Nofoth Food Products Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 308,189,985 | 270,199,270 | 14.06 | ||
| Gross Profit (Loss) | 182,971,239 | 147,758,030 | 23.83 | ||
| Operational Profit (Loss) | 42,728,293 | 32,843,459 | 30.1 | ||
| Net profit (Loss) | 42,670,755 | 31,486,711 | 35.52 | ||
| Total Comprehensive Income | 42,766,142 | 30,925,732 | 38.29 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 106,383,232 | 68,417,090 | 55.49 | ||
| Profit (Loss) per Share | 1.78 | 1.31 | |||
| 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 company’s revenues increased to reach 308,189,985 riyals compared to 270,199,270 riyals for the previous year, with an increase of 37,990,715 riyals and an increase of 14.06% the main reason is the expansion and the increase in the number of sales channels the company has done in the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company’s revenues increased to reach 308,189,985 riyals compared to 270,199,270 riyals for the previous year, with an increase of 37,990,715 riyals and an increase of 14.06% the main reason being increase in the number of branches and the expansion that the company has done during the previous year.
Increasing the Gross profit of the company to reach 182,971,239 riyals compared to 147,758,030 riyals for the previous year, with an increase of 35,213,209 riyals and an increase of 23.83% the main reason being review of production cost, re-negotiating with company suppliers in addition to the automation of operations in the factories and its standardization, moreover, granting franchise rights to some regions in the Kingdom. And the development of business models that the company has done.
Increasing the net profit of the company after zakat and tax to 42,670,755 riyals compared to 31,486,711 riyals for the previous year, with an increase of 11,184,044 riyals and an increase of 35.52% the main reason is the increase the sales and reduction in costs. |
| 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) | NONE |
| Reclassification of Comparison Items | Certain figures have been reclassified to comply with the current period presentation of the financial statements. |
| Additional Information | As a result of splitting the nominal value of the share from SAR 10 per share to SAR 1 per share during the year ending on December 31, 2023, the number of shares increased from 2.4 million shares to 24 million shares, so the earnings per share were calculated for the year ending on December 31, 2023 and 2022 retrospectively by adjusting the weighted average number of outstanding shares to reflect the effect of the share split from 2.4 million shares to 24 million shares. Earnings per share: The basic earnings per share are calculated by dividing the net profit for the year by the weighted average number of shares outstanding as at the end of the year. as the basic earnings per share of the net profit for the year was 1.78 riyals compared to 1.31 riyals in the last year. The total equity of shareholders at the end of the year 31/12/2023 AD amounted to (106,383,232) riyals compared to (68,417,090) riyals for the year ending on 31/12/2022 AD, an increase of 37,966,142 riyals and an increase of 55.49% |
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