-- Revenue:

The Company’s revenue for the current year increased by 18.57% compared to the previous year which is mainly on account of increase in the sales of dairy and food processing by 19.08% and agricultural sector by 7.76%.

-- Cost of sales:

Cost of sales percentage on revenue decreased during the current year by 2.24% as compared to last year which is mainly on account of the decrease in provision for slow/nonmoving inventories. During last year the company made SAR 46.89 million for slow/ nonmoving inventories compared to SAR 17.38 million during the current year.

-- General and Administrative expenses:

The general and administrative expenses for the current year decreased by 6.12% compared to the last year due to decrease in the professional and consultancy fees and this decrease is partially offset by increase in information technology expense and employee benefit expenses.

-- Provisions for prepayments and other receivables:

During the last year provision of SAR 64.95 million for subsidy receivables and prepayments compared to SAR 7.1 million for the current year.

-- other income/ (expenses) - net:

Decrease in other expenses is mainly on account of reduction in loss on sales of cows due to less culling of cows and reduction in losses on transaction of foreign currency balances.

-- Write off/ Impairment losses on Property, Plant and Equipment

During the last year, the Company the management has performed physical verification of fixed assets with external consultants and as result of physical verification the management has written off/impaired PPE and Capital work in progress worth of SAR 83.67 million as compared to current year write off/ impairment of losses of SAR 10.00 million.

-- Zakat expenses:

During the last year, provision of SAR 33.99 million made based on the assessment order received form ZATCA for earlier years and no such provisions in the current year.

Despite the changes in preceding elements that positively impacted the profitability of the Company in the current year, there are other elements which have negatively impacted the Company, as follows:

-- Selling and Marketing expenses:

Selling and marketing expenses increased in the current year as compared to last year by 0.88% due to the increase in the distribution cost and this increase was partially offset by less in spending on marketing activities and promotional expenses.

-- Finance cost:

Finance cost increased in the current year as compared to last year by 52.55% mainly on account of increase in the interest rates due to Increase in SIBOR as compared to last year.

2- The net profit for the current year reached SAR 95.49 million as compared to the net loss of SAR 285.03 million last year with an increase of 133.50%.

3- Total revenue for the current year reached SAR 2,694.25 million as compared to SAR 2,272.32 million last year with an increase of 18.57%.

4- The gross profit for the current year reached SAR 808.33 million as compared to SAR 630.84 million last year with an increase of 28.14%.

5- The operating profit for the current year reached SAR 147.03 million as compared to operating loss of SAR 213.32 million last year with an increase of 168.92%.

6- The shareholders’ equity as of 31 December 2022 (no minority equity) was SAR 1,295.15 million as compared to SAR 1,195.81 million as of 31 December 2021 with an increase of 8.31%.

7- The earnings per share for the current year reached SAR 0.94 as compared to loss per share of SAR 2.80 last year.