WAFRAH FOR INDUSTRY AND DEVELOPMENT COMPANY 1443/04/04 Tue Nov 9, 2021 15:47:29
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| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
| Sales/Revenue | 15,970,159 | 22,957,821 | -30.436 | 15,147,496 | 5.431 |
| Gross Profit (Loss) | 1,336,550 | 4,258,199 | -68.612 | 3,243,923 | -58.798 |
| Operational Profit (Loss) | -3,921,394 | -2,752,344 | 42.474 | -2,770,442 | 41.543 |
| Net Profit (Loss) after Zakat and Tax | -1,731,958 | -2,733,628 | -36.642 | -2,587,757 | -33.071 |
| Total Comprehensive Income | -1,757,161 | -2,654,540 | -33.805 | -2,551,905 | -31.143 |
| All figures are in (Actual) Saudi Arabia, Riyals |
| Element List | Current Period | Similar period for previous year | %Change |
| Sales/Revenue | 52,688,084 | 62,148,620 | -15.222 |
| Gross Profit (Loss) | 10,681,321 | 17,799,476 | -39.99 |
| Operational Profit (Loss) | -6,192,263 | -1,477,830 | 319.01 |
| Net Profit (Loss) after Zakat and Tax | -4,518,303 | -2,083,075 | 116.905 |
| Total Comprehensive Income | -4,451,765 | -2,053,549 | 116.783 |
| Total Share Holders Equity (after Deducting Minority Equity) | 57,893,181 | 74,450,559 | -22.239 |
| Profit (Loss) per Share | -0.59 | -0.27 | |
| All figures are in (Actual) Saudi Arabia, Riyals |
| Accumulated Losses | Capital | Percentage % |
| 17,705,517 | 77,170,350 | 22.94 |
| All figures are in (Actual) Saudi Arabia, Riyals |
| Element List | Explanation |
| 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 net losses in the current quarter compared to the corresponding quarter of the previous year is mainly attributed to the decrease in sales and marketing expenses, and to the reversal of provision for expected credit losses and the reversal of unnecessary spare parts provision. It is also attributed to the increase in other revenues, despite the decrease in sales by 30 %, and the increase in the General and Administrative expenses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The main reason for the decrease in net losses incurred in the current quarter compared to the previous quarter is attributed to the increase in sales by 5 %, and to the decrease in the General and Administrative expenses, and sales and marketing expenses, in addition to the reversal of provision for expected credit losses and the reversal of unnecessary spare parts provision. It is also attributed to the increase in other revenues. |
| 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 losses incurred in the current period compared to the corresponding period of the previous year is attributed to the decrease in sales by 15 %, and to the decrease in gross profit by 40 %, and to the increase in the General and Administrative expenses, and because of forming a provision for impairment of equipment and machinery values, despite the decrease in sales and marketing expenses and despite the reversal of a provision for expected credit losses and the reversal of unnecessary spare parts provision, and despite the increase in other revenues, together with the decrease in provisional Zakat tax. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
We would like to draw attention to Note No. (4) about the attached interim condensed financial statements, which indicates that the company has achieved accumulated losses amounting to 17,705,517 Saudi riyals as on September 30, 2021, and the company's current liabilities exceeded its current assets by 8,563,288 Saudi riyals in that The date, and these circumstances indicate the existence of a material uncertainty, may cast significant doubt on the Company's ability to continue as a going concern, and our conclusion has not been modified in this respect.
Other matter: - The company's financial statements for the year ended on December 31, 2020 were reviewed by another auditor, who expressed a qualified opinion on March 29, 2021 those financial statements. |
| Reclassification of Comparison Items |
The balances of accumulated losses and remeasurement of defined benefit plan were reclassified because of losses of remeasurement of defined benefit plan was recognised and disclosed in accumulated losses in the year end at 31 December 2020.
Balance before reclassification reclassification Balance after reclassification Accumulated losses (14,243,531) 1,056,317 (13,187,214) remeasurement of defined benefit plan - (1,056,317) (1,056,317) |
| Additional Information |
The weighted average number of shares was reached by taking the effect of the capital decrease from the beginning of the earliest period offered to comply with the requirements of IAS 33 .
- In response to the spread of the Covid-19 virus around the world and the resulting disruption to social and economic activities in those markets, the company's management has proactively assessed its impact on its operations and has taken a series of preventive actions, including the formation of teams and ongoing crisis management operations to ensure the health and safety of its employees , customers and society as a broader scope, as well as ensuring the continuity of supplying its products in all its markets. Based on these factors, the company's management believes that the Covid-19 epidemic did not have a material impact on the company's financial results that were reported for the period ending on 30 September 2021. In view of the continuation of the pandemic, the company is closely monitoring the situation, especially in the coming months of this year, and the company expects the situation to improve gradually and hopes that the outbreak of COVID-19 by the end of this year |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Wafrah for Industry and Development Co. SJSC published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 12:53:13 UTC.
