Tabuk Agricultural Development Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A6040 TADCO-0.75 (-2.14 %)
1443/04/06 Thu Nov 11, 2021 08:01:48

Tabuk Agricultural Development Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	36,873,782	47,394,369	-22.197	32,814,494	12.37
Gross Profit (Loss)	7,719,223	9,309,047	-17.078	-7,902,662	-
Operational Profit (Loss)	-4,686,590	-4,829,902	-2.967	-22,804,110	-79.448
Net Profit (Loss) after Zakat and Tax	-12,298,000	-6,233,260	97.296	-23,669,424	-48.042
Total Comprehensive Income	-12,298,000	-5,843,826	110.444	-24,593,462	-49.994
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	92,266,217	119,369,394	-22.705
Gross Profit (Loss)	4,939,564	22,841,963	-78.375
Operational Profit (Loss)	-31,879,370	-13,598,166	134.438
Net Profit (Loss) after Zakat and Tax	-37,311,310	-17,845,946	109.074
Total Comprehensive Income	-38,235,348	-18,296,459	108.976
Total Share Holders Equity (after Deducting Minority Equity)	330,023,336	262,270,587	25.833
Profit (Loss) per Share	-1.21	-0.61
All figures are in (Actual) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
-56,901,839	391,767,000	-14.5
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 reasons for the increase in losses are due to the increase in the claims provision due to the tax assessment on the company for the years from 2018 to the end of September 2021, an increase in the zakat provision for the period, a decrease in the company's share of the results of an associate company, a decrease in net revenues and an increase in general and administrative expenses despite of a decrease in financing costs, and realizing other revenues.
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 reasons for the decrease in losses are due to an increase in net revenues, a decrease in the cost of revenues, a decrease in Impairment in the value of the crops stocks, a decrease in selling and distribution expenses, a decrease in general and administrative expenses, and a decrease in the calculated zakat provision for the period despite of booking a decrease in the company's share of an associate company results and booking a provision for Claims and a decrease in other net income.
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 reasons for the increase in losses are due to the increase in the claims provision resulted from the company's tax assessment for the years from 2018 till end of September 2021, a decrease in revenues, an increase in general & administrative expenses, a decrease in the company's share from associate company, a decrease in the short-term Murabaha investment return and a decrease in other net revenues, despite of a decrease in the impairment value of the crops stocks, a decrease in selling and distribution expenses, a decrease in financing costs, a refund of the Zakat provision, and a decrease in the calculated Zakat provision for the period.
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	Emphasis of matters As indicated in Note 2 to the interim condensed consolidated financial statements, the group financial statements include the financial statements of Masader Agricultural Feed Mill Ltd Company "Subsidiary Company" in which the statutory procedures to transfer ownership of assets and all operation activities to the Company is under process in accordance with the signed agreement between the establishment's owner (one of the shareholders) and the Company. and our opinion is not modified in respect of this matter. The total assets of Masader Agricultural Feed Mill Ltd. Company which included in these consolidated financial statements amounted SAR 54.5 million, Total liabilities amounted SAR 12 million, Net shareholder's equity amounted SAR 42.4 million, Revenues amounted SAR 5.7 million, And the total expenses amounted SAR 9 million.
Reclassification of Comparison Items	Comparative figures Certain comparative figures have been reclassified to conform with the current year's presentation.
Additional Information	Earnings per share Basic earnings per share and reduced earnings per share (if any) are presented for ordinary shares, where basic earnings per share is calculated by dividing profits or losses of ordinary shareholders of the group by the weighted average number of ordinary shares outstanding during the year. The basic loss per share resulted from period losses amounted to SAR (1.21), compared to an amount of SAR (0.61) for the same period of the previous comparative year. Important and subsequent events - On July 11, 2021, Afaq Food Company Limited (a subsidiary company) appointed a financial advisor for the process of offering the company's shares in the parallel market (Nomu) in accordance with the applicable registration and listing rules. - On October 1, 2021, the Group received a value-added tax assessment of SAR 9.2 million. Including tax claims, amendment of declarations and payment penalties for delay from year 2018 to 2021, Based on management assessment, a provision for claims has been recorded in the amount of SAR 6 million. - On August 8, 2021, The group received a decision issued by the governor of the Northern State in the Republic of Sudan regarding the appeal submitted against the decision to cancel the project, where the cancellation decision was confirmed as per investment law. On August 15, 2021 The Capital of Afaq Food Company was increased from SAR 31.1 million to SAR 80 million using balances due to partners amounting to SAR 26.4 million and cash payments of SAR 22.5 million. In order to protect the shareholders' rights of Tabuk Agricultural Development Company, the company filed a lawsuit to claim a recovery of sum of SAR 18 million which has been paid to the subsidiary company (Masader Agricultural Feed Mill Ltd Company) in exchange for the partner's assignment of factory's assets, if the ownership cannot be transferred to the subsidiary company.

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