Jazan Development and Investment Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 14,487,281 | 27,482,109 | -47.284 | 12,044,116 | 20.285 |
| Gross Profit (Loss) | -33,579,546 | 9,818,586 | - | -2,167,695 | 1,449.089 |
| Operational Profit (Loss) | -40,181,906 | 3,015,287 | - | -21,504,238 | 86.855 |
| Net profit (Loss) | -40,939,975 | 1,782,675 | - | -16,887,218 | 142.431 |
| Total Comprehensive Income | -45,817,851 | 1,212,008 | - | -23,529,441 | 94.725 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 462,133,075 | 547,527,345 | -15.596 |
| Profit (Loss) per Share | -0.82 | 0.04 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| 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 quarter compared to the same quarter of the last year is | The decrease in sales during the current quarter compared to the comparative quarter of the previous year is due to that there are no export sales in the current quarter compared to the comparative quarter of the previous year.
Due to the aforementioned, the sales for the first quarter decreased by 47% compared to the comparative quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the decrease in net profit during the current quarter compared to the comparative quarter of the previous year is the shrimp yield losses and the creation of an impairment charge for the current value of shrimp inventory.
Due to the aforementioned, the net profit for the first quarter decreased compared to the comparative quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decrease in sales during the current quarter compared to the previous quarter is due to the increase in local shrimp sales, especially fresh shrimp.
Due to the above, the sales for the current quarter increased by 20% compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the decrease in net profit during the current quarter compared to the previous quarter is the shrimp yield losses and the creation of an impairment charge for the current value of shrimp inventory.
Due to the above, the net profit for the current quarter increased by 142% compared to the previous quarter. |
| Statement of the type of external auditor's report | Notice |
| 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) | Without considering this as a reservation to our conclusion, we draw attention to what is referred to in Note No. (7) to the attached interim condensed consolidated financial statements, where management found that there was a decrease in the value of biological assets by an amount of 32.1 million Saudi riyals during the period ended on 31 March 2024, which resulted mainly from the fundamental decline in the biomass of shrimp. Accordingly, the administration appointed a consultant with the aim of studying the reasons and circumstances that led to this decline. Management believes that this decrease has no impact on the consolidated financial statements for previous years/periods. |
| Reclassification of Comparison Items | Certain figures for the comparative year have been reclassified to conform with the current period's presentation. |
| Additional Information | - |
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