Baazeem Trading Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 59,350,535 | 58,453,914 | 1.53 | 75,441,639 | -21.33 |
| Gross Profit (Loss) | 24,934,438 | 23,060,736 | 8.12 | 26,720,858 | -6.68 |
| Operational Profit (Loss) | 5,750,904 | 5,293,967 | 8.63 | 10,133,041 | -43.25 |
| Net Profit (Loss) after Zakat and Tax | 4,718,802 | 4,551,554 | 3.67 | 8,944,289 | -47.24 |
| Total Comprehensive Income | 4,718,802 | 4,551,554 | 3.67 | 8,944,289 | -47.24 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 134,792,174 | 132,891,401 | 1.43 |
| Gross Profit (Loss) | 51,655,296 | 49,678,335 | 3.98 |
| Operational Profit (Loss) | 15,883,945 | 15,363,344 | 3.39 |
| Net Profit (Loss) after Zakat and Tax | 13,663,091 | 13,443,066 | 1.64 |
| Total Comprehensive Income | 13,663,091 | 13,443,066 | 1.64 |
| Total Share Holders Equity (after Deducting Minority Equity) | 192,907,695 | 189,810,071 | 1.63 |
| Profit (Loss) per Share | 1.35 | 1.33 | |
| 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 second quarter 2023 ending on 30 June increase by 3.67% reaching 4,718,802 compared to 4,551,554 in the second quarter of 2022. The increase in net profit is driven by the increase in the sales by 1.53% and the improvement in cost of good sold. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Baazeem trading net profit for the second quarter 2023 ending on 30 June reached 4,718,802 compared to 8,944,289 in first quarter of 2023. The decrease in net profit is driven by the revenue growth in the first quarter sales due to Ramadan Season. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The net profit in the current period of 2023 increased by 1.64%, reaching 13,663,091 SAR compared to 13,443,066 SAR in same period last year 2022. The increase was driven by the growth in the company sales by 1.43%. |
| 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:
Refer to note no. (2) group information regarding the Group investment in baazeem trading establishment - Qatar (a subsidiary). It shown that the investment is registered under the name of one of the main shareholders (Chairman of the Board of Directors) since the beginning of 2008. This investment was approved in the minutes of the meeting of the Board of Directors and the minutes of the Ordinary General Assembly of the company. |
| 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 total shareholder's equity increased by 1.63%, reaching 192,907,695 SAR on 30-06-2023 compared to 189,810,071 SAR on 30-06-2022, with no minority rights.
2- The earning by share on the period ending 30-06-2023 increased by 1.50% reaching 1.35 compared to 1.33 on the same period last year ending 30-06-2022. Worth mentioning that the total number company shares is 10,125,000 shares. |
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