Wafrah for Industry and Development Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 161,631,425 | 130,516,485 | 23.84 | ||
| Gross Profit (Loss) | 50,587,839 | 43,962,854 | 15.07 | ||
| Operational Profit (Loss) | 7,553,639 | 14,559,809 | -48.12 | ||
| Net profit (Loss) | 20,963,599 | 13,817,123 | 51.72 | ||
| Total Comprehensive Income | 19,613,870 | 14,265,073 | 37.49 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 232,468,904 | 212,855,034 | 9.21 | ||
| Profit (Loss) per Share | 0.91 | 1 | |||
| 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 | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company's sales increased by 24% in the vegetable sector by a growth rate of 29% and the pasta sector by a growth rate of 13% contributed positively to the increase in sales during the period compared to the previous year, as a result of the policy that the company followed during the year 2023 with the aim of expanding the customer base and increasing sales power, which led to an increased demand for the company's products and an increase in the quantity sold compared to the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net profit for the current year by 52% compared to the previous year is the increase in sales during the current year by 31 million riyals, the increase in investment profits at fair value through profit or loss by 15 million riyals, and the increase in other income by 5.9 million riyals, despite the increase in Sales and marketing expenses, administrative and general expenses, and the formation of provisions for some losses, in addition to an increase in zakat expenses. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | Another matter :
The company's financial statements for the year ending December 31, 2022 were audited by another auditor, who issued an unmodified opinion on those financial statements on Ramadan 6, 1444 AH, corresponding to March 28, 2023 AD. As part of our review of the financial statements for the year 2023, we also reviewed the amendments indicated in Note No. (36) that were applied to amend the financial statements for the year 2022. In our opinion, these amendments are appropriate and have been implemented properly. We were not contracted to review, examine, or implement any procedures related to the company’s financial statements for the year 2022 AD other than regarding the amendments, and therefore we do not express an opinion or any other form of assurance regarding the financial statements for the year 2022 AD as a whole. |
| Reclassification of Comparison Items | Some comparative figures for the previous period have been reclassified to conform to their presentation for the current period |
| Additional Information | Investment profits from financial instruments:
With reference to the profits achieved from evaluating the investment, these profits were recorded from the company’s investment in the Arab Republic of Egypt, in which the company owns an 8.6% stake. Note that the evaluation of this investment may be affected in the coming years due to fluctuations in currency exchange rates, and therefore the value of the investment may change from what is referred to in the financial statements for the year ending December 31, 2023
profit per share: The weighted average number of shares for the two years ended 31 December 2022 and 31 December 2023 was calculated in accordance with the requirements of IAS 33.
Amendments from previous years: The company adjusted some of the amounts and balances included in the financial statements for the previous year, as the transactions related to these balances were not properly accounted for, and therefore the amendment was made in accordance with the requirements of International Accounting Standard No. (8): Accounting Policies and Changes in Accounting Estimates and Errors. |
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