| Reasons of annual financial results |
The decrease in losses during the current period compared to the same period of last year is due to the following: First A significant decrease in current year operating costs compared to last year is due to the decrease in sales with total sales of SR1.51 million compared to SR4.85 million for last year constituting a decrease of 69% Second A significant decrease in marketing and distribution expenses due to the suspension of the of raw milk production where the total marketing and distribution expenses amounted to SR21,000 for the current year compared to SR540,000 for last year constituting a decrease of 96%. Third Despite the significant decrease in operating costs and operating expenses, the net loss for the year is almost identical to the net loss for the previous year due to the losses incurred from the sale of assets and the liquedation of the dairy business line while the sale of assets amounted to SR 2.8 million |
| Reclassifications in annual financial results |
Certain figures from 2016 have been reclassified to conform with the current period presentation |
| Other notes |
First/ Total revenues for the current year 2017 amounted to (SR1.51 million) compared to SR 4.85 million for last year constituting a decrease of 69%. Second/ Total shareholders equity in the current year of 2017 was SR 219 million compared to SR 235 million for last year constituting a decline of 7%. Thirdly/ the audited figures were approved from the previous year. Fourth/ During the year 2017 Company recorded the value of the government grant reclaimed land that have not been previously assessed nor recorded in the Companys financials by referring to Article 41 of the International Accounting Standards which gives the Company the right to record what ever fulfills the conditions of the grant which resulted in recording SR 220 million under Retained Earnings. Fifth/ The Company fully amortized its accumulated losses from previous years with its Retained Earnings. Sixth/ The total comprehensive income for the current year is SAR 16.26 million compared to SAR 16.3 million for the last year which represents an decrese of 0.25%. |
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