Zahrat Al Waha for Trading Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 572,490,017 | 624,740,216 | -8.36 | ||
| Gross Profit (Loss) | 70,446,559 | 57,696,429 | 22.1 | ||
| Operational Profit (Loss) | 49,150,713 | 34,939,401 | 40.67 | ||
| Net profit (Loss) | 33,873,193 | 15,739,163 | 115.22 | ||
| Total Comprehensive Income | 33,830,621 | 16,356,426 | 106.83 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 316,095,398 | 295,764,777 | 6.87 | ||
| Profit (Loss) per Share | 1.51 | 0.7 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in sales during the current year 2023 compared to sales in the previous year 2022 is due to:
A decrease in selling prices due to a decrease in the purchase prices of main raw materials during the year 2023 for the Plastic bottles preforms segment by 23.12% compared to the corresponding year 2022, and a decrease in the purchase prices of main raw materials during the year 2023 for the Plastic caps segment by 12.48% compared to the corresponding year 2022. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in the company’s net profit during the year 2023 compared to the previous year, 2022, is due to:
- The Cost of Good Sold during the year 2023 decreased from the previous year by 11.46% due to the decrease in purchasing prices for raw materials, while sales for the current year 2023 decreased from the previous year 2022 by 8.36%. - The effect of end-of-year inventory valuation during the year 2023 decreased from the year 2022 by an amount of 4,503,328 SR. - An increase in profits from investments at fair value during the year 2023 compared to the corresponding year 2022, as investment in the investment portfolio during the year 2023 achieved profits amounting to 5.15 million SR compared to losses amounting to 2.64 million SR during the year 2022. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | No |
| Reclassification of Comparison Items | Some comparative figures have been reclassified and classified in the Statement of Cashflows to conform to the presentation for the current year.
Formed from impairment of inventory: Before Reclassification 0 – Reclassification 4,503,328 - After Reclassification 4,503,328 Inventory: Before Reclassification (16,566,533) – Reclassification (4,503,328) - After Reclassification (21,069,861) Formed from expected credit losses: Before Reclassification 0 – Reclassification 2,432,521 - After Reclassification 2,432,521 Trade Receivables: Before Reclassification (10,518,166) – Reclassification (2,432,521) - After Reclassification (12,950,687) Employees’ benefits: Before Reclassification 444,682 – Reclassification 81,959 - After Reclassification 526,641 Employees’ benefits Paid: Before Reclassification 0 – Reclassification (81,959) - After Reclassification (81,959). Please see the note No. 30 in the financial statements for the year ending 31, December 2023. |
| Additional Information | 1- The balance of non-current assets on 31 December 2023 increased by 5.9% over its balance on 31 December 2022 due to the increase in the balance of fixed assets within the company’s capital expansion plan.
2- The balance of investments at fair value on 31 December 2023 increased by 28.56% over its balance on 31 December 2022 due to the profits made on the investment portfolio during the year 2023. 3- The balance of equity on 31 December 2023 increased by 6.87% over its balance on 31 December 2022 due to the profits achieved and after deducting the profits distributed during the year 2023. 4- The balance of short-term loans on 31 December 2023 decreased by 12.79% compared to its balance on 31 December 2022. 5- 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. 6- We would like to give the attention of our valued shareholders to the Financial Statements for the year ended on 31 December 2023, which will be available on the investor relations app for Zahrat Al Waha for Trading Co. smartphones and tablets, and through the company's website at the following link https://zaoasis.com/share-information, after sending it to the competent authorities. |
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