Unikai Foods P J S C : Financial statements for the 2nd QTR of 2022

Unikai Foods (P.J.S.C.)

and its subsidiary

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

30 JUNE 2022

Ernst & Young Middle East	Tel:	[phone]
(Dubai Branch)		[phone]
P.O. Box 9267	Fax:	[phone]
Ground Floor, ICD Brookfield Place	[e-mail]
Al Mustaqbal Street	ey.com
Dubai International Financial Centre
Dubai
United Arab Emirates

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF UNIKAI FOODS (P.J.S.C.)

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Unikai Foods (P.J.S.C.) (the "Company") and its subsidiary (collectively referred to as the "Group") which comprise the interim condensed consolidated statement of financial position as at 30 June 2022, and the related interim condensed consolidated statement of income, interim condensed consolidated statement of comprehensive income for the three-month and six-month periods then ended, interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for the six-month period then ended, and explanatory notes. Management is responsible for the preparation and fair presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

For Ernst & Young

Signed by:

Ashraf Abu Sharkh

Partner

Registration No: 690

11 August 2022

Dubai, United Arab Emirates

A member firm of Ernst & Young Global Limited

Unikai Foods (P.J.S.C.) and its subsidiary

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

For the three-month and six-month period ended 30 June 2022 (Unaudited)

		Three-month period ended	Six-month period ended
		30 June (Unaudited)	30 June (Unaudited)
		────────────────────	────────────────────
		2022	2021	2022	2021
	Notes	AED'000	AED'000	AED'000	AED'000
Revenue	3	87,011	70,605	152,069	121,789
Cost of sales		(59,005)	(43,545)	(105,207)	(77,406)
		────────	────────	────────	────────
Gross profit		28,006	27,060	46,862	44,383
Administrative, selling		(21,679)		(39,360)
and distribution expenses	4	(19,157)	(35,414)
Writeback of operating accruals		-	1,393	-	1,393
Impairment loss on		(1,440)		(1,440)
trade receivables		(92)	(137)
		────────	────────	────────	────────
Operating profit for the period		4,887	9,204	6,062	10,225
Finance costs, net		(2,000)	(2,606)	(3,837)	(4,209)
Loss on fair valuation of		-		-
investment properties		(1,500)	(1,925)
Gain on fair valuation of investment		1,370		1,529
through profit or loss	10	-	-
Other income		956	687	1,805	1,150
		────────	────────	────────	────────
Profit for the period before tax		5,213	5,785	5,559	5,241
Tax expense, net		(292)	(915)	(172)	(927)
		────────	────────	────────	────────
Profit for the period		4,921	4,870	5,387	4,314
		════════	════════	════════	════════
Profit attributable to:		4,921		5,387
Owners of the Group		4,870	4,314
Earnings per share		════════	════════	════════	════════
	0.15		0.17
Profit per share-basic (AED)	17	0.15	0.13
		════════	════════	════════	════════

The attached notes 1 to 20 form part of these interim condensed consolidated financial statements.

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Unikai Foods (P.J.S.C.) and its subsidiary

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the three-month and six-month period ended 30 June 2022 (Unaudited)

	Three-month period ended	Six-month period ended
	30 June (Unaudited)	30 June (Unaudited)
	────────────────────	────────────────────
	2022	2021	2022	2021
	AED'000	AED'000	AED'000	AED'000
Profit for the period	4,921	4,870	5,387	4,314
Other comprehensive income for the period	-	-	-	-
Total comprehensive income	────────	────────	────────	────────
for the period	4,921	4,870	5,387	4,314
Total comprehensive income	════════	════════	════════	════════
attributable to:	4,921		5,387
Owners of the Group	4,870	4,314
	════════	════════	════════	════════

The attached notes 1 to 20 form part of these interim condensed consolidated financial statements.

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