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Zahrat Al Waha for Trading Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

OASIS 3007 37.93% 44.00 12.10
Element List Current Year Previous Year %Change
Sales/Revenue 424,850,419 519,757,535 -18.259
Gross Profit (Loss) 74,185,347 88,460,346 -16.137
Operational Profit (Loss) 57,184,557 73,398,287 -22.09
Net Profit (Loss) after Zakat and Tax 40,572,454 56,635,828 -28.362
Total Comprehensive Income 40,405,530 56,534,590 -28.529
Total Share Holders Equity (after Deducting Minority Equity) 252,338,898 223,183,368 13.063
Profit (Loss) per Share 2.7 3.78
All figures are in (Actual) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason for the decrease in the company's net profit for the current year 2020 compared to the previous year 2019 is due to:

- Decline in sales due to a decrease in average selling prices by 17.52%, affected by a decrease in the prices of main raw materials, which are the main component in determining selling prices.

- Selling and distribution expenses increased by 5.82% due to the increase in transport expenses by 6.75%

- The zakat provision expense increased by 82.20% due to the payment of the differences in zakat assessments for the years from 2016 to 2018

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items None
Additional Information 1- The Inventory balance on December 31, 2020 amounted to 77,497,264 SR compared to 43,397,705 SR on December 31, 2019, with a rise of 78.58% as the company took advantage of the production capacity and storage capacity to meet the increase in demand during high season periods.

2- During the year, the Company invested in equity investment portfolio traded in the Saudi Stock Exchange (Tadawul) taking advantage of the cash available to it in order to diversify sources of income and increase profitability.

3- The balance of long-term loans on December 31, 2020 was 87,895,266 SR compared to 128,787,621 SR as on December 31, 2019, a decrease of 31.75% as the company relies on financing most capital expansions on self-financing by the company.

4- Finance costs during the year 2020 amounted to 9,886,763 SR compared to 13,274,151 SR during the year 2019, a decrease of 25.52% due to self-financing by the company in most capital expansions and part of working capital financing.

5- The expense of zakat provision during the year 2020 amounted to 6,355,586 SR compared to 3,488,308 SR during the year 2019 due to the GAZT has assessed these years in the amount of SR 11,083,063, the company objected to the Zakat assessments for these years during the regulatory period. GAZT partially accepted the objection, and accordingly, after studying the objection, it issued an amended assessment of SR 3,586,926

6- Basic earnings per share is calculated by dividing income for the year attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the year,the diluted earnings per share are the same as the basic earnings per share as the company has no diluted instruments.

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