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Horizon Food Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 55,115,895 | 66,653,385 | -17.31 | ||
| Gross Profit (Loss) | 16,474,725 | 19,297,585 | -14.63 | ||
| Operational Profit (Loss) | 9,283,006 | 9,125,437 | 1.73 | ||
| Net profit (Loss) | 9,249,055 | 8,887,227 | 4.07 | ||
| Total Comprehensive Income | 9,302,632 | 8,839,800 | 5.24 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 102,353,478 | 93,050,846 | 10 | ||
| Profit (Loss) per Share | 1.16 | 1.11 | |||
| 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 year compared to the last year | A decrease in the Company’s revenues to SR 55,115,895 compared to SR 66,653,385 in the previous year, with a decrease of SR 11,537,490 and a decrease percentage of 17,309%. This is mainly due to the decrease in revenues during the first half of 2023 of 26%, compared to the first half of 2022, and due to external supply chain problems. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Increase in the Company's net profit after zakat and tax to SR 9,249,055, compared to SR 8,887,227 in the previous year, with an increase of SR 361,828 and an increase percentage of SR 4.071%. This is mainly due to cost reduction and reversal of an amount of SR 2,300,0000 of administrative expenses related to the remuneration of the Board of Directors and its committees as well as the remuneration of CEO and employees for the year ended 31 December 2022, based on the resolution of the Company’s shareholders in its ordinary general meeting, held on 07 January 2024, and the resolution of the Board of Directors meeting held on 05 March 2024. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | Not applicable |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified |
| Additional Information | Earnings per share: The basic earnings per share have been calculated by dividing the net profit by the number of outstanding shares as at the end of the year (8 million shares), where the basic share from the net profit per share amounted to SR 1.16, compared to SR 1.11 in the previous year. The total shareholders’ equity at the end of the period 31/12/2023 amounted to SR 102,353,478, compared to SR 93,050,846 in the year ended 31/12/2022, with an increase of SR 9,302,632 and an increase percentage of 9.997%. |
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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