ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 17,844,503 19,821,030 -9.97 26,312,946 -32.18
Gross Profit (Loss) 3,626,860 15,216,200 -76.16 8,597,533 -57.81
Operational Profit (Loss) -6,618,930 7,573,859 - 3,965,562 -
Net Profit (Loss) after Zakat and Tax 24,648,453 7,841,555 214.33 3,563,597 591.67
Total Comprehensive Income 24,518,040 8,100,284 202.68 3,379,750 625.44
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 44,157,449 42,997,967 2.7
Gross Profit (Loss) 12,224,393 21,715,091 -43.7
Operational Profit (Loss) -4,042,620 9,375,155 -
Net Profit (Loss) after Zakat and Tax 28,330,524 9,872,257 186.97
Total Comprehensive Income 28,016,264 10,353,530 170.6
Total Share Holders Equity (after Deducting Minority Equity) 572,575,959 534,250,555 7.17
Profit (Loss) per Share 0.57 0.2
All figures are in (Actual) Saudi Arabia, Riyals
  ACCUMULATED LOSSES CAPITAL PERCENTAGE %
  15,734,035 500,000,000 3
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 during the current quarter compared to the comparative quarter of the previous year, as a result of recognition of profits resulting from the sale of a fixed asset (land in the Khabat Al Falaq area in Jazan) with a profit of SAR 31 million, Despite the decrease in the value of sales by 10%, as a result of the decrease in shrimp sales by 29%, due to the slowdown in the export of shrimp product due to the Russian-Ukrainian crisis, which led to a decrease in total profit by 76%.

 

It is worth mentioning that vital assets were not evaluated on June 30, 2022 due to the shrimp farming cycle because the feed did not arrive on time due to the repercussions of the Russian-Ukrainian war that affected global supply chains.

 

Due to the above, the net profit for this quarter increased by 214% compared to the same quarter of the previous year.
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 increase in net profit during the current quarter compared to the previous quarter is due to the recognition of profits resulting from the sale of a fixed asset (land in the Khabat Al Falaq area in Jazan) with a profit of SAR 31 million, despite the decrease in the value of sales by 32%, as a result of the decrease in sales of shrimp product by 72%, due to the slowdown in the export of shrimp product due to the Russian-Ukrainian crisis, which led to a decrease in the total profit by 58%.

 

 

 

Due to the above, the net profit for this quarter increased by 592% compared to the previous quarter.
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 increase in net profits during the current period compared to the same period of the previous year is due to the increase in the value of sales by 3%, due to the increase in sales of the commercial sectors and real estate investments as well as fruit sales, in addition to the recognition of profits resulting from the sale of a fixed asset (land in the Khabat Al Falaq area in Jazan) with a profit of SAR 31 million despite a decrease in total profit by 44%.

 

 

It is worth mentioning that vital assets were not evaluated on June 30, 2022 due to the shrimp farming cycle because the feed did not arrive on time due to the repercussions of the Russian-Ukrainian war that affected global supply chains.

 

Due to the aforementioned, the net profit for this period increased by 187% compared to the same period of the previous year.
Statement of the type of external auditor's report Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Basis for Qualified Conclusion:

 

The Group’s management did not account for the investment in one of the associate companies (Tabuk Fish Company) on June 30, 2022 AD, according to the equity method, because it did not provide us with financial statements showing the results of the associate company’s business for the same period, in addition to that, investment in associate was accounted for based on management’s financial statements for the three months ended on March 31, 2022 AD and for the year ended on December 31, 2021 AD, and we were unable to take alternative procedures to verify and evaluate the validity evaluation of that investment, as well as the correctness and completeness of its results.
Reclassification of Comparison Items Some comparative figures for the previous year have been reclassified to conform to the presentation used for the current period.

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