All figures are in (Millions) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of annual financial results
Decrease in net profit in current period compared to same period in previous year is derived from: 1-Decrease in sales by 8.1% versus previous year from the decrease in local and export sales in Saudi Arabia in addition to the impact of translation of subsidiary company sales. 2-Forex Losses in Subsidiary Company in Egypt from freeing exchange rate of Egyptian pound with impact of 74.8 Million Riyal. 3- Increase in sales and distribution expenses by 12.2 % versus same period of previous year to support new chicken products for the new factory built in the Egyptian market. 4-Increase in depreciation of fixed assets related to the new industrial complex in Jeddah and the Chicken factory in subsidiary company. 5-Impact of devaluation of Egyptian Pound versus US dollar in subsidiary company leading to Forex losses versus same period of last year despite the reverse of income tax in subsidiary company as a result of the realized Forex losses in subsidiary company and the increase of profit margin from the decrease in raw materials prices in addition to the price increase on subsidiary company product
Reclassifications in annual financial results
Certain comparative figures have been reclassified to conform to the presentation in the current period.
Other notes
Ohter note: 1-Total revenues in current period reached 988 Million Riyal versus 1075 Million Riyal for same period in previous year with a decline of 8.1 %. 2- Shareholder's Equity (No minority interest) reached 529.6 Million riyal in current period versus 657 Million Riyal in same period of previous year with a decrease of 19.4 %
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