TACO announces its annual financial results

20/02/2013 08:11 AST

Tabuk Agriculture Development Company - TACO announces its annual financial results for the year ended 31/12/2012 as follows:

1) Net profit for the year reached SAR 15,616,136 compared to net profit SAR 33,107,318 for the previous year with reduction of (52.83 %).

2) The earnings per share for the year reached SAR 0.78 compared to SAR 1.66 for the same period last year

3) Gross profit for the year reached SAR 70,030,207 compared to gross profit SAR 80,978,102 for the same period last year representing decrease of (13.52%)

4) Total operating profit for the year reached SAR 16,851,057 compared to operating profit of SAR 35,149,193 for the same period last year with a reduction of (52.06%).

5) The reason for reduction in profit in the year 2012 compared to the same period last year is due to reduction in volume of sales for the period and this is due to:

1) The reduction in the opening stock of 2012 compared to the same period of last year especially when there was a big demand on the forage products.

2) Reduction in the spring potato production for the year of 2012 and the reduction in fruit production due to the environmental and weather conditions dominated during the period of product growth which caused the increase in the cost of production per unit result in reduction of sales volume and net profit and the increase in prices of the agricultural inputs.

3) Increase in the labor cost and packing material cost results an increase in the operating and marketing cost particularly.

6) Some certain comparison figures for the previous year has been reclassified to conform with the financial data for the current year

Tadawul