| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
-
|
770,112
|
-
|
-
|
-
|
| Gross profit (loss) |
-
|
1,660,390
|
-
|
-
|
-
|
| Operational profit (loss) |
-
|
565,084
|
-
|
-
|
-
|
| All figures are in Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
-
|
8,945,157
|
- |
| Gross profit (loss) |
-
|
8,204,374
|
- |
| Operational profit (loss) |
-
|
1,628,381
|
- |
| Earning or loss per share, Riyals |
-
|
1.19
|
- |
| All figures are in Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reasons for theincrease in losses inQ4 2016 compared to Q4 2015 is the decline in sales fromSR 5.69 million in Q4 2015 to SR 0.780 million in Q4 2016 because of the decline in purchase orders received from major customer due toincapability of competing with other providers.Plus the increase in operating costs was due to the high exposure of the agricultural crops to damages and the ongoing trespassing activities from cattle owners feeding on the companys crops which led to the inability to provide fodder for the cows leading the company to buy replacements at higher prices. Plus the warehouse fire announced by the company previously caused high replacement costs. |
| Reasons of increase (decrease) for period compared with same period last year | The reasons for incurring losses for the financial period ended 31 Dec 2016 compared to the previous financial period was due to the overall decline in operating sales as a result of the delay in the supply of milk to Rawabi from Dubai for 3 months in addition to the weakness in the agricultural field revenues due to the high damages in the crops caused by the trespassing of cattle owners feeding on the companys crops. Plus, the fire caught inone of the main warehouses caused significant book value losses. Plus, the companysinability to obtain loans halted it from developing new sources of production or increasing its revenueswhich is caused mainlyby the lengthy procedures for acquiring the title deed of the projects land.Lastly the delay in the amount of our insurance compensationfrom the warehouse claim had a direct effect on the lack of liquidity. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reasons for incurring losses in Q4 compared to Q3 was due to the decrease in sales from SR 2.81 million to SR 0.780 million. Plus, the startingof agricultural dormancy season in Q4 which led to lack in sales from the agricultural sector.Lastly the companys reliance on purchasing fodders to feed the herd of cows and calves due to the unavailability oflocally grown crops. |
| Reclassifications in quarterly financial results | Some figures from the 2016 budget were reclassified for alignment with the current period |
| Other notes | First: current quarter sales totaled SR 0.780 million compared to SR 5.69 million for the same quarter of last year which is a decline of 86%Second: Total sales for the year totaled SR 9.27 million comparing to SR 23.28 million for the same period of last year which is a decline of 60%Third: Owners Equity totaled at SR 52.24 million versus SR 67.87 million of the same period of last year (no minority equity) which is a decline of 23%Fourth: the comparative figures for the same period of the previous year has been the adoption of the audited numbers. |
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