Baazeem Trading Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

18 May 2021 03:30 PM

BAAZEEM 4051 25.58% 70.70 14.40

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	79,837,283	80,864,621	-1.27	66,859,851	19.409
Gross Profit (Loss)	29,089,280	31,051,252	-6.318	21,129,284	37.672
Operational Profit (Loss)	11,310,549	10,617,681	6.525	7,099,468	59.315
Net Profit (Loss) after Zakat and Tax	9,784,092	8,906,635	9.851	5,880,210	66.39
Total Comprehensive Income	9,784,092	8,906,635	9.851	5,880,210	66.39
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	200,988,115	190,045,013	5.758
Profit (Loss) per Share	0.97	0.88
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Baazeem trading net profit for the first Quarter 2021 ending on 31 March reached (9,784,092) compared to (8,906,635) in the first Quarter of 2020. The growth in net profit is driven by the reduction in marketing expenses and in general and administration expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The net profit in the first quarter of 2021 increased by 66.39%, reaching 9,784,092 compared to 5,880,210 in quarter four of 2020. The increase was driven by the revenue growth due to Ramada Season and reduction in marketing expenses and general and administration expenses.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Emphasis of matter We refer to note no. (4) in respect of the data of the Group (Investment in the State of Qatar) which registered in the name of one of the major shareholders (Chairman of the Board of Directors) since 2008. This is approved in the minutes of the board of directors and the minutes of the general assembly
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- There are no new standards that have been issued, however, a number of amendments to the standards are effective from January 1, 2020, which have been explained in the annual consolidated financial statements of the Group, but do not have a material impact on the interim condensed consolidated financial statements of the Group. 2- Company net sales in the first quarter for the financial year 2021 reached 79,837,283 compared to 80,864,621 in the first Quarter of 2020, declining by -1.27%. 3- The net profit in the first quarter of 2021 increased by 66.39%, reaching 9,784,092 compared to 5,880,210 in quarter four of 2020. The increase was driven by the revenue growth due to Ramada Season and reduction in marketing expenses and general and administration expenses. On the same time, the net of profit of the first quarter 2021 posted an increase of 9.85% reaching 9,784,092 compared to same quarter in 2020 which was 8,906,635. 4- The total shareholder's equity increased by 5.76%, reaching 200,988,115 on 31/3/2021 compared to 190,045,013 on 31/3/2020, with no minority rights. 5- The earning by share on the first quarter ending 31-3-2021 increased by 10.22% reaching 0.97 compared to 0.88 on the first quarter ending 31-3-2020. Worth mentioning that the total number company shares is 10,125,000 shares.

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