Wafrah for Industry and Development Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 31,762,215 | 39,527,080 | -19.644 | 54,114,691 | -41.305 |
| Gross Profit (Loss) | 9,310,867 | 14,157,105 | -34.231 | 21,974,804 | -57.629 |
| Operational Profit (Loss) | 324,723 | 4,696,981 | -93.086 | 11,577,893 | -97.195 |
| Net profit (Loss) | 6,094,818 | 4,699,401 | 29.693 | 10,643,046 | -42.734 |
| Total Comprehensive Income | 6,091,127 | 4,755,290 | 28.091 | 10,639,883 | -42.751 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 85,876,906 | 79,375,164 | 8.191 |
| Gross Profit (Loss) | 31,189,910 | 27,870,605 | 11.909 |
| Operational Profit (Loss) | 11,902,649 | 10,209,365 | 16.585 |
| Net profit (Loss) | 16,737,895 | 10,778,166 | 55.294 |
| Total Comprehensive Income | 16,731,041 | 10,839,854 | 54.347 |
| Total Shareholders Equity (after Deducting Minority Equity) | 249,199,945 | 223,694,888 | 11.401 |
| Profit (Loss) per Share | 0.72 | 0.47 | |
| 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 | - | - | |
| Accumulated Losses | - | - | |
| 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 reason for decrease in sales for current quarter of 2024 by 20% compared to the same quarter of 2023 is due to decrease in quantities sold of company’s products, especially sales of French fries. |
| 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 increase in net profit for current quarter of 2024 compared to same quarter of 2023 is due to reversal of a provision for impairment losses in the fair value of investments that no longer had a purpose, despite increase in selling and marketing expenses in order to support the sales and administrative team to keep pace with the major expansions currently underway in the meat and pasta factories, and decrease in administrative and general expenses, and despite the formation of some provisions and the increase in zakat expense. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for decrease in sales for the current quarter of 2024 compared to previous quarter of 2024 is due to the decrease in quantities sold of the company's products due to seasonality of sales, as sales for the previous quarter increased over the current quarter due to the Ramadan season. |
| 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 for the current quarter of 2024 compared to the previous quarter of 2024 is due to a decrease in sales by SAR 22.3 million, and an increase in selling and marketing expenses, despite a decrease in administrative and general expenses, and a decrease in zakat expense. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reason for the increase in sales for the current period of 2024 by 8% compared to the same period in 2023 is due to the success of the company's long-term strategies by increasing marketing campaigns and product improvements, which led to the recovery and increase in sales . |
| 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 reason for the increase in net profit for the current period 2024 compared to the same period in 2023 is due to the increase in sales by 6.5 million riyals and the return of a provision for impairment losses in the fair value of investments that no longer had a purpose, and the recognition of profits from investing in financial instruments at fair value through profit or loss, despite the increase in selling and marketing expenses in order to support the sales and administrative team to keep pace with the major expansions currently taking place in the meat and pasta factories, and the decrease in administrative and general expenses, and despite the formation of some provisions and the increase in zakat expenses |
| Statement of the type of external auditor's report | Conservation |
| 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) | Another matter
The company's financial statements for the fiscal year ended December 31, 2023 were reviewed by another auditor who expressed an unmodified opinion on those financial statements on April 2, 2024
Conservation We did not obtain a basis for the reversal of SAR 6,267,350 of fair value impairment losses on investments in financial instruments through profit or loss as of June 30, 2024, as management did not measure the fair value of the investment at the date of the interim condensed financial statements. |
| Reclassification of Comparison Items | The company adjusted some of the amounts and balances included in the financial statements for the previous period in light of the adjustments made at the end of 2023, as the transactions related to these balances were not properly accounted for, and therefore the amendment was made in accordance with the requirements of IAS No. (8) Accounting Policies and Changes. In accounting estimates and errors.
During the period ended June 30, 2024, the Company has reclassified certain balances which management considers to be a more accurate presentation and reflect the related nature. |
| Additional Information | The weighted average number of shares for the periods ending on June 30, 2024 and June 30, 2023 was arrived at in accordance with the requirements of IAS No. 33 “Earnings per Share”. |
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