Baazeem Trading Company announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 285,474,620 | 260,259,800 | 9.688 | ||
| Gross Profit (Loss) | 90,318,251 | 83,456,050 | 8.222 | ||
| Operational Profit (Loss) | 32,391,235 | 27,814,813 | 16.453 | ||
| Net Profit (Loss) after Zakat and Tax | 26,265,645 | 20,625,429 | 27.345 | ||
| Total Comprehensive Income | 26,265,645 | 20,625,429 | 27.345 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 191,204,023 | 181,138,378 | 5.556 | ||
| Profit (Loss) per Share | 2.59 | 2.04 | |||
| 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 | Baazeem trading net profit for the financial year 2020 ending on 31 December reached (26,265,645) compared to (20,625,429) for the financial year 2019. The growth in net profit is driven by the revenue growth, decrease in general and administration expenses and also financing cost reduction. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Emphasis of matter
We refer to Note (4) related to the group data (investments in the State of Qatar), which is recorded in the name of one main shareholders (chairman of Board of Directors) since 2008 G. This is approved in the minutes of the Board of Directors and the minutes of the General Assemblies. |
| Reclassification of Comparison Items | Items, elements and notes of the comparatives Consolidated Financial Statements have been re-displayed, regrouped and reclassified to meet with the applied accounting policies for the current period, which have been prepared according to the International Financial Reporting Standards (IFRS) that were endorsed in the Kingdom of Saudi Arabia. Certain comparative amounts have been reclassified to conform to the current year’s presentation. |
| Additional Information | 1. The accounting policies have been applied consistently to preparing financial statements annually of the Company for the year ended December 31, 2019, except for application of new standards that are effective on January 1, 2020. The adoption of the above new standards will not have any significant impact on the financial statements.
2. Company net sales in Quarter four for the financial year 2020 reached 66,859,851 compared to 68,701,719 in Quarter four 2019, declining by -2.68%, driven by the increase in the value added tax.
Despite that the full year net sales of financials year 2020 ending 31 December grew by 9.69%, reaching a 285,4747,620 compared to 260,259,800 for the financial year of 2019 ending 31 December.
3. The company net profit in the financial year of 2020 grew by 27.34% reaching 26,265,645 compared to 20,625,429 in the financial year of 2019, driven mainly by sales growth and reduction in financing cost and general and administration expenses.
4. The net profit in quarter four of 2020 increased by 20.23%, reaching 5,880,210 compared to quarter three of 2020 4,891,039. The increase was driven by reduction in financing cost and general and administration expenses.
On the same time, the net of profit of quarter four 2020 posted an increase of 14.36% reaching 5,880,210 compared to same quarter in 2019 which was 5,142,026.
5. The total shareholder's equity increased by 5.56%, reaching 191,204,023 on 31/12/2020 compared to 181,138,378 on 31/12/2019, with no minority rights.
6. The earning by share on the financial year ending 31-21-2020 increased by 26.96% reaching 2.59 compared to 2.04 on the financial year ending 31-12-2019. Worth mentioning that the total number company shares is 10,125,000 shares. |
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