Tadawul-
Element List Current Quarter Similar Quarter For Previous Year %Change Previous Quarter % Change
Sales/Revenue 145,375,090 150,482,196 -3.393 137,091,412 6.042
Gross Profit (Loss) 13,484,061 15,934,277 -15.377 14,893,208 -9.461
Operational Profit (Loss) 7,053,225 10,878,512 -35.163 5,844,684 20.677
Net profit (Loss) -1,538,271 7,836,137 - 3,704,386 -
Total Comprehensive Income -1,489,690 7,905,979 - 3,792,190 -
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar Period For Previous Year %Change
Sales/Revenue 282,466,502 307,270,013 -8.072
Gross Profit (Loss) 28,377,269 27,801,503 2.07
Operational Profit (Loss) 12,897,909 17,365,143 -25.725
Net profit (Loss) 2,166,115 9,761,062 -77.808
Total Comprehensive Income 2,302,500 9,894,813 -76.73
Total Shareholders Equity (after Deducting Minority Equity) 288,022,898 292,159,590 -1.415
Profit (Loss) per Share 0.1 0.43
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 for the decrease in the company's sales for the current quarter compared to the same quarter of the previous year is due to:
- Decrease in selling prices is affected by the reduction in raw material prices.
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 for the decrease in the net profit of the current quarter compared to the same quarter of the previous year is due to:
- Increase cost of goods sold.
- Increase selling and marketing expenses.
- Increase general and administrative expenses.
- Increase in unrealized losses from investments at FVTPL.
- Increase in financing costs.
- Increase in zakat due to the difference in zakat assessment for years 2019 and 2020.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason for the Increase in the company's sales for the current quarter compared to the previous quarter is due to:
- Increase in sales volume.
- Increase in selling prices is affected by the reduction in raw material prices.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for the decrease in the net profit of the current quarter compared to the previous quarter is due to:
- Increase cost of goods sold.
- Increase selling and marketing expenses.
- Increase general and administrative expenses.
- Increase in unrealized losses from investments at FVTPL.
- Increase in financing costs.
- Increase in zakat due to the difference in zakat assessment for years 2019 and 2020.
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 for the decrease in the company's sales during the current period compared to the same period of the previous year is due to:
- Decrease in sales volume, especially during the first quarter of the current year
- Decrease in selling prices is affected by the reduction in raw material prices.
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 decrease in the net profit during the current period compared to the same period of the previous year is due to:
- Increase selling and marketing expenses.
- Increase general and administrative expenses.
- Increase the Allowance for Expected Credit losses on trade receivables during the first quarter of this year.
- Decrease in unrealized gains from investments at FVTPL due to losses during the second quarter of this year
- Increase in financing costs.
- Increase in zakat due to the difference in zakat assessment for years 2019 and 2020.
Statement of the type of external auditor's report Unmodified conclusion
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) No
Reclassification of Comparison Items Some comparative figures have been reclassified and classified in the Statement of Cashflows to conform to the presentation for the current period.
Employees’ benefits: Before Reclassification 229,192 – Reclassification 29,162 - After Reclassification 258,354
Employees’ benefits Paid: Before Reclassification 0 – Reclassification (29,162) - After Reclassification (29,162).
Impairment of trade receivables: Before Reclassification 0 – Reclassification 514,286 - After Reclassification 514,286.
Trade Receivables, net: Before Reclassification (12,921,761) – Reclassification (514,286) - After Reclassification (13,436,047).
Please see the note No. 22 in the financial statements for the period ending 30, June 2024.
Additional Information 1- The second quarter 2024 losses are due to the following: -
- Increase the Cost of goods sold.
- Due to failed Zakat's appeal and it’s rejected by ZATCA regarding previous years, the company has incurred SAR 1,098,835.60.
- Increase transportation expenses “Freight” due to higher petroleum prices.
- Incurred unrealized losses of SAR 2,037,513 from investments at fair value through profit or loss.
2- The balance of short-term loans used to finance working capital on June 30, 2024, decreased by 9.78% from their balance on December 31, 2023.
3- The balance of long-term loans on June 30, 2024, decreased by 1.32% from their balance on December 31, 2023.
4- Basic earnings per share is calculated by dividing income for the period attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, the diluted earnings per share are the same as the basic earnings per share as the company has no diluted instruments.
8- We would like to give the attention of our valued shareholders to the condensed interim Financial Statements for the six-month, ended June 30, 2024, which will be available on the investor relations app for Zahrat Al Waha for Trading Co. smartphones and tablets, and through the company's website at the following link https://zaoasis.com/investors/financial-information after sending it to the competent authorities.