CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024|
Note |
2024 QR |
2023 QR |
|
|
ASSETS |
|||
|
Non-current assets |
|||
|
Property, plant and equipment |
12 |
3,188,264,216 |
3,188,839,696 |
|
Right-of-use assets |
13 |
110,394,944 |
121,517,109 |
|
Intangible assets |
14 |
7,948,693 |
7,491,787 |
|
Financial investments held at fair value through profit or loss |
15 |
523,694,449 |
371,841,124 |
|
Biological assets |
16 |
176,904,780 |
196,432,194 |
|
Goodwill |
17 |
6,792,635 |
6,792,635 |
|
Total non-current assets |
4,013,999,717 |
3,892,914,545 |
|
|
Current assets |
|||
|
Inventories |
18 |
430,058,802 |
400,329,395 |
|
Trade and other debit balances |
19 |
404,279,931 |
410,301,851 |
|
Biological assets |
16 |
482,800 |
2,278,900 |
|
Due from related parties |
30(b) |
57,020,723 |
77,990,432 |
|
Cash and bank balances |
20 |
27,623,729 |
59,711,283 |
|
Total current assets |
919,465,985 |
950,611,861 |
|
|
TOTAL ASSETS |
4,933,465,702 |
4,843,526,406 |
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
|||
|
Shareholders' equity |
|||
|
Share capital |
21 |
1,901,000,000 |
1,901,000,000 |
|
Legal reserve |
22 |
66,621,737 |
48,120,521 |
|
Acquisition reserve |
23 |
201,123,011 |
201,123,011 |
|
Retained earnings |
235,285,613 |
205,519,477 |
|
|
Total equity attributable to equity holders of the parent |
2,404,030,361 |
2,355,763,009 |
|
|
Non-controlling interest |
3,011,202 |
2,361,082 |
|
|
TOTAL SHAREHOLDERS' EQUITY |
2,407,041,563 |
2,358,124,091 |
|
|
LIABILITIES |
|||
|
Non-current liabilities |
|||
|
Islamic financing |
24 |
1,707,522,765 |
1,720,822,007 |
|
Employees' end of service benefits |
25 |
19,057,564 |
16,001,968 |
|
Lease liabilities |
26 |
102,724,863 |
111,943,670 |
|
Total non-current liabilities |
1,829,305,192 |
1,848,767,645 |
|
|
Current liabilities |
|||
|
Current portion of Islamic financing |
24 |
211,153,966 |
176,309,615 |
|
Short term financing |
27 |
85,252,291 |
96,904,033 |
|
Trade and other credit balances |
28 |
212,831,282 |
260,563,345 |
|
Bank overdraft |
20 |
175,098,166 |
87,645,775 |
|
Lease liabilities |
26 |
9,114,108 |
10,119,346 |
|
Due to related parties |
30(c) |
3,669,134 |
5,092,556 |
|
Total current liabilities |
697,118,947 |
636,634,670 |
|
|
TOTAL LIABILITIES |
2,526,424,139 |
2,485,402,315 |
|
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
4,933,465,702 |
4,843,526,406 |
The attached notes from 1 to 38 are an integral part of these consolidated financial statements.
The consolidated financial statements were approved and authorized for issuance by the Board of Directors on 06 February 2025.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024|
Note |
2024 QR |
2023 QR |
|
| Revenue | 5 | 1,145,227,183 | 1,056,759,702 |
| Cost of revenue | 6 | (884,890,199) | (863,113,237) |
| Gross profit | 260,336,984 | 193,646,465 | |
| Other income | 7 | 111,087,411 | 117,662,204 |
| Gain on financial investments held at fair value through profit or loss | 37,956,908 | 30,198,217 | |
| Dividend income | 2,224,890 | 2,284,393 | |
| Selling and distribution expenses | 8 | (92,919,349) | (89,056,119) |
| General and administrative expenses | 9 | (72,381,604) | (73,286,072) |
| Operating profit for the year | 246,305,240 | 181,449,088 | |
| Finance cost and bank charges | 10 | (60,111,646) | (71,453,524) |
| Profit before income tax | 186,193,594 | 109,995,564 | |
| Income tax expense | 11 | (893,288) | (606,408) |
| Profit after tax for the year | 185,300,306 | 109,389,156 | |
| Other comprehensive income | – | – | |
| Total comprehensive income for the year | 185,300,306 | 109,389,156 | |
| Net profit attributable to: | |||
| Equity holders of the parent | 185,012,156 | 109,628,571 | |
| Non-controlling interest | 288,150 | (239,415) | |
| 185,300,306 | 109,389,156 | ||
| Other comprehensive income attributable to: | |||
| Equity holders of the parent | – | – | |
| Non-controlling interest | – | – | |
| – | – | ||
|
Basic and diluted earnings per share
(Expressed in QR per share) |
29 | 0.097 | 0.058 |
The attached notes from 1 to 38 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024| Share capital QR |
Legal reserve QR |
Acquisition reserve QR |
Retained earnings QR |
Total QR |
Non-controlling interests QR |
Total equity QR |
|
| As at 1 January 2024 | 1,901,000,000 | 48,120,521 | 201,123,011 | 205,519,477 | 2,355,763,009 | 2,361,082 | 2,358,124,091 |
| Net movement in non-controlling interest | – | – | – | – | – | 361,970 | 361,970 |
| Profit for the year | – | – | – | 185,012,156 | 185,012,156 | 288,150 | 185,300,306 |
| Dividend declared during the year (Note 31) | – | – | – | (132,119,500) | (132,119,500) | – | (132,119,500) |
| Transfer to legal reserve (Note 22) | – | 18,501,216 | – | (18,501,216) | – | – | – |
| Transfer to social and sport fund (Note 36) | – | – | – | (4,625,304) | (4,625,304) | – | (4,625,304) |
| As at 31 December 2024 | 1,901,000,000 | 66,621,737 | 201,123,011 | 235,285,613 | 2,404,030,361 | 3,011,202 | 2,407,041,563 |
| As at 1 January 2023 | 1,901,000,000 | 37,157,664 | 201,123,011 | 109,594,477 | 2,248,875,152 | – | 2,248,875,152 |
| Acquisition of subsidiary | – | – | – | – | – | 2,349,122 | 2,349,122 |
| Net movement in non-controlling interest | – | – | – | – | – | 251,375 | 251,375 |
| Profit for the year | – | – | – | 109,628,571 | 109,628,571 | (239,415) | 109,389,156 |
| Transfer to legal reserve (Note 22) | – | 10,962,857 | – | (10,962,857) | – | – | |
| Transfer to social and sport fund (Note 36) | – | – | – | (2,740,714) | (2,740,714) | – | (2,740,714) |
| As at 31 December 2023 | 1,901,000,000 | 48,120,521 | 201,123,011 | 205,519,477 | 2,355,763,009 | 2,361,082 | 2,358,124,091 |
The attached notes from 1 to 38 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024|
Note |
2024 QR |
2023 QR |
|
|
OPERATING ACTIVITIES |
|||
|
Profit before tax for the year |
186,193,594 |
109,995,564 |
|
|
Adjustments for: |
|||
|
Depreciation of property, plant and equipment |
12 |
120,264,308 |
127,652,819 |
|
Depreciation of right-of-use assets |
13 |
11,122,165 |
12,817,283 |
|
Amortization of intangible assets |
14 |
3,422,895 |
2,771,323 |
|
Provision for employees’ end of service benefits |
25 |
5,193,918 |
4,509,467 |
|
Impairment loss allowance on trade receivables |
19 |
78,561 |
816,958 |
|
Gain on disposal of property, plant and equipment |
7 |
(123,585) |
(57,874) |
|
Gain on financial investments at FVTPL |
(37,956,908) |
(30,198,217) |
|
|
Dividend income |
(2,224,890) |
(2,284,393) |
|
|
Gain arising from change in fair value of biological assets |
6 |
(45,297,535) |
(61,496,763) |
|
Cost of slaughtered animals transferred and disposed |
7,427,012 |
2,610,895 |
|
|
Loss from death of livestock |
6 |
8,747,149 |
19,136,416 |
|
Finance cost on lease liabilities |
26 |
2,179,581 |
635,325 |
|
Finance cost |
57,932,065 |
70,818,199 |
|
|
Operating cash flow before movement in working capital |
316,958,330 |
257,727,002 |
|
|
Changes in: |
|||
|
Inventories |
(29,729,407) |
45,791,317 |
|
|
Due from related parties |
20,969,709 |
(46,849,470) |
|
|
Trade and other debit balances |
6,716,851 |
(71,802,949) |
|
|
Due to related parties |
(1,423,422) |
(55,727) |
|
|
Trade and other credit balances |
2,640,795 |
27,048,539 |
|
|
Cash generated from operating activities |
316,132,856 |
211,858,712 |
|
|
Employees’ end of service benefit paid |
25 |
(2,138,322) |
(2,204,108) |
|
Finance cost paid |
(122,171,656) |
(109,376,594) |
|
|
Finance cost on lease liabilities paid |
(2,179,581) |
(635,325) |
|
|
Income tax paid |
(213,959) |
(580,338) |
|
|
Net cash generated from operating activities |
189,429,338 |
99,062,347 |
|
|
INVESTING ACTIVITIES |
|||
|
Purchase of property, plant and equipment (i) |
12 |
(112,991,577) |
(163,751,731) |
|
Proceeds from disposal of property, plant and equipment |
717,366 |
98,271 |
|
|
Investment in subsidiary |
– |
(6,845,721) |
|
|
Purchase of intangible assets |
14 |
(1,090,630) |
( 2,019,490) |
|
Disposal of investment securities |
2,212,437 |
45,890,827 |
|
|
Acquisition of financial investments at fair value through profit or loss |
(116,108,854) |
(169,408,782) |
|
|
Dividend received |
2,224,890 |
2,284,393 |
|
|
Net movement in biological assets |
50,446,888 |
34,793,498 |
|
|
Net cash used in investing activities |
(174,589,480) |
(258,958,735) |
|
|
FINANCING ACTIVITIES |
|||
|
Net movement in financing |
9,893,367 |
185,507,618 |
|
|
Principal elements of lease payments |
(10,224,045) |
(15,207,146) |
|
|
Change in non-controlling interest |
361,970 |
251,375 |
|
|
Dividend paid |
(134,411,095) |
(1,464,642) |
|
|
Net movement in restricted cash |
5,430,969 |
14,070,062 |
|
|
Net cash (used in)/generated from financing activities |
(128,948,834) |
183,157,267 |
|
|
Net (decrease)/ increase in cash and cash equivalents |
(114,108,976) |
23,260,879 |
|
|
Cash and cash equivalents at beginning of the year |
(33,365,461) |
(56,626,340) |
|
|
Cash and cash equivalents at the end of the year |
20 |
(147,474,437) |
(33,365,461) |
i ) An amount of QR 10,080,203 (2023: QR 16,892,829) has been excluded from the purchase of property, plant and equipment for the cash flow statement as it represents the finance cost capitalized during the year.
The attached notes from 1 to 38 are an integral part of these consolidated financial statements.
