Horizon Food Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 67,935,359 | 55,115,895 | 23.26 | ||
| Gross Profit (Loss) | 21,768,153 | 16,474,725 | 32.13 | ||
| Operational Profit (Loss) | 10,724,883 | 9,283,006 | 15.53 | ||
| Net profit (Loss) | 10,169,359 | 9,249,055 | 9.95 | ||
| Total Comprehensive Income | 9,807,183 | 9,302,632 | 5.42 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 112,160,661 | 102,353,478 | 9.58 | ||
| Profit (Loss) per Share | 1.27 | 1.16 | |||
| 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 | Sales for 2024 reached SAR 67,935,359, compared to SAR 55,115,895 in 2023, representing a 23% increase. This increase was due to:
1. Improved overall performance and increased demand for products 2. Increased customer base 3. Improved product quality 4. Addition of a new product 5. Geographic expansion into new regions, which had a positive impact on increased sales. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit for 2024 increased compared to 2023 due to the following factors:
1. A 23% increase in sales, leading to a rise in total profits. 2. A 16% increase in operating profit, from SAR 9,283,006 in 2023 to SAR 10,724,883 in 2024, due to improved production and operational efficiency. |
| 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) | NA |
| Reclassification of Comparison Items | Some comparative figures have been reclassified. |
| Additional Information | Basic earnings per share were calculated by dividing the net profit for the year by the number of outstanding shares at the end of 2024 (8 million shares). Basic earnings per share of net profit for 2024 amounted to SAR 1.27, compared to SAR 1.16 for 2023, representing a rate of 9.48%.
Total shareholders' equity at the end of the period ending December 31, 2024, amounted to SAR 112,160,661, compared to SAR 102,353,478 for the year ending December 31, 2023, representing an increase of SAR 9,807,183, representing a rate of 9.58%.
Expansion work is progressing after 95% of the second factory expansion project is complete. To date, SAR 30 million has been capitalized out of a total of SAR 60 million for the expansion project. The project is expected to be fully capitalized during the first quarter of 2025. The supply and installation of new production lines has been completed, along with improvements to existing production lines. This will significantly contribute to enhancing the factory's production capacity and raising operational efficiency, in line with future growth and development plans. The company has also begun designing and implementing plans for the third expansion, covering an area of 9,535 square meters. |
Comments