| Reasons of increase (decrease) for quarter compared with same quarter last year |
Reasons for losses for the current quarter compared with profit the same quarter last year, are due to drop in the agricultural division sales,quantity of fodder and selling prices by almost 23% while production costs increased by almost 90% due to drop in production for the current quarter and the increase in losses due to decrease in inventory value for the same quarter. In addition to drop in food division sales as a result of restructuring food division by closing branches and stopping frozen food, decrease in leasing and storage revenues and decrease in other income despite the decrease in general and administrative expenses, decrease in selling and distribution expenses, increased revenue expenses,decrease in financial cost and decrease in Zakat expenses compared to the same quarter the previous year. |
| Reasons of increase (decrease) for period compared with same period last year |
The drop in net profit for the current period compared to the same period last year, is due to the drop in the agricultural division sales by almost %23 as a result of decrease in selling fodder prices for the current period by 15%, increase in production cost by 24%, increase losses resulting from the drop in the value of inventory, decrease food division sales by almost 45% as a result of restructuring this division and decrease in other income.Positive impact on net profit was due to reduction in leasing and storage costs, decrease in selling and distribution expenses and no debt provision for doubt ful debts during the period and decrease in financing expenses. |
| Reasons of increase (decrease) for quarter compared with previous quarter |
Reasons for losses for the current quarter compared with profit the same quarter last year (third quarter 2016) due to decrease in agricultural division sales by 18% during the fourth quarter compared with the third quarter of 2016, increase production costs by 41%, decrease in sales of Food division sales for the current quarter by almost 42%, increase administrative and general expenses and increase leasing and storage costs and losses to drop in inventory valuation during this quarter despite the decrease in selling and distribution expenses, decrease financial costs and increase other income compared to the previous quarter of this year . |
| Reclassifications in quarterly financial results |
The classification of some of the items last year 2015 to conform to the presentation for the current year and the adoption of the final budget audited results for last year, affecting the same quarter of 2015 results, where net profit was SR2.449 million changed to SR2.223 million, gross profit was SR 6.907 million changed to SR 7.376 million, operating profit was SR 2.890 million changed to SR 2.679 million, and changed the results of the year as follows, net profit was SR 21.291 million changed to SR 20.952 million, gross profit changed from SR 37.534 million to SR 38.004 million, and operating profit changed form SR 20.762 million to SR 20.552 million, changed earnings per share of SR 1.09 to SR 1.07. |
| Other notes |
The total sales for the current quarter ending December 31, 2016 amounted to SR 11.7 million, compared to SR 10.8 million for the same quarter last year, an increase of 8.3%, as total sales for the year ended December 31, 2016 amounted to SR 57.5 million , compared to SR 79.9 million last year, a decrease of 28%. The total shareholders' equity as of December 31, 2016 amounted to SR 185.1 million , compared to SR 181.5 million as at 31 December 2015(Audited) with increase of 2% |
Comments