| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 35,591,987 | 47,353,789 | -24.84 | ||
| Gross Profit (Loss) | -53,094,130 | -11,997,133 | 342.56 | ||
| Operational Profit (Loss) | -107,899,347 | -59,140,548 | 82.44 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -95,871,913 | -144,226,008 | -33.53 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -92,714,508 | -148,789,797 | -37.69 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 86,770,682 | 179,485,190 | -51.66 | ||
| Profit (Loss) per Share | -2.45 | -3.7 | |||
| 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 | - | - | |
| Accumulated Losses | -303,282,531 | 77.41 | |
| 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 | The decrease in revenue during the current period compared to the corresponding period of the previous year is due to lower production and the restructuring of the company’s operational processes. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net loss during the current period compared to the corresponding period of the previous year is due to lower sales, higher production costs, recognition of impairment on machinery and equipment, an increase in expected credit loss provisions, and higher financing costs. |
| Statement of the type of external auditor's report | Conservation |
| 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) | Qualified Opinion We have reviewed the financial statements of Tabuk Agricultural Development Company (TADCO), a Saudi joint-stock company (the “Company”) and its subsidiaries (collectively, the “Group”), which comprise the consolidated statement of financial position as of December 31, 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, including significant accounting policy information. In our opinion, except for the potential impacts described in the “Basis for Qualified Opinion” section of our report, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025, and its consolidated financial performance and consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants. Basis for Qualified Opinion As explained in Note (15-A) to the consolidated financial statements, the Company has an investment in Agricultural Feed Sources Company (a subsidiary) classified as a discontinued operation, with a net impairment loss of SAR 3.55 million. - We were unable to obtain the audited financial statements of this subsidiary as of December 31, 2024, and December 31, 2025, and we were unable to perform alternative audit procedures to verify the accuracy of the investment balance as of December 31, 2024, and December 31, 2025. Consequently, we were unable to determine the potential impact on the consolidated financial statements. - The Group continued to present the investment in the subsidiary as a discontinued operation, despite the Extraordinary General Meeting held on December 10, 2025, reversing the divestment from the Agricultural Feed Sources Company as per the previous Ordinary General Meeting held on September 25, 2024, and authorizing the Board of Directors to take whatever action it deemed appropriate in this regard. We were unable to obtain sufficient appropriate audit evidence to confirm that the Group continued to meet the requirements for this classification as of December 31, 2025, in accordance with IFRS 5. Our audit was conducted in accordance with International Standards on Auditing (ISAs) as adopted in the Kingdom of Saudi Arabia. Our responsibilities under these standards are detailed in the Auditor's Responsibilities section of our report. We are independent of the Group in accordance with the International Code of Conduct for Certified Professional Accountants in the Kingdom of Saudi Arabia (“the Charter”) relating to our audit of the consolidated financial statements, and we have fulfilled our other ethical responsibilities as required by the Charter. We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our opinion. Another matter: The Group’s consolidated financial statements for the year ended December 31, 2024, were audited by another auditor who issued an unmodified opinion on those statements based on his report dated Shawwal 11, 1446 AH (corresponding to April 9, 2025), which has not yet been approved by the company’s shareholders. Material Uncertainty Related to Going Concern We draw attention to Note (30) to the consolidated financial statements, which indicates material uncertainties related to going concern. The Group's accumulated losses amounted to SAR 303.28 million, representing 77% of its share capital. The Group's current liabilities exceeded its current assets by SAR 176.93 million, and its negative cash flows from operating activities amounted to SAR 15.56 million. Management has prepared the Group's consolidated financial statements on a going concern basis, based on the Group's future business plans to generate sufficient positive cash flows to enable it to meet its obligations as they fall due and continue its operations. Our opinion is not modified in this regard. Reporting on Other Regulatory Requirements Article (20) of the Companies Law requires the auditor to include in their report any violations of the provisions of the Law or the company's Articles of Association that they have identified. During our review of the current consolidated financial statements, it became clear to us that the company violated the Companies Law, as the company did not amend its articles of association to comply with the new Companies Law until after the end of the financial year (see note 33). |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current presentation of the financial statements. |
| Additional Information | Legal Claims As of the date of preparation of these consolidated financial statements, the Company is subject to several legal claims filed by various parties related to certain commercial and contractual transactions. The most significant of these include court rulings amounting to approximately SAR 25 million, of which around SAR 8 million has been settled, while the remaining amount is recorded under the Group’s liabilities. The Group’s management monitors these cases and takes the necessary legal actions to address their impact. Management will continue to follow up on the developments of these cases and update the disclosure in future financial periods in accordance with the relevant regulations, instructions, and standards. Subsequent Events Other than what is disclosed in Note 7/1/1 regarding the sale of a portion of the Group’s shares owned by Afaq Al-Ghitha Company, and what is mentioned in Note 30 regarding the signing of the Grapevine Investment Contract, subsequently, on January 12, 2026, the Company’s Articles of Association were amended to comply with the new Companies Law. No other events have occurred after the date of the statement of financial position that would require adjustment or disclosure in these financial statements, other than those already disclosed in the consolidated financial statements. Accumulated losses: The accumulated losses amounted to SAR 303,282,531 as of December 31, 2025, representing 77% of the company’s capital. The Company will be subject to the procedures and instructions issued by the Capital Market Authority applicable to listed companies whose accumulated losses have reached 20% or more of their capital. |
