ALMARAI COMPANY A SAUDI JOINT STOCK COMPANY CONDENSED … · These Condensed Consolidated Interim Financial Statements have been prepared on the historical cost basis except for the

ALMARAI COMPANY

A SAUDI JOINT STOCK COMPANY

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AND REVIEW REPORT

FOR THE THREE MONTH AND NINE MONTH PERIOD ENDED

30 SEPTEMBER 2019

ALMARAI COMPANY


INDEX

PAGES

INDEPENDENT AUDITOR’S REPORT ON REVIEW OF CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS 1

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 3

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 6

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 7 -16

ALMARAI COMPANY


NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2019

7

1. THE COMPANY, ITS SUBSIDIARIES AND ITS BUSINESS DESCRIPTION

Almarai Company (the “Company”) is a Saudi Joint Stock Company, which was converted from a limited liability company to

a joint stock company on 2 Rajab 1426 A.H. (8 August 2005). The Company initially commenced trading on 19 Dul Hijjah 1411

A.H. (1 July 1991) and operates under Commercial Registration No. 1010084223. Prior to the consolidation of activities in 1991,

the core business was trading between 1977 and 1991 under the Almarai brand name.

The Company’s Head Office is located at Exit 7, North Ring Road, Al Izdihar District, P.O. Box 8524, Riyadh 11492, Kingdom of

Saudi Arabia (“Saudi Arabia”).

The Company and its subsidiaries (together, the “Group”) are a major integrated consumer food and beverage Group in the

Middle East with leading market share in Saudi Arabia. It also operates in Egypt, Jordan and other Gulf Cooperation Council

(“GCC”) countries.

Dairy, Fruit Juices and related food business is operated under the “Almarai”, “Joosy Life”, “Beyti” and “Teeba” brand names.

All raw milk production, Dairy and Fruit Juice product processing and related food product manufacturing activities are

undertaken in Saudi Arabia, United Arab Emirates (“UAE”), Egypt and Jordan.

Dairy, Fruit Juices and related food business in Egypt and Jordan operates through International Dairy and Juice Limited

(“IDJ”), a joint venture with PepsiCo, in which the Company holds a controlling interest. The Group manages IDJ operations

through the following key subsidiaries:

Jordan - Teeba Investment for Developed Food Processing

Egypt - International Company for Agricultural Industries Projects (Beyti) (SAE)

Bakery products are manufactured and traded by Western Bakeries Company Limited and Modern Food Industries

Company Limited, a venture with Chipita Group, in which the Company holds a controlling interest, under the brand names

“L’usine” and “7 Days”, respectively.

Poultry products are manufactured and traded by Hail Agricultural Development Company under the “Alyoum” and

“AlBashayer” brand names.

Infant Nutrition products are manufactured by Almarai Baby Food Company Limited and traded by International Pediatric

Nutrition Company under “Nuralac” and “Evolac” brand names.

In territories where the Group has operations, final consumer packed products are distributed from manufacturing facilities to

local distribution centres by the Group’s long haul distribution fleet. The distribution centres in GCC countries are managed

through subsidiaries in UAE, Oman and Bahrain and an agency agreement in Kuwait as follows:

UAE - Almarai Emirates Company LLC

Oman - Arabian Planets for Trading and Marketing LLC

Bahrain - Almarai Company Bahrain S.P.C

Kuwait - Al Kharafi Brothers Dairy Products Company Limited

In other territories, where permissible by law, Dairy and Juice products are exported through IDJ and other products are

exported through other subsidiaries.

The Group owns and operates arable farms in Argentina and in United States of America (USA), collectively referred to as

“Fondomonte”, through the following key subsidiaries:

USA - Fondomonte Holdings North America LLC

Argentina - Fondomonte South America S.A

The Group’s non-GCC business operations under IDJ and Fondomonte are managed through Almarai Investment Holding

Company W.L.L., a Company incorporated in the Kingdom of Bahrain.

ALMARAI COMPANY




8

1. THE COMPANY, ITS SUBSIDIARIES AND ITS BUSINESS DESCRIPTION (Continued…)

On 22 Ramadan 1440 A.H. (27 May 2019), the Group acquired 100% shareholding in Premier Foods LLC. Premier Foods is

primarily engaged in providing value added products (meat and poultry) to the food services industry in the Middle East. This

acquisition will further enhance Almarai’s footprint for expansion in the food service channel (Refer note 5.2).

On 15 Dhul-Qa’dah 1440 A.H. (18 July 2019), the Group has acquired further shares in Pure Breed Poultry Company resulting

in an increase in its shareholding from 62.4% to 93.5%.

The results for the period are not indicative of the Group’s annual result.

2. BASIS OF PREPARATION

2.1 Statement of Compliance

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with international

accounting standard IAS 34 ‘Interim Financial Reporting’ that is endorsed in Kingdom of Saudi Arabia and other

standards and pronouncements that are issued by Saudi Organization for Certified Public Accountants (“SOCPA”) and

should be read in conjunction with the Group’s last annual Consolidated Financial Statements for the year ended 31

December 2018. They do not include all of the information normally required for a complete set of Consolidated Financial

Statements; however, accounting policies and selected explanatory notes are included to explain events and

transactions that are significant to an understanding of the changes in the Group’s financial position and performance

since 31 December 2018.

In this set of Condensed Consolidated Interim Financial Statements, IFRS 16 has been applied. Changes are described

in Note 4.2.

The amounts presented as at 31 December 2018 and 1 January 2018 are audited except for the IFRS 16 restatement

adjustments which have been reviewed.

2.2 Preparation of the Financial Statements

These Condensed Consolidated Interim Financial Statements have been prepared on the historical cost basis except

for the following material items in the Condensed Consolidated Statement of Financial Position:

Derivative financial instruments are measured at fair value.

Equity Investment is measured at fair value through OCI.

The defined benefit obligation is recognised at the present value of future obligations using the Projected Unit Credit

Method.

Biological Assets, where fair value is reliably measurable, have been valued at fair value.

Certain comparative amounts have been reclassified to conform to the current period presentation, which includes

reclassification between revenue and selling and distribution expenses, and reclassifying exchange gain / loss into cost

of sales, other expenses and finance cost.

2.3 Use of Judgments and Estimates

In preparing these Condensed Consolidated Interim Financial Statements, management has made judgments and

estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income

and expense. Actual results may differ from these estimates.

The significant judgments made by management in applying the Group’s accounting policies and the key sources of

estimation uncertainty were the same as those described in the last annual Consolidated Financial Statements, except

for new significant judgments and key sources of estimation uncertainty related to the application of IFRS 16, which are

described in Note 4.2.

3. FUNCTIONAL AND PRESENTATION CURRENCY

These Condensed Consolidated Interim Financial Statements are presented in Saudi Riyals (“SAR”), which is the

Company’s functional and Group’s presentation currency. All amounts have been rounded to the nearest thousand, unless

otherwise indicated.

ALMARAI COMPANY




9

4. SIGNIFICANT ACCOUNTING POLICIES

4.1. New Standards, Amendment to Standards and Interpretations:

The Group has adopted IFRS 16 ‘Leases’ from 1 January 2018, and the effect of application of this standard has been fully

explained in Note 4.2. There are no other new standards issued, however, there are number of amendments to standards

which are effective from 1 January 2020, but they do not have a material effect on the Group’s Condensed Consolidated

Interim Financial Statements.

4.2. Changes in significant accounting policies:

Except as described below, the accounting policies applied in these Condensed Consolidated Interim Financial

Statements are the same as those applied in the last annual Consolidated Financial Statements for the year ended 31

December 2018.

IFRS 16 - Leases

IFRS 16 replaces IAS 17 ‘Leases’, IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC 15 ‘Operating

Leases-Incentives’ and SIC 27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’.

IFRS 16 ‘Leases’ introduces a single, on-balance sheet accounting model for lessees. A lessee recognises a right-of-use

asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease

payments. There are optional exemptions for short-term leases and leases of low-value items. Lessor accounting remains

similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases.

(a) Adjustment recognised on adoption of IFRS 16

The Group has adopted IFRS 16 on 1 January 2018, using the full retrospective approach, therefore, the cumulative

effect of adopting IFRS 16 has been recognised as an adjustment to the opening balance of retained earnings at 1

January 2018, with a restatement of comparative information. The Group has applied the practical expedient to

grandfather the definition of a lease on transition i.e. all contracts entered into before 1 January 2018 are identified as

leases in accordance with IAS 17 and IFRIC 4.

The impact of adopting IFRS 16 on the Statement of Financial Position as at 1 January 2018 and 31 December 2018 and

Statement of Profit or Loss for the period ended 30 September 2018 are as follows;

Statement of Financial Position (extract)

As previously

reported

Effect of

IFRS 16Restated

As previously

reported

Effect of

IFRS 16Restated

SAR '000 SAR '000 SAR '000 SAR '000 SAR '000 SAR '000

Right-of-Use Assets - 461,640 461,640 - 510,887 510,887

Prepayments 67,059 (67,059) - 74,558 (74,558) -

Total Non-Current Assets 25,212,601 394,581 25,607,182 25,083,073 436,329 25,519,402

Trade Receivables, Prepayments and

Other Receivables 1,929,949 (33,862) 1,896,087 1,702,375 (33,872) 1,668,503

Total Current Assets 7,105,819 (33,862) 7,071,957 6,812,776 (33,872) 6,778,904

TOTAL ASSETS 32,318,420 360,719 32,679,139 31,895,849 402,457 32,298,306

Retained Earnings 2,991,559 (46,160) 2,945,399 1,998,246 (52,165) 1,946,081

Equity Attributable to Shareholders 13,926,796 (46,160) 13,880,636 12,784,373 (52,165) 12,732,208

Equity Attributable to Equity Holders

of the Company 13,926,796 (46,160) 13,880,636 14,484,373 (52,165) 14,432,208

Non-Controlling Interest 589,194 (512) 588,682 396,867 (422) 396,445

TOTAL EQUITY 14,515,990 (46,672) 14,469,318 14,881,240 (52,587) 14,828,653

As at 31 December 2018 As at 1 January 2018

ALMARAI COMPANY




10

4. SIGNIFICANT ACCOUNTING POLICIES (Continued…)

As previously

reported

Effect of

IFRS 16Restated

As previously

reported

Effect of

IFRS 16Restated

SAR '000 SAR '000 SAR '000 SAR '000 SAR '000 SAR '000

Lease Liabilities - 317,740 317,740 - 407,536 407,536

Total Non-Current Liabilities 12,396,363 317,740 12,714,103 11,243,500 407,536 11,651,036

Lease Liabilities - 89,796 89,796 - 47,653 47,653

Trade and Other Payables 2,874,066 (145) 2,873,921 3,227,490 (145) 3,227,345

Total Current Liabilities 5,406,067 89,651 5,495,718 5,771,109 47,508 5,818,617

TOTAL LIABILITIES 17,802,430 407,391 18,209,821 17,014,609 455,044 17,469,653

TOTAL EQUITY AND LIABILITIES 32,318,420 360,719 32,679,139 31,895,849 402,457 32,298,306

As at 31 December 2018 As at 1 January 2018

As previously

reported*

Effect of

IFRS 16Restated

SAR '000 SAR '000 SAR '000

Statement of Profit or Loss (extract)

Cost of Sales (6,116,820) 4,300 (6,112,520)

Gross Profit 4,059,833 4,300 4,064,133

Selling and Distribution Expenses (1,655,185) 7,943 (1,647,242)

General and Administration Expenses (275,073) 747 (274,326)

Operating Profit 2,010,390 12,990 2,023,380

Finance Cost, net (296,579) (11,092) (307,671)

Profit before Zakat and Income Tax 1,707,473 1,898 1,709,371

Profit for the period 1,642,938 1,898 1,644,836

Profit / (Loss) for the period attributable to:

Shareholders of the Company 1,639,252 1,957 1,641,209

Non-Controlling Interest 3,686 (59) 3,627

1,642,938 1,898 1,644,836

For the nine month period ended

January - September 2018

Statement of Cash Flows (extract)

Net Cash Generated from Operating Activities 2,172,969 79,936 2,252,905

Net Cash Used in Financing Activities (1,809,859) (79,936) (1,889,795)

* Certain reclassifications have been made to conform to the current presentation.

There is no significant change in Earnings per Share as a result of this restatement.

(b) Accounting Policies

The Group has recognised new assets and liabilities for its operating leases of various types of contracts including

warehouse and depot facilities, accommodation/office rental premises, etc. Each lease payment is allocated between

the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a

constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is

depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

Assets and liabilities arising from a lease are initially measured on a present value basis.

i. Right-of-use assets are measured at cost comprising the following:

- the amount of the initial measurement of lease liability;

- any lease payments made at or before the commencement date less any lease incentives received;

- any initial direct costs; and

- restoration costs.

Right-of-use assets are subsequently measured at cost less accumulated depreciation

ALMARAI COMPANY




11

4. SIGNIFICANT ACCOUNTING POLICIES (Continued…)

ii. Lease liabilities include the net present value of the following lease payments:

- fixed payments (including in-substance fixed payments), less any lease incentives receivable;

- variable lease payments that are based on an index or a rate;

- amounts expected to be payable by the lessee under residual value guarantees;

- the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and

- payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

The lease payments are discounted using the incremental borrowing rate, being the rate that the lessee would have

to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar

terms and conditions.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as

an expense in Condensed Consolidated Statement of Profit or Loss. Short-term leases are leases with a lease term of

12 months or less. Low-value assets comprise small items relating to office equipment.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The

lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing

purposes.

Right-of-use assets - class wise depreciation charge and balances are as follows:

Depreciation Balance Depreciation Balance

SAR '000 SAR '000 SAR '000 SAR '000

Land 25,173 270,123 30,458 272,274

Buildings 46,163 178,328 59,361 173,676

Vehicles 94 332 69 87

Equipments 97 778 96 875

Plant and Machinery 1,095 13,633 993 14,728

Total Right-of-Use Assets 72,622 463,194 90,977 461,640

31 December 201830 September 2019

Additions to Right-of-Use assets during the nine-month period ended 30 September 2019 are SAR 61.8 million (31

December 2018: SAR 41.7 million).

Depreciation charge for right-of-use assets for the nine-month period ended 30 September 2018 was SAR 66.9 million.

Lease liabilities as at period / year end are as follows:

30 September

2019

31 December

2018

SAR '000 SAR '000

Non-Current portion of Lease Liabilities 323,864 317,740

Current portion of Lease Liabilities 70,128 89,796

Total Lease Liabilites 393,992 407,536

The total interest expense on lease liabilities recognized during the nine-month period ended 30 September 2019 is

SAR 10.2 million. (30 September 2018: SAR 11.1 million).

ALMARAI COMPANY




12

5. BUSINESS COMBINATION

5.1. Pure Breed Poultry Company

The Group obtained control of Pure Breed on 17 Rajab 1439 A.H. (2 April 2018). Details of this acquistion were disclosed in note

11 of the Group’s annual Consolidated Financial Statements for the year ended 31 December 2018.

As at 31 December 2018, the Group had accounted for the transaction provisionally based on the carrying values of the assets

and liabilities (with the exception of the previously held equity interest) as of the acquisition date. During the current year, the

Group finalised the allocation of purchase consideration to the identifiable assets, liabilities and contingent liabilities acquired

and there was no change to the provisionally recognised values of assets and liabilities, as disclosed in note 11 of the

Consolidated Financial Statements for the year ended 31 December 2018.

During the period ended 30 September 2019, the Group has acquired further shares for the consideration of SAR 43.5 million

(Refer Note 1). (31 December 2018: SAR 3.8 miillion)

5.2. Premier Foods L.L.C

As explained in note 1, the Group acquired Premier Foods on 22 Ramadan 1440 A.H (27 May 2019), as the Group effectively

obtained control of Premier Foods from that date. The acquired business contributed revenues of SAR 28.2 million and net

loss of SAR 0.5 million to the Group from the period from 27 May 2019 to 30 September 2019. If the acquisition had taken place

at the beginning of the period, the consolidated revenue and profit for the nine-month period ended 30 September 2019 would

have been impacted by SAR 52.2 million and SAR 3.8 million, respectively.

The Group is currently in the process of allocating the purchase consideration to the identifiable assets, liabilities and

contingent liabilities acquired. However, the Group has provisionally accounted for the transaction based on the carrying

values of the assets and liabilities as of the acquisition date which are summarized below:

Fair Value on

Acquisition

(Provisional)

SAR'000

Assets Acquired:

Non-Current Assets

Property, Plant and Equipment 30,510

Right-of-Use Assets 26,196

56,706

Current Assets

Cash and Cash Equivalents 1,568

Trade Receivables, Prepayments and Other Receivables 77,096

Inventories 26,091

104,755

Total Assets 161,461

Liabilities Assumed:

Non-Current Liabilities

Lease Liability 21,880

Employee Retirement Benefits 5,684

27,564

ALMARAI COMPANY




13

5. BUSINESS COMBINATION (Continued)

Fair Value on

Acquisition

(Provisional)

SAR'000

Current Liabilities

Lease Liability 3,837

Trade and Other Payables 11,443

15,280

Total Liabilities 42,844

Total Identifiable Net Assets 118,617

Total Acquisition Cost 118,617

-

Cash Outflow on Acquisition:

Net Cash Acquired with the Subsidiary 1,568

Cash Paid (99,161)

Net Cash Outflow (97,593)

Out of total purchase consideration of SAR 118.6 million, SAR 99.1 million was paid in cash with remainder settled against the

amounts payable to Premier Foods prior to the acquisition.

6. SHARE CAPITAL

The Company’s share capital as at 30 September 2019 amounted to SAR 10.0 billion (2018: SAR 10.0 billion), consisting of 1.0 billion

(2018: 1.0 billion) fully paid and issued shares of SAR 10 each.

30 September

2019

Unaudited

31 December

2018

Audited

1 January

2018

Audited

SAR '000 SAR '000 SAR '000

7. LOANS AND BORROWINGS

Islamic Banking Facilities (Murabaha) 5,896,229 7,197,964 5,839,187

Saudi Industrial Development Fund 2,666,194 2,146,926 1,733,511

Banking Facilities of Non-GCC Subsidiaries 405,166 338,557 462,248

International Finance Corporation 274,518 275,423 278,190

Agricultural Development Fund 150,185 169,166 187,912

Banking Facilities of GCC Subsidiaries - 150,201 150,134

9,392,292 10,278,237 8,651,182

Sukuk 2,384,774 3,384,027 3,895,346

International Sukuk (Note 7.1) 1,865,262 - -

13,642,328 13,662,264 12,546,528

Short-Term Loans 74,103 25,521 182,455

Current Portion of Long-Term Loans 2,367,678 1,984,773 1,820,948

Loans and Borrowings - Current Liabilities 2,441,781 2,010,294 2,003,403

Loans and Borrowings - Non-Current Liabilities 11,200,547 11,651,970 10,543,125

13,642,328 13,662,264 12,546,528

ALMARAI COMPANY




14

7. LOANS AND BORROWINGS (Continued…)

7.1. On 28 Jumada Al-Akhirah 1440 A.H, (5 March 2019), the Group issued its first International Sukuk – Series I amounting to USD

500.0 million out of USD 2,000.0 million Euro Medium Term Note Programme at a par value of USD 0.2 million each. The

International Sukuk Issuance bears a return of 4.3% per annum payable semi-annually and will be redeemed at par on its date

of maturity i.e. 24 Shaban 1445 A.H. (5 March 2024).

7.2. The loans contain certain covenants. A future breach of covenants may lead to renegotiation. The covenants are monitored on

a monthly basis by management. In case of potential breach, actions are taken by management to ensure compliance. During

the period ended 30 September 2019, there has been no non-compliance for any of the covenants.

8. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share is based on the following data:

Restated

Note 4.2

Restated

Note 4.2

July -

September 2019

Unaudited

July -

September

2018

Unaudited

January -

September

2019

Unaudited

January -

September

2018

Unaudited

SAR '000 SAR '000 SAR '000 SAR '000

581,246 634,955 1,499,805 1,641,209

Less: Profit attributable to Perpetual Sukukholders - (19,053) - (55,559)

581,246 615,902 1,499,805 1,585,650

Number of shares '000'

988,372 989,375 988,345 990,032

11,628 10,625 11,655 9,968

1,000,000 1,000,000 1,000,000 1,000,000

Profit for the period attributable to the Shareholders of the

Company

Weighted average number of ordinary shares for the purpose of

basic earnings

Weighted average number of ordinary shares for the purpose of

diluted earnings

Earnings for the purpose of basic earnings per share

Weighted average number of ordinary shares repurchased

- Basic 0.59 0.62 1.52 1.60

- Diluted 0.58 0.62 1.50 1.59

Earnings per Share (SAR), based on Profit for the period

attributable

Weighted average number of shares are retrospectively adjusted to reflect the effect of Bonus Shares and are adjusted to take

account of Treasury Shares held under the Almarai Employee Stock Options Programme.

9. SEGMENT REPORTING

The Group’s principal business activities involve manufacturing and trading of the following different types of products. Selected

financial information categorised by these business segments, is as follows:

Dairy and Juice Milk production, dairy and fruits juice products processing and distribution under Almarai, Joosy Life, Beyti and

Teeba brands.

Bakery Bakery products manufacturing and distribution under L’usine and 7 Days brands.

Poultry Poultry products manufacturing and distribution under Alyoum and AlBashayer brands.

Other Activities Arable, Horticulture and Infant Nutrition

ALMARAI COMPANY




15

9. SEGMENT REPORTING (Continued…)

Dairy

and Juice Bakery Poultry

Other

Activities Total

SAR '000 SAR '000 SAR '000 SAR '000 SAR '000

30 September 2019

Total Segment Revenue 7,720,628 1,270,087 1,515,563 786,735 11,293,013

Revenue from External Customers 7,669,403 1,270,167 1,515,605 192,164 10,647,339

(989,250) (183,129) (274,563) (107,496) (1,554,438)

Profit / (loss) for the period 1,203,312 166,410 184,012 (40,210) 1,513,524

Profit / (loss) attributable to Shareholders

of the Company 1,203,468 151,993 184,554 (40,210) 1,499,805

Total Assets 23,472,607 2,261,877 5,037,694 2,954,084 33,726,262

Total Liabilities 16,362,818 461,971 986,677 712,615 18,524,081

31 December 2018 - As Restated

Total Assets 22,041,030 2,354,347 5,330,716 2,953,046 32,679,139

Total Liabilities 16,029,488 471,598 1,082,856 625,879 18,209,821

30 September 2018 - As Restated

Total Segment Revenue 7,566,711 1,194,499 1,308,663 1,040,460 11,110,333

Revenue from External Customers 7,514,694 1,194,499 1,308,663 158,797 10,176,653

(993,275) (189,550) (269,059) (161,500) (1,613,384)

Share of Results of Associates and Joint Venture - - (4,699) (1,639) (6,338)

Profit / (loss) for the period - As Restated 1,338,251 165,604 142,909 (1,928) 1,644,836

Profit / (loss) attributable to Shareholders

of the Company - As Restated 1,353,631 146,036 143,470 (1,928) 1,641,209

1 January 2018 - As Restated

Total Assets 21,988,429 2,426,723 5,038,404 2,844,750 32,298,306

Total Liabilities 15,132,400 441,631 1,215,867 679,755 17,469,653

Depreciation and Amortisation

Depreciation and Amortisation - As restated

The Group’s revenue is recognised when the control of products is transferred at a point in time to the customers for sale of

consumer products.

The table below shows the revenue disaggregation by business segments and geographical locations.

Dairy

and Juice Bakery Poultry Other Activities Total

SAR '000 SAR '000 SAR '000 SAR '000 SAR '000

For the nine month period

ended 30 September 2019

Saudi Arabia 4,747,631 1,045,330 1,344,277 108,305 7,245,543

Other GCC Countries 2,001,749 218,676 131,376 (91) 2,351,710

Other Countries 920,023 6,161 39,952 83,950 1,050,086

Total 7,669,403 1,270,167 1,515,605 192,164 10,647,339

ALMARAI COMPANY




16

9. SEGMENT REPORTING (Continued…)

Dairy

and Juice Bakery Poultry Other Activities Total

For the nine month period SAR '000 SAR '000 SAR '000 SAR '000 SAR '000

ended 30 September 2018

Saudi Arabia 4,645,646 988,422 1,187,819 75,616 6,897,503

Other GCC Countries 2,007,081 203,592 92,861 1,661 2,305,195

Other Countries 861,967 2,485 27,983 81,520 973,955

Total 7,514,694 1,194,499 1,308,663 158,797 10,176,653

10. DIVIDENDS

On 3 Sha’aban 1440 A.H. (8 April 2019), the shareholders in their Extraordinary General Assembly Meeting approved dividends of

SAR 850.0 million (SAR 0.85 per share) for the year ended 31 December 2018 which was paid on 10 Sha’aban 1440 A.H. (15 April

2019).

11. BOARD OF DIRECTORS APPROVAL

These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors on behalf of the

Shareholders on 7 Safar 1441 A.H. (6 October 2019).

Documents

ALMARAI COMPANY A SAUDI JOINT STOCK COMPANY CONDENSED … · These Condensed Consolidated Interim Financial Statements have been prepared on the historical cost basis except for the