| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 17,977,023 | 22,400,773 | -19.748 | 44,240,684 | -59.365 |
| Gross Profit (Loss) | 3,248,021 | 72,005 | 4,410.827 | 17,070,515 | -80.972 |
| Operational Profit (Loss) | -1,054,634 | -7,209,139 | -85.37 | 9,133,700 | - |
| Net profit (Loss) | -14,224,808 | -18,846,138 | -24.521 | 16,717,956 | - |
| Total Comprehensive Income | -13,674,203 | -18,686,988 | -26.825 | 17,561,600 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 89,765,157 | 63,057,920 | 42.353 |
| Gross Profit (Loss) | 35,936,536 | -36,466,143 | - |
| Operational Profit (Loss) | 18,338,426 | -55,979,963 | - |
| Net profit (Loss) | 12,150,058 | -139,216,529 | - |
| Total Comprehensive Income | 13,511,046 | -143,864,825 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 322,162,992 | 330,147,085 | -2.418 |
| Profit (Loss) per Share | 0.24 | -2.78 | |
| 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 | -121,856,692 | -24 | |
| 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 revenue during the current quarter compared to the same quarter of the previous year is mainly due to the recall of exported goods valued at SAR 6.8 million, as a result of regulatory requirements and import restrictions in the Arab Republic of Egypt.
Despite this, the Company recorded an 8% increase in local shrimp sales, supported by stronger domestic demand and improved distribution.
It is worth noting that the Company’s operations are cyclical in nature, as the shrimp farming season starts annually in September and ends in June of the following year, in line with the approved farming plan. Consequently, activity during the Q3 is usually limited due to the start of the new farming cycle at the end of the quarter. |
| 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 decrease in the net loss during the current quarter compared to the same quarter of the previous year is due to the recognition of non-recurring losses in the previous year as a result of the closure of the water plant and the impairment of its assets by SAR 6.8 million.
In addition, profitability margins improved compared to last year due to improved operational efficiency at the shrimp farm.
On the other hand, the loss during the current quarter is mainly due to the following: 1. An Increase in the provision for the Saudi Industrial Development Fund (SIDF) guarantee by SAR 11.1 million, following the official claim for loan follow-up fees related to the loan guarantee provided by JAZADCO to its investee company, Al-Reef Sugar Refining Company, representing JAZADCO’s 15% share. 2. Shrimp farming activities commenced their initial stages during September 2025, with most of the costs being charged as operational expenses during the period. 3. Losses resulting from sales returns of SAR 1.2 million as a result of regulatory requirements and import restrictions in the Arab Republic of Egypt.
It is also worth noting that the company's operations are seasonal in nature, with the shrimp farming cycle running from September to June next year in line with the approved farming plan. Therefore, the third quarter usually reflects a limited level of activity. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the decrease in revenues during the current quarter compared to the previous quarter is due to the seasonality of the company's operations, as the mango harvest cycle starts from March to June every year, and the new shrimp farming cycle starts in September according to the approved farming plan, in addition to export sales returns of SAR 6.8 million. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net profit during the current quarter compared to the previous quarter is mainly due to the temporary decline in sales, which led to a similar decline in net profit, in addition to the company's incurring follow-up fees of SAR 11.1 million claimed by the Saudi Industrial Development Fund (SIDF), related to the 15% loan guarantee provided by JAZADCO to its investee company, Al-Reef Sugar Refining Company. |
| 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 increase in revenues during the current period compared to the same period of the previous year is mainly due to higher shrimp production, improved operational efficiency, as well as increased demand in the domestic market for shrimp product. |
| 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 increase in net profit during the current period compared to the same period of the previous year is attributable to:
1. The operational efficiency of the shrimp farm improved after the losses recorded at the beginning of the previous year. 2. Gains from valuation of biological assets at fair value amounted to SAR 6.6 million, compared to losses of SAR 32.1 million during the previous year. 3. Higher average selling prices in both local and export markets. 4. The Company reversed Zakat provision amounting to SAR 8.8 million, after adjusting previous liabilities related to the periods from 2006 to 2023 (excluding 2018). |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | Material Uncertainty Related to Going Concern
We draw attention to Note (2-4) to the accompanying interim condensed consolidated financial statements, which indicates that the Group’s accumulated losses as at 30 September 2025 amounted to SR 121.8 million, representing 24% of its share capital. As of that date, the Group’s current liabilities exceeded its current assets by SAR 96.9 million, indicating the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. The Group primarily relies on its ability to achieve its business plans to generate sufficient cash flows, enabling it to meet its obligations as they fall due without a significant reduction in its operations. Our conclusion has not been modified in this regard. |
| Reclassification of Comparison Items | Certain figures for the comparative period have been reclassified to conform with the current period’s presentation.
It’s worth mentioning that, in accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, following the closure of the water factory, the assets were reclassified as "held for sale". Consequently, the operations were divided between continuing and discontinued operations, reflecting the requirements of IFRS 5 to separate and disclose discontinued operations and assets held for sale in the financial statements.
The restatement of the financial statements for the comparative period of 2024 includes the recognition of expected credit losses related to the loan guarantee of Al-Reef Sugar Refining Company. The impact was recognized in the financial statements for the year 2023 and the nine-month period ended September 30, 2024, in the amounts of SAR 33.86 million and SAR 66.94 million, respectively |
| Additional Information | On November 4, 2025, the Company received an official letter from the Saudi Industrial Development Fund (SIDF) regarding follow-up fees related to Al-Reef Sugar Refinery Company loan, amounting to SAR 11.1 million, which has been recorded as a provision during the Q3 of 2025. |