| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
|---|---|---|---|---|---|
| Sales/Revenue | 13,239,614 | 19,155,605 | -30.88 | 17,844,503 | -25.8 |
| Gross Profit (Loss) | 5,267,140 | 8,888,810 | -40.74 | 3,626,860 | 45.23 |
| Operational Profit (Loss) | -829,112 | 1,919,829 | - | -6,618,930 | -87.47 |
| Net Profit (Loss) after Zakat and Tax | -1,081,138 | 2,345,701 | - | 24,648,453 | - |
| Total Comprehensive Income | -1,180,018 | 2,037,609 | - | 24,518,040 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
|---|---|---|---|
| Sales/Revenue | 57,397,063 | 62,153,572 | -7.65 |
| Gross Profit (Loss) | 17,491,533 | 30,603,901 | -42.84 |
| Operational Profit (Loss) | -4,871,732 | 11,294,984 | - |
| Net Profit (Loss) after Zakat and Tax | 27,249,386 | 12,217,958 | 123.03 |
| Total Comprehensive Income | 26,836,246 | 12,391,139 | 116.58 |
| Total Share Holders Equity (after Deducting Minority Equity) | 569,871,762 | 542,582,936 | 5.03 |
| Profit (Loss) per Share | 0.54 | 0.24 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| ACCUMULATED LOSSES | CAPITAL | PERCENTAGE % | |
|---|---|---|---|
| 18,438,232 | 500,000,000 | 4 | |
| 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 Decrease in net profit during the current quarter compared to the comparative quarter of the previous year, is the decrease in the sales value as exports were suspended to the Russian market due to the war repercussions and the Egyptian market because of the introduction of new export procedures by the Arab Republic of Egypt, that resulted in a decrease in gross profit by 41%.
Due to the above, the net profit for this quarter decreased by 146% 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 reason for the decrease in net profit during the current quarter compared to the previous quarter is, during the previous quarter, profits were recognized from selling a fixed asset (land in the Khabt Al Falaq area in Jazan), with a profit of SAR 31 million in the previous quarter. Furthermore, the sales value decreased by 26% in the current quarter, resulted from a 78% decrease in the sales of the shrimp product. As exports were suspended to the Russian market due to the war repercussions and the Egyptian market because of the introduction of new export procedures by the Arab Republic of Egypt. Despite the above, the cost of revenues decreased by 44%, which led to an increase in gross profit by 45%.
Due to the above, the net profit for this quarter decreased by 104% 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 sale of a fixed asset (land in the Khabt Al Falaq area in Jazan) with a profit of SAR 31 million. Despite the decrease in gross profit by 43%.
Due to the aforementioned, the net profit for this period increased by 123% 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 | The share of Jazan Energy and Development Company (JAZADCO) in the shares of Tabuk Fish Company ("Associate Company") has been adjusted, with the ownership ratio falling from 20% to 10% of the company's capital during the current period (Note 7), as the Group has stopped using the equity method for investment and classified its share in that investment within financial investments at fair value through other comprehensive income (Note 8).
The Group also failed to comply with the requirements of IAS 28 "Investments in Associate Enterprises" by assessing its share at fair value upon initial confirmation as a financial investment at fair value through other comprehensive income, and we were unable to take alternative procedures to determine the impact of this on the condensed initial consolidated financial statements. |
| 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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