| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 48,078,351 | 52,394,156 | -8.24 | 26,897,598 | 78.75 |
| Gross Profit (Loss) | 5,391,035 | 17,764,234 | -69.65 | 6,512,700 | -17.22 |
| Operational Profit (Loss) | -12,083,385 | 2,089,789 | - | -11,154,459 | 8.33 |
| Net Profit (Loss) after Zakat and Tax | 128,535,049 | 5,835,791 | 2,102.53 | -8,804,350 | - |
| Total Comprehensive Income | 128,535,309 | 5,835,791 | 2,102.53 | -8,809,136 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 96,276,124 | 99,218,524 | -2.96 |
| Gross Profit (Loss) | 15,728,723 | 20,470,479 | -23.16 |
| Operational Profit (Loss) | -32,645,771 | -21,570,248 | 51.35 |
| Net Profit (Loss) after Zakat and Tax | 105,870,440 | -20,541,961 | - |
| Total Comprehensive Income | 105,161,817 | -20,795,276 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 353,265,884 | 260,090,200 | 35.82 |
| Profit (Loss) per Share | 2.68 | -0.57 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -39,905,737 | 391,767,000 | -10 | |
| 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 reason for the increase in net profit is the increase in the group’s share profit of its investments in companies using equity method. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the decrease in net losses and realizing net profit is the increase in the revenues and the increase in the group’s share profit of its investments in companies using equity method. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the decrease in net losses and realizing net profit is the increase in the group’s share profit of its investments in companies using equity method. |
| 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 | Emphasis of matter: |
As indicated in note (3) to the interim condensed consolidated financial statements, the group interim condensed consolidated financial statements includes the financial statement of Masader Agricultural Feed Mill LTD Company “Subsidiary Company”, in which the statutory procedures to transfer ownership of assets and all operation activities to the company, in accordance with the signed agreement between the establishment owner (one of the partners) and the company have not been completed and our conclusion is not modified in respect of this matter, which total assets of Masader Agricultural Feed Mill Ltd. Company included in these interim condensed consolidated financial statements amount to SAR 22.9 million, and total liabilities amount to SAR 24.5 million, revenue amount to SAR 0.1 million, and total expenses amount to SAR 3.6 million after eliminating group’s intercompany balances. Our Opinion has not been modified in respect of this matter.
Basic and diluted earnings per share is calculated by dividing the net income attributable to the shareholders of the group by the weighted average number of ordinary shares during the year.
As the basic profit per share from the profit for the period amounted to SAR 2.68 , compared to a loss in the amount of SAR (0.57) for the same period of the previous comparative year.
The value of the accumulated losses as on 30/09/2023 AD amounted to 39.9 Million Saudi Riyals, which is equivalent to 10% of the company's capital of 391.767 Million Saudi Riyals, and the date of attaining these losses was 30/09/2023 AD, where the main reasons for these losses are the impairment of properties & equipment related to a subsidiary, increase in provision for governmental grants from ministry of finance related to a subsidiary, increase in claims provision, charging cost of issuing for shareholders equity instruments to retained losses, increase in cost of revenues, increase in general & administrative expenses and increase in selling & distribution expenses.
We would like to note that, when Tabuk Agricultural Development Company lost control over Food Horizon Company on September 3, 2023 AD, Food Horizon Company was transformed from a subsidiary to an associated company to TADCO, based on International Financial Reporting Standard No. (10) “Consolidated Financial Statements” and the accounting treatment for losing control , Tabuk Agricultural Development Company realized an exceptional profit of 148,440,912 Saudi riyals from that treatment as a result of calculating the value of the investment at fair value on the date of losing control in accordance with the text of the referred standard.
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