| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 537.23 | 608.06 | -11.648 | 536.43 | 0.149 |
| Gross Profit (Loss) | 164.92 | 211.64 | -22.075 | 172.9 | -4.615 |
| Operational Profit (Loss) | -7.04 | 144.66 | - | 15.39 | - |
| Net Profit (Loss) after Zakat and Tax | -17.35 | 131.63 | - | 6.37 | - |
| Total Comprehensive Income | -17.35 | 131.63 | - | 6.37 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,073.66 | 1,167.21 | -8.014 |
| Gross Profit (Loss) | 337.81 | 414.1 | -18.423 |
| Operational Profit (Loss) | 8.35 | 178.21 | -95.314 |
| Net Profit (Loss) after Zakat and Tax | -10.98 | 149.81 | - |
| Total Comprehensive Income | -10.98 | 149.81 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,467.29 | 1,590.43 | -7.742 |
| Profit (Loss) per Share | -0.11 | 1.47 | |
| 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 148.98 million was due to: |
Grant Income:
During the similar quarter last year, the Company received a letter from Ministry of Environment, Water and Agriculture granting the ownership for the revived area of land in Hail, Wadi Al Dawasir and Al Jouf. Net gain of SAR 111.81 million was recognized in the statement of profit and loss under other income and expenses (net) on account of differential land received as compared to the land already accounted in books but no such items in the current quarter.
Revenue:
The Company’s revenue for the current quarter decreased by 11.65% compared to the similar quarter last year. Sale of dairy and food processing sector declined by 8.18% and the sale of agricultural sector declined by 61.32%.
Cost of sales:
Cost of sales percentage on revenue was increased during the current quarter by 4.11% compared to the similar quarter last year is mainly on account of the increase in the animal feeding cost.
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 12.19% mainly on account of less expenditure on marking and promotional activities.
General and Administrative expenses:
General and administrative expenses decreased in the current quarter by 6.37% compared to the similar quarter last year is mainly on account of reduction in employee cost this reduction is partially offset by increase in Information Technology expenses.
Finance cost:
Finance cost decreased in the current quarter compared to the similar quarter last year by 24.07% due to the decrease in the interest rates and reduction in the loans and borrowings compared to the similar quarter last year.
Impairment losses on trade receivables:
The Impairment losses on trade receivables was decreased by SAR 3.57 million during the current quarter when compared to 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 22.08% compared to the similar quarter last year, due to the increase in the costs of sales percentage over the net revenue by 4.11% due to increase in animal feed cost and reduction in revenue by 11.65%.
Operating profit:
Operating profit of the current quarter decreased by 104.87% compared to the similar quarter last year primarily due to increase in cost of sales, reduction in revenue, absence of grant income for land during current quarter.
Cost of sales:
Cost of sales percentage on revenue was increased during the current quarter by 1.53% compared to the previous quarter is mainly on account of the increase in the animal feeding cost.
Selling and marketing expenses:
Selling and marketing expenses increased in the current quarter compared to the previous quarter by 10.29% due to more spending on marketing activities and promotional expenses and increase in employee cost during the current quarter.
Other expenses & income (net):
Other expenses increased in the current quarter by SR 13.22 million compared to the previous quarter is mainly on account of increase in loss on sales of biological assets and increase in foreign exchange losses.
Finance cost:
Finance cost increased in the current quarter compared to the previous quarter by SAR 1.25 million.
On the other hand, the below elements had a positive impact on the net profit of the current quarter compared to the previous quarter:
Revenue:
The Company’s revenue for the current quarter increased by 0.15% compared to the previous quarter due to increase in sale of dairy and food processing sector grew by 0.52% while the sale of agricultural sector decreased by 11.08%.
General and Administrative expenses:
General and administrative expenses decreased in the current quarter by 17.69% compared to the previous quarter is mainly on account of decrease in professional consultancy charges.
All the above elements collectively impacted the gross profit and operating profit as follows:
Gross profit:
Gross profit decreased in the current quarter compared to the previous quarter by 4.62% due to increase in cost of sales percentage over revenue by 1.53%
Operating profit:
Operating profit of the current quarter decreased as compared to the previous quarter by 145.77% due to increase in cost of sales, selling and marketing expenses and other expenses.
Grant Income:
During the similar period last year, the Company received a letter from Ministry of Environment, Water and Agriculture granting the ownership for the revived area of land in Hail, Wadi Al Dawasir and Al Jouf. Net gain of SAR 111.81 million was recognized in the statement of profit and loss under other income and expenses (net) on account of differential land received as compared to the land already accounted in books but no such items in the current period.
Revenue:
The Company’s revenue for the current period decreased by 8.02% compared to the similar period last year. Sale of dairy and food processing sector declined by 4.79% and the sale of agricultural sector declined by 55.83%.
Cost of sales:
Cost of sales percentage on revenue was increased during the current period by 4.01% compared to the similar period last year is mainly on account of the increase in the direct material cost due to cancelation of government subsidy on animal feed.
General and Administrative expenses:
General and administrative expenses increased in the current period by 4.79% compared to the similar period last year is mainly on account of increase in professional consultancy charges for new projects and Information Technology expenses.
Despite the changes in preceding elements that negatively impacted the net profit of the Company in the current period, there are other elements that positively impacted the net profit of the current period as follows:
Selling and marketing expenses:
Selling and marketing expenses decreased in the current period compared to the similar period last year by 13.76% mainly on account of less expenditure on marking and promotional activities.
Impairment losses on trade receivables:
The Impairment losses on trade receivables was decreased by SAR 3.89 million during the current period when compared to similar period last year.
Finance cost:
Finance cost decreased in the current period compared to the similar period last year by 36.41% due to the decrease in the interest rates and reduction in the loans and borrowings compared to the similar period last year.
All the above elements collectively impacted the gross profit and operating profit as follows:
Gross profit:
Gross profit decreased in the current period compared to the similar period last year by 18.42%, due to the increase in the costs of sales percentage over the net revenue by 4.01% due to cancelation of government subsidy on animal feed.
Operating profit:
Operating profit of the current period decreased compared to the similar period last year by 95.32% due to increase in cost of sales percentage over revenue, increase in general and administration expenses, reduction in revenue, absence of grant income for land during current period.
2-The net loss and comprehensive loss for the current period reached SAR 10.98 million compared to net profit and comprehensive income of SAR 149.81 million for the similar period last year with a decrease of 107.33%.
3-The net loss and comprehensive loss for the current quarter reached SAR 17.35 million compared to net profit and comprehensive income of SAR 6.37 million for the previous quarter with a decrease of 372.54%.
4-Total revenue for the current quarter reached SAR 537.23 million compared to SAR 608.06 million for the similar quarter last year with a decrease of 11.65%.
5-Total revenue for the current period reached SAR 1,073.66 million compared to SAR 1,167.21 million for the similar period last year with a decrease of 8.02%.
6-Total revenue for the current quarter reached SAR 537.23 million compared to SAR 536.43 million for the previous quarter with an increase of 0.15%.
7-The gross profit for the current quarter reached SAR 164.92 million compared to SAR 211.64 million for the similar quarter last year with a decrease of 22.08%.
8-The gross profit for the current period reached SAR 337.81 million compared to SAR 414.10 million for the same period last year with a decrease of 18.42%.
9-The gross profit of the current quarter reached SAR 164.92 million compared to SAR 172.90 million for the previous quarter with a decrease of 4.62%
10-The operating Loss for the current quarter reached SAR 7.04 million compared to operating profit of SAR 144.66 million for the similar quarter last year with a decrease of 104.87%.
11-The operating profit for the current period reached SAR 8.35 million compared to SAR 178.21million for the similar period last year with a decrease of 95.32%.
12-The operating Loss of the current quarter reached SAR 7.04 million compared to operating profit of SAR 15.39 million for the previous quarter with a decrease of 145.77%
13-The shareholders’ equity as of 30 June 2021 (no minority equity) was SAR 1,467.29 million compared to SAR. 1,478.28 million as of 31 December 2020 with a decrease of 0.74%
14-The shareholders’ equity as of 30 June 2021 (no minority equity) was SAR 1,467.29 million compared to SAR 1,590.43 million as of 30 June 2020 with a decrease of 7.74%
15-The loss per share for the current period is SAR 0.11 compared to earning per share of SAR 1.47 for the similar period 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.