 18.19 million for the similar quarter last year.
4-The net profit for the current quarter reached SAR 6.37 million compared to net loss of SAR 69.26 million for the previous quarter.
5-Total revenue for the current quarter reached SAR 536.43 million compared to SAR 559.15 million for the similar quarter last year with a decrease of 4.06%.
6-Total revenue for the current quarter reached SAR 536.43 million compared to SAR 548.62 million for the previous quarter with a decrease of 2.22%.
7-The gross profit for the current quarter reached SAR 172.90 million compared to SAR 202.47 million for the similar quarter last year with a decrease of 14.60%.
8-The gross profit of the current quarter reached SAR 172.90 million compared to SAR 128.87 million for the previous quarter with an increase of 34.17%
9-The operating profit for the current quarter reached SAR 15.39 million compared to SAR 33.55 million for the similar quarter last year with a decrease of 54.13%.
10-The operating profit of the current quarter reached SAR 15.39 million compared to operating loss of SAR 58.51 million for the previous quarter.
11-The shareholders’ equity as of 31 March 2021 (no minority equity) was SAR 1,484.64 million compared to SAR. 1,478.28 million as of 31 December 2020 with an increase of 0.43%.
12-The shareholders’ equity as of 31 March 2021 (no minority equity) was SAR 1,484.64 million compared to SAR 1,458.66 million as of 31 March 2020 with an increase of 1.78%.
13-The earning per share for the current quarter is SAR 0.06 compared to earnings per share of SAR 0.18 for the similar quarter last year.
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.