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Board of Directors’ Report and Recommendations
The Board of Directors completed the financial report for the fiscal year ending on 31/12/2019 as follows:
Operating revenue for the fiscal year ending on 31/12/2019 were KD 17,881,264 (compared to KD 17,054,482 in 2018), with a KD 826,782 increase or 4.8%.
Net operating profit for the fiscal year ending on 31/12/2019 reached KD 2,895,762 (compared to KD 2,812,787 in 2018), with a KD 82,975 increase or 3%.
General expenses and others for the fiscal year ending on 31/12/2019 reached KD 1,315,196 (compared to KD 1,324,695 in 2018), with a KD 9,499 decrease or 0.7%.
Net profit: net profit for the fiscal year ending on 31/12/2019 reached KD 1,509,582 (compared to KD 1,421,040 in 2018), with a KD 88,542 increase or 6.2%.
Earnings per share: Earnings per share for 2019 reached 15.03 fils, compared to 14.15 fils in 2018 with a 6.2% increase.
Current projects: The company has increased its sales, introduced new items and increased its client base.
Future projects: Distribution channels were increased, and new high-quality items from well-known commercial agencies were introduced. These factors help reduce cost and present a competitive price that attracts customers, increases the company’s revenues and boosts its client base by offering new products and services and win customers’ trust.
Fahad Saud Al-Mutairi
Chairman of the Board of Directors
Board of Directors’ Report and Recommendations
The Board of Directors completed the financial report for the fiscal year ending on 31/12/2020 as follows:
Operating revenue for the fiscal year ending on 31/12/2020 were KD 17,502,306 (compared to KD 17,881,264 in 2019), with a KD 378,958 decrease or 2.1%.
Net operating profit for the fiscal year ending on 31/12/2020 reached KD 2,878,121 (compared to KD 2,895,762 in 2019), with a KD 17,641 decrease or 0.6%.
General expenses and others for the fiscal year ending on 31/12/2020 reached KD 1,231,693 (compared to KD 1,315,196 in 2019), with a KD 83,503 decrease or 6.3%.
Net profit: net profit for the fiscal year ending on 31/12/2020 reached KD 1,573,324 (compared to KD 1,509,582 in 2019), with a KD 63,742 increase or 4.2%.
Earnings per share: Earnings per share for 2020 reached 13.05 fils, compared to 12.52 fils in 2019 with a 4.2% increase.
Current projects: The company has increased its sales, introduced new items and increased its client base.
Future projects: Distribution channels were increased, and new high-quality items from well-known commercial agencies were introduced. These factors help reduce cost and present a competitive price that attracts customers, increases the company’s revenues and boosts its client base by offering new products and services and win customers’ trust.
Related parties
There are related parties in the form of benefits and rewards to the higher management equal to KD 24,000, and the Chief Executive Officer’s salary.
Fahad Saud Al-Mutairi
Chairman of the Board of Directors
In reference to the subject above, and after the end of the fiscal year on 31 December 2020, we are glad to present to you our report for the aforementioned period, which explains the company’s operations and activities that were under audit and points out the main remarks and recommendations. The following is a preview of the report:
First: Goals, extent and procedures of the audit operations
Second: Audit result
First: Goals, extent and procedures of the audit operations
1. Revenue audit.
The audit process covered all items of revenue from the company’s activities, examining registers and documents and verifying with the deposits in the company’s bank accounts.
2. Payment check.
The payments were checked through verifying exchange vouchers and support documents, and making sure that payments were made in exchange of operations for the company.
3. Cash and cash equivalent audit.
We reviewed monthly reports and matched them with the company’s bank accounts to find out that they were fully matched, and bank accounts were matching with the company’s records (after calculating bank reconciliations).
4. Financial statements’ verification.
Financial statements were reviewed and compared to monthly audit balances, while account statements were analyzed and compared with bank accounts. Furthermore, registers, exchange and receipt vouchers were examined.
5. Administrative affairs’ audit
Administrative affairs were reviewed, including examining employees’ files, hiring procedures and commitment to internal regulations.
6. Administrative decisions’ follow up.
Administrative decisions issued by the Chairman of the Board and Chief Executive Officer during the same period were reviewed, and we found that they were fully implemented by the concerned departments.
Second item related to financial restructuring to reduce costs
Second: Audit result
After carrying out the audit operations, we found that the company’s financial statements do not include any material errors except for what is mentioned under item number 6, and that the company’s internal audit was good and effective. We also found that departments have executed decisions and policies related to this period.
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