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Al Rashid Industrial Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 135,031 | 116,499 | 15.91 | ||
| Gross Profit (Loss) | 44,021 | 35,583 | 23.71 | ||
| Operational Profit (Loss) | 22,663 | 17,700 | 28.04 | ||
| Net profit (Loss) | 21,321 | 16,548 | 28.84 | ||
| Total Comprehensive Income | 20,785 | 15,861 | 31.04 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 121,090 | 106,305 | 13.91 | ||
| Profit (Loss) per Share | 2.67 | 2.07 | |||
| All figures are in (Thousands) 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 (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the increase in sales compared to the previous year and by 15.91% is due to the growth in sales of production lines and the increase in points of sale and distribution at the company in various regions of the Kingdom of Saudi Arabia. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net profit by 28.84% during the year 2023 compared to last year is due to: • Increased gross profit by 23.71% due to an increase in revenue by 15.91% through sales of items and miscellaneous production lines. • Lower prices of raw materials compared to the same period. |
| Statement of the type of external auditor's report | Conservation |
| 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) | Opinion of the conservative We have audited the accompanying financial statements of Al Rashed Industrial Company (the "Company"), which include the statement of financial position as at 31 December 2023, the statements of profit or loss, other comprehensive income, cash flows and changes in equity for the year then ended, and the accompanying notes to the consolidated financial statements, including relative information on accounting policies. In our opinion, and with the exception of the effects described in the "Basis of Qualified Opinion" section of our report, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2023, and its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards adopted in the Kingdom of Saudi Arabia and other standards and issuances approved by the Saudi Organization for Auditors and Accountants. The basis of a conservative opinion The company's management calculates the difference between the standard cost and the actual cost of inventory at the end of each financial period. The difference between the standard cost and the actual cost for the year ended 31 December 2023 amounted to SAR 3,320,149, and accordingly, the company's management reduced the cost of sales and increased the cost of inventory by this amount. We were unable to obtain sufficient audit evidence to validate this amount, and accordingly were unable to determine whether any adjustments to this amount were necessary. |
| Reclassification of Comparison Items | Certain comparative year figures have been reclassified to align with the presentation of the consolidated financial statements for the current year. |
| Additional Information | - |
The Capital Market Authority and Saudi 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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