Development Works Food Co. — Annual Report 2020

Apr 27, 2021

Development Works Food Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

6013 · 27/04/2021 16:17:53 · Announcement #63049 · View on Saudi Exchange

Development Works Food Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	94,503,256	96,270,908	-1.836
Gross Profit (Loss)	2,620,690	19,450,239	-86.526
Operational Profit (Loss)	-5,350,949	9,645,190	-
Net Profit (Loss) after Zakat and Tax	-2,925,965	10,240,474	-
Total Comprehensive Income	-8,158,749	8,629,759	-
Total Share Holders Equity (after Deducting Minority Equity)	30,519,517	38,920,569	-21.585
Profit (Loss) per Share	-3.26	6.9
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reasons for the loss during the current year compared to the previous year are due to the decrease in sales of the parent company and the increase in the cost of sales of imported fruits due to the Corona delinquency and as a result of the precautionary measures that the company followed in compliance with the instructions of the competent authorities, including curfew measures and the closure of activities, including the activities of the company, in order to limit The spread of the new virus Corona, which negatively affected the overall profit, despite the decrease in general and operating expenses. As well as the high cost in some of the company's activities that the company exited from, and the focus on activities that have a competitive advantage and achieve remunerative returns.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	NA
Reclassification of Comparison Items	Certain figures for the comparison period have been reclassified to conform with the presentation for the current period.
Additional Information	1- The income statement has been amended in the year 2019 AD due to the recalculation of IFRS No. (16) on leased sites in line with the expected life of the contracts, which resulted in a profit of 325,493 SR for the year 2019.

2- The International Financial Reporting Standard No. (5) has been applied with regard to discontinued operations in the comparison year, where the net result of discontinued operations is presented without presenting the revenues or expenses related to it for the current period and the year of comparison where the exit from some activities that were A burden on the company in terms of operation and profitability, as the net loss for the year from non-continuous operations amounted to (5,177,301) compared to (1,610,715) for the year 2019.

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