UNITED FOODS COMPANY (PSC) AND ITS SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
30 SEPTEMBER 2021
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF UNITED FOODS COMPANY (PSC)
Introduction
We have reviewed the accompanying interim condensed consolidated financial statements of United Foods Company (PSC) (the "Company") and its subsidiaries (collectively referred to as the "Group") which comprise the interim condensed consolidated statement of financial position as at 30 September 2021 and the related interim condensed consolidated statements of profit or loss and comprehensive income for the three-month and nine-month periods then ended, statement of changes in equity and cash flows for the nine-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.
Other Matters
The financial statements of the Company as at and for the year ended 31 December 2020 were audited by another auditor who issued an unmodified audit report on those statements on 8 February 2021.The interim condensed financial statements of the Company as at and for the three and nine-month periods ended 30 September 2020 were reviewed by another auditor who issued an unmodified review conclusion on those interim condensed financial statements on 4 November 2020.
For Ernst & Young
Signed by
Ashraf Abu Sharkh
Partner
Registration No. 690
______________ 2021
Dubai, United Arab Emirates
United Foods Company (PSC) and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the period ended 30 September 2021 (Unaudited)
Nine months ended | Three months ended | ||||
(Unaudited) | (Unaudited) | ||||
───────────────── | ───────────────── | ||||
30 September | 30 September | 30 September | 30 September | ||
2021 | 2020 | 2021 | 2020 | ||
Notes | AED | AED | AED | AED | |
Sales, gross | 392,641,383 | 325,800,313 | 122,234,937 | 101,741,792 | |
Less: Discounts and | (14,556,060) | (3,629,882) | |||
marketing expenses | (14,555,991) | (4,003,600) | |||
───────── | ───────── | ───────── | ───────── | ||
Sales, net | 378,085,323 | 311,244,322 | 118,605,055 | 97,738,192 | |
Cost of sales | (326,109,231) | (252,457,146) | (102,794,678) | (78,524,518) | |
───────── | ───────── | ───────── | ───────── | ||
GROSS PROFIT | 51,976,092 | 58,787,176 | 15,810,377 | 19,213,674 | |
Selling and distribution expenses | (26,284,641) | (25,453,528) | (8,939,639) | (8,299,348) | |
General and administrative expenses | (20,185,757) | (12,935,944) | (4,416,462) | (4,399,039) | |
Finance expense | (728,334) | (670,018) | (248,939) | (208,461) | |
Gain on sale of | |||||
investment securities | 4.1 | - | 10,572,453 | - | - |
Other income, net | 1,465,006 | 2,470,174 | 301,910 | 745,520 | |
───────── | ───────── | ───────── | ───────── | ||
PROFIT FOR THE PERIOD | 3 | 6,242,366 | 32,770,313 | 2,507,247 | 7,052,346 |
═════════ | ═════════ | ═════════ | ═════════ | ||
Profit attributable to: | 6,242,366 | 32,770,313 | 2,507,247 | 7,052,346 | |
Owners of the Company | |||||
═════════ | ═════════ | ═════════ | ═════════ | ||
Earnings per share in AED | 9 | 0.21 | 1.08 | 0.08 | 0.23 |
═════════ | ═════════ | ═════════ | ═════════ |
The accompanying notes from 1 to 15 form an integral part of these interim condensed consolidated financial statements.
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United Foods Company (PSC) and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/ (LOSS)
For the period ended 30 September 2021 (Unaudited)
Nine months ended | Three months ended | |||
(Unaudited) | (Unaudited) | |||
───────────────── | ───────────────── | |||
30 September | 30 September | 30 September | 30 September | |
2021 | 2020 | 2021 | 2020 | |
AED | AED | AED | AED | |
Profit for the period | 6,242,366 | 32,770,313 | 2,507,247 | 7,052,346 |
Other comprehensive income | ||||
Other comprehensive loss not to be reclassified | ||||
to profit or loss in subsequent periods: | ||||
Change in fair value of investment securities | 516,705 | 267,860 | ||
measured at FVOCI, equity securities | (206,949) | (25,589) | ||
───────── | ───────── | ───────── | ───────── | |
Other comprehensive income / (loss) | 516,705 | (206,949) | 267,860 | (25,589) |
TOTAL COMPREHENSIVE INCOME | ───────── | ───────── | ───────── | ───────── |
6,759,071 | 32,563,364 | 2,775,107 | 7,026,757 | |
FOR THE PERIOD | ||||
═════════ | ═════════ | ═════════ | ═════════ | |
Total comprehensive income attributable to: | 6,759,071 | 32,563,364 | 2,775,107 | 7,026,757 |
Owners of the Company | ||||
═════════ | ═════════ | ═════════ | ═════════ |
The accompanying notes from 1 to 15 form an integral part of these interim condensed consolidated financial statements.
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United Foods Company (PSC) and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2021
30 September | 31 December | ||
2021 | 2020 | ||
AED | AED | ||
Notes | (Unaudited) | (Audited) | |
ASSETS | |||
Non-current assets | 88,920,073 | ||
Property, plant and equipment | 4 | 95,951,200 | |
Right-of-use assets | 5 | 18,597,623 | 19,848,951 |
Intangible asset | 557,994 | 214,952 | |
Goodwill | 6 | 1,321,304 | - |
Investment securities | 15 | 1,500,687 | 983,982 |
───────── | ───────── | ||
110,897,681 | 116,999,085 | ||
Current assets | ───────── | ───────── | |
106,012,226 | |||
Inventories | 61,512,632 | ||
Trade and other receivables | 96,432,794 | 77,855,187 | |
Amounts due from related parties | 11 | 533,085 | 139,335 |
Bank balances and cash | 7 | 82,856,957 | 115,015,279 |
───────── | ───────── | ||
285,835,062 | 254,522,433 | ||
───────── | ───────── | ||
TOTAL ASSETS | 396,732,743 | 371,521,518 | |
═════════ | ═════════ | ||
EQUITY AND LIABILITIES | |||
Equity | 30,250,000 | ||
Share capital | 8 | 30,250,000 | |
Statutory reserve | 15,125,000 | 15,125,000 | |
Regular reserve | 15,125,000 | 15,125,000 | |
General reserve | 65,314,980 | 65,314,980 | |
Fair value reserve | 383,308 | (133,397) | |
Retained earnings | 172,560,755 | 185,980,889 | |
───────── | ───────── | ||
Total equity | 298,759,043 | 311,662,472 | |
───────── | ───────── | ||
Non-current liabilities | 8,231,802 | ||
Employees' end of service benefits | 7,804,771 | ||
Lease liabilities | 10 | 11,466,024 | 12,717,526 |
───────── | ───────── | ||
19,697,826 | 20,522,297 | ||
Current liabilities | ───────── | ───────── | |
76,316,864 | |||
Trade and other payables | 10.1 | 37,558,345 | |
Lease liabilities | 10 | 1,959,010 | 1,778,404 |
───────── | ───────── | ||
78,275,874 | 39,336,749 | ||
───────── | ───────── | ||
Total liabilities | 97,973,700 | 59,859,046 | |
───────── | ───────── | ||
TOTAL EQUITY AND LIABILITIES | 396,732,743 | 371,521,518 | |
═════════ | ═════════ | ||
____________________________________ | ____________________________________ | ||
Ali Bin Humaid Al Owais | Mohammed Abdel Aziz Ali Abdalla Al Owais | ||
Chairman | Executive Vice Chairman | ||
________ 2021 | ________ 2021 |
The accompanying notes from 1 to 15 form an integral part of these interim condensed consolidated financial statements.
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United Foods Company PSC published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 05:24:08 UTC.