|
Element List |
Current Quarter |
Similar quarter for previous year |
%Change |
Previous Quarter |
% Change |
|---|---|---|---|---|---|
|
Sales/Revenue |
22,400,773 |
13,007,214 |
72.218 |
29,205,177 |
-23.298 |
|
Gross Profit (Loss) |
72,005 |
6,073,828 |
-98.814 |
-2,975,908 |
- |
|
Operational Profit (Loss) |
-7,209,139 |
3,018,091 |
- |
-9,688,032 |
-25.587 |
|
Net profit (Loss) |
-18,846,138 |
5,465,343 |
- |
-12,490,413 |
50.884 |
|
Total Comprehensive Income |
-18,686,988 |
5,465,343 |
- |
-12,498,999 |
49.507 |
|
All figures are in (Actual) Saudi Arabia, Riyals
|
|||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 63,057,920 | 61,610,719 | 2.348 |
| Gross Profit (Loss) | -36,466,143 | 24,371,332 | - |
| Operational Profit (Loss) | -55,979,963 | 8,830,996 | - |
| Net profit (Loss) | -72,276,529 | 18,646,952 | - |
| Total Comprehensive Income | -76,924,825 | 17,981,438 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 430,947,085 | 564,391,622 | -23.643 |
| Profit (Loss) per Share | -1.45 | 0.37 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 18,443,630 | 3.69 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the increase in sales during the current quarter compared to the same quarter last year is due to higher local shrimp sales. This led to a 72% growth in sales for the current quarter compared to the corresponding quarter of the previous year. |
| 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 net profit during the current quarter compared to the same quarter of the previous year is primarily due to losses from the disposal of assets held for sale, following the full closure of the first production line at the water factory. This disposal resulted in a loss of SAR 6,790,451, which was not present in the same quarter last year. An additional provision for ECL amounting to SAR 1,580,806 was recorded in this quarter. Additionally, the new shrimp farming cycle commenced in September 2024. Since the farming process is still in its early stages, nearly all operational expenses for the farm have been charged to the current period, with only SAR 392,024 allocated to biological assets as fair value. In the corresponding period last year, however, operational expenses were largely charged to biological assets, as the cycle was in the harvest phase and biological assets were present in the ponds.
Furthermore, there was a decrease in the company's share of profits from its associates, amounting to SAR 137,781 in the current quarter compared to SAR 839,075 in the same quarter of the previous year. As a result, the net profit for the current quarter decreased by 445% compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the (decrease) in sales during the current quarter compared to the previous quarter is due to the decrease in fruit sales of the parent company and its subsidiary Mango Jazan Company compared to the previous quarter, given that the mango product is a seasonal product that is produced and sold only in the second quarter of the year.
As a result, sales for the current quarter decreased by 23% compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the increase in net losses during the current quarter compared to the previous quarter is primarily due to the impairment of assets held for sale following the closure of the water factory’s first production line, amounting to SAR 6,790,451. Additionally, there was a decline in fruit sales during the current quarter compared to the previous quarter.
As a result, the net losses for the current quarter increased by 51% compared to the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reason of the increase in sales for the nine-month period showed modest growth of 2.35% year-over-year, reflecting steady demand for shrimp and fruit products despite market challenges. |
| 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 of the decrease in net profit during the current period compared to the same period of the previous year is primarily due to revaluation losses for the existing shrimp crop in the first quarter of 2024, amounting to SAR 32,079,795. Additionally, in the second quarter, costs totaling SAR 8,636,548 were incurred without corresponding biomass production, which were expensed to the profit and loss statement following the end of the harvest season on June 3, 2024. Furthermore, the company's share of profit from associates declined significantly, from SAR 9,640,710 to SAR 1,247,610. There were also losses of SAR 6,790,451 from the disposal of assets held for sale due to the closure of the water factory’s first production line in the previous quarter.
As a result of these factors, the net profit for the current period decreased by 488% compared to the corresponding period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Emphasis of Matter
We draw attention to Note (9) to the accompanying interim condensed consolidated financial statements, where management observed a decrease in the value of biological assets amounting to SR 32.1 million during the period ended 31 March 2024, in addition to another decrease of SR 10.1 million during the period ended 30 June 2024, which was primarily due to a significant reduction in shrimp biomass. Our conclusion is not modified in respect of this matter.
Other Matters
- The interim condensed consolidated financial statements of the Group for the three and nine-month periods ended 30 September 2023, and three-month period ended 31 March 2024 were reviewed by another auditor who expressed an unmodified review conclusion on those interim condensed consolidated financial statements on 15 November 2023 (corresponding to 1 Jumada Al Ula 1445H) and 26 May 2024 (corresponding to 18 Dhul-Qi’dah 1445H), respectively. Further, the consolidated financial statements of the Group for the year ended 31 December 2023 were audited by the same other auditor who expressed an unmodified opinion on those consolidated financial statements on 14 April 2024 (corresponding to 5 Shawwal 1445H). - The shareholders of the Company, in their General Assembly meeting held on 15 May 2024 (corresponding to 7 Dhul-Qi’dah 1445 H), did not approve of the Group’s consolidated financial statements for the year ended 31 December 2023. |
| Reclassification of Comparison Items | Certain figures of comparative period have been reclassified to conform with the current period’s presentation
It is worth mentioning that, in accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, following the closure of the water factory, the assets were reclassified as "held for sale." Consequently, the operations were divided between continuing and discontinued operations, reflecting the requirements of IFRS 5 to separate and disclose discontinued operations and assets held for sale in the financial statements. |
| Additional Information | - |