Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 31,823,356 27,450,084 15.931 14,487,281 119.664
Gross Profit (Loss) -3,515,539 10,337,715 - -33,579,546 -89.53
Operational Profit (Loss) -12,408,922 2,736,520 - -40,181,906 -69.118
Net profit (Loss) -12,490,413 11,398,934 - -40,939,975 -69.49
Total Comprehensive Income -12,498,999 11,398,934 - -45,738,835 -72.673
All figures are in (Actual) Saudi Arabia, Riyals


 

Element List Current Period Similar period for previous year %Change
Sales/Revenue 46,310,637 54,932,193 -15.694
Gross Profit (Loss) -37,095,085 20,156,057 -
Operational Profit (Loss) -52,590,828 5,751,807 -
Net profit (Loss) -53,430,388 13,181,609 -
Total Comprehensive Income -58,237,834 12,516,095 -
Total Shareholders Equity (after Deducting Minority Equity) 449,634,076 558,926,279 -19.553
Profit (Loss) per Share -1.07 0.26
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 quarter compared to the same quarter of the last year is The reason of the increase in the sales during the current quarter compared to the same quarter of the last year is primarily attributed to two factors: a rise in shrimp sales volume and an increase in the average selling prices of mango.

 

 

These factors collectively contributed to a 16% growth in sales for the current quarter compared to the corresponding 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 of the decrease in the net profit during the current quarter compared to the same quarter of the last year is primarily due to operational difficulties at the shrimp farm, resulting in lower biomass production. Additionally, the company's share of profit from associated companies was significantly lower this year, at SAR 963,381, compared to SAR 9,441,470 last year.

 

 

There were revaluation losses of the existing shrimp crop for the first quarter of 2024, amounting to SAR 32,079,795, and deferred costs for the existing crop in the second quarter, amounting to SAR 8,636,548. These costs were not offset by production due to a decrease in shrimp biomass. Upon the end of the harvesting season on June 3, 2024, these costs were expensed to the Profit and loss.

 

As a result, the net profit for the current quarter decreased by 210% compared to the same 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 reason of the increase in the sales during the current quarter compared to the previous one is primarily due to increased shrimp sales, attributed to greater product availability and favorable market conditions. As a result, sales for the current quarter increased by 120% 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 of the decrease in the net loss during the current quarter compared to the previous one is primarily due to the fact that the previous quarter was significantly impacted by the decline in shrimp biomass. In contrast, the current quarter only experienced the remaining portion of this decline, which was not offset by production.

 

 

As a result, the net loss for the current quarter decreased by 69% compared to the previous quarter.
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 of the decrease in the sales during the current period compared to the same period of the last year is primarily attributed to reduction in the export sales by SAR 6,245,557 due to geopolitical and economic conditions in the export markets namely Russia and Egypt. As a result, sales reduced by 16% compared to the similar period last year.
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 of the decrease in the net profit during the current period compared to the same period of the last year is that in the first quarter of 2024, revaluation losses for the existing shrimp crop amounted to SAR 32,079,795. Additionally, in the second quarter, costs totaling SAR 8,636,548 were incurred without corresponding biomass production. Upon the end of the harvesting season on June 3, 2024, these costs were expensed to the profit and loss statement. Furthermore, the company's share of profit from associates decreased from SAR 8,801,634 to SAR 1,109,829.

 

Due to the aforementioned, the net profit for the current period (decreased) by 505% compared to the comparative period of the previous year.
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 qualifying our conclusion, we draw attention to Note No. (7) of the accompanying interim condensed consolidated financial statements, where management observed a decrease in the value of biological assets amounting to SR 32.1 million during the period ended 31 March 2024, in addition to another decrease of SR 10.1 million during the period ended 30 June 2024, which was primarily due to a significant reduction in shrimp biomass.

 

 

Other Matters

• The interim condensed consolidated financial statements of the Company for the six-month periods ended 30 June 2023 were reviewed by another auditor who expressed an unmodified review conclusion on those interim condensed consolidated financial statements on 20 August 2023 (corresponding to 4 Safar 1445H).

• The consolidated financial statements of the Company for the year ended 31 December 2023 were audited by the same another auditor who expressed an unmodified opinion on those consolidated financial statements on 14 April 2024 (corresponding to 5 Shawwal 1445H).

• The shareholders of the Group, in their meeting held on 15 May 2024 (corresponding to 7 Dhul-Qi’dah 1445 H), did not approve the independent auditor’s report issued on the Group’s consolidated financial statements for the year ended 31 December 2023.
Reclassification of Comparison Items Some comparative figures for the previous year have been reclassified to conform to the presentation used for the current period.
Additional Information -

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