بيانات مالية للربع الثالث من عام 2021

UNITED FOODS COMPANY (PSC) AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

30 SEPTEMBER 2021

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF UNITED FOODS COMPANY (PSC)

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of United Foods Company (PSC) (the "Company") and its subsidiaries (collectively referred to as the "Group") which comprise the interim condensed consolidated statement of financial position as at 30 September 2021 and the related interim condensed consolidated statements of profit or loss and comprehensive income for the three-month and nine-month periods then ended, statement of changes in equity and cash flows for the nine-month period then ended, and explanatory notes. Management is responsible for the preparation and fair presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Other Matters

The financial statements of the Company as at and for the year ended 31 December 2020 were audited by another auditor who issued an unmodified audit report on those statements on 8 February 2021.The interim condensed financial statements of the Company as at and for the three and nine-month periods ended 30 September 2020 were reviewed by another auditor who issued an unmodified review conclusion on those interim condensed financial statements on 4 November 2020.

For Ernst & Young

Signed by

Ashraf Abu Sharkh

Partner

Registration No. 690

______________ 2021

Dubai, United Arab Emirates

United Foods Company (PSC) and its Subsidiaries

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the period ended 30 September 2021 (Unaudited)

		Nine months ended	Three months ended
		(Unaudited)	(Unaudited)
		─────────────────	─────────────────
		30 September	30 September	30 September	30 September
		2021	2020	2021	2020
	Notes	AED	AED	AED	AED
Sales, gross		392,641,383	325,800,313	122,234,937	101,741,792
Less: Discounts and		(14,556,060)		(3,629,882)
marketing expenses		(14,555,991)	(4,003,600)
		─────────	─────────	─────────	─────────
Sales, net		378,085,323	311,244,322	118,605,055	97,738,192
Cost of sales		(326,109,231)	(252,457,146)	(102,794,678)	(78,524,518)
		─────────	─────────	─────────	─────────
GROSS PROFIT		51,976,092	58,787,176	15,810,377	19,213,674
Selling and distribution expenses		(26,284,641)	(25,453,528)	(8,939,639)	(8,299,348)
General and administrative expenses		(20,185,757)	(12,935,944)	(4,416,462)	(4,399,039)
Finance expense		(728,334)	(670,018)	(248,939)	(208,461)
Gain on sale of
investment securities	4.1	-	10,572,453	-	-
Other income, net		1,465,006	2,470,174	301,910	745,520
		─────────	─────────	─────────	─────────
PROFIT FOR THE PERIOD	3	6,242,366	32,770,313	2,507,247	7,052,346
		═════════	═════════	═════════	═════════
Profit attributable to:		6,242,366	32,770,313	2,507,247	7,052,346
Owners of the Company
		═════════	═════════	═════════	═════════
Earnings per share in AED	9	0.21	1.08	0.08	0.23
		═════════	═════════	═════════	═════════

The accompanying notes from 1 to 15 form an integral part of these interim condensed consolidated financial statements.

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United Foods Company (PSC) and its Subsidiaries

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/ (LOSS)

For the period ended 30 September 2021 (Unaudited)

	Nine months ended	Three months ended
	(Unaudited)	(Unaudited)
	─────────────────	─────────────────
	30 September	30 September	30 September	30 September
	2021	2020	2021	2020
	AED	AED	AED	AED
Profit for the period	6,242,366	32,770,313	2,507,247	7,052,346
Other comprehensive income
Other comprehensive loss not to be reclassified
to profit or loss in subsequent periods:
Change in fair value of investment securities	516,705		267,860
measured at FVOCI, equity securities	(206,949)	(25,589)
	─────────	─────────	─────────	─────────
Other comprehensive income / (loss)	516,705	(206,949)	267,860	(25,589)
TOTAL COMPREHENSIVE INCOME	─────────	─────────	─────────	─────────
6,759,071	32,563,364	2,775,107	7,026,757
FOR THE PERIOD
	═════════	═════════	═════════	═════════
Total comprehensive income attributable to:	6,759,071	32,563,364	2,775,107	7,026,757
Owners of the Company
	═════════	═════════	═════════	═════════

The accompanying notes from 1 to 15 form an integral part of these interim condensed consolidated financial statements.

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United Foods Company (PSC) and its Subsidiaries

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2021

		30 September	31 December
		2021	2020
		AED	AED
	Notes	(Unaudited)	(Audited)
ASSETS
Non-current assets		88,920,073
Property, plant and equipment	4	95,951,200
Right-of-use assets	5	18,597,623	19,848,951
Intangible asset		557,994	214,952
Goodwill	6	1,321,304	-
Investment securities	15	1,500,687	983,982
		─────────	─────────
		110,897,681	116,999,085
Current assets		─────────	─────────
	106,012,226
Inventories		61,512,632
Trade and other receivables		96,432,794	77,855,187
Amounts due from related parties	11	533,085	139,335
Bank balances and cash	7	82,856,957	115,015,279
		─────────	─────────
		285,835,062	254,522,433
		─────────	─────────
TOTAL ASSETS		396,732,743	371,521,518
		═════════	═════════
EQUITY AND LIABILITIES
Equity		30,250,000
Share capital	8	30,250,000
Statutory reserve		15,125,000	15,125,000
Regular reserve		15,125,000	15,125,000
General reserve		65,314,980	65,314,980
Fair value reserve		383,308	(133,397)
Retained earnings		172,560,755	185,980,889
		─────────	─────────
Total equity		298,759,043	311,662,472
		─────────	─────────
Non-current liabilities		8,231,802
Employees' end of service benefits		7,804,771
Lease liabilities	10	11,466,024	12,717,526
		─────────	─────────
		19,697,826	20,522,297
Current liabilities		─────────	─────────
	76,316,864
Trade and other payables	10.1	37,558,345
Lease liabilities	10	1,959,010	1,778,404
		─────────	─────────
		78,275,874	39,336,749
		─────────	─────────
Total liabilities		97,973,700	59,859,046
		─────────	─────────
TOTAL EQUITY AND LIABILITIES		396,732,743	371,521,518
		═════════	═════════
____________________________________	____________________________________
Ali Bin Humaid Al Owais	Mohammed Abdel Aziz Ali Abdalla Al Owais
Chairman	Executive Vice Chairman
________ 2021	________ 2021

The accompanying notes from 1 to 15 form an integral part of these interim condensed consolidated financial statements.

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