All figures are in (Millions) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Sales/Revenue
12.62
0.18
6,911.11
Gross Profit (Loss)
-0.35
0.16
-
Operational Profit (Loss)
-12.18
-17.84
-31.73
Net Profit (Loss) after Zakat and Tax
-10.98
-18.14
-39.47
Total Comprehensive Income
-10.98
-18.14
-39.47
Total Share Holders Equity (after Deducting Minority Equity)
149.04
160.02
-6.86
Profit (Loss) per Share
-0.56
-1.52
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses
Capital
Percentage %
-46.47
194.4
-23.9
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is
The reason for the increase in net loss during the current quarter 2023 compared to the same quarter of the previous year 2022 is due to the formation of a provision for expected credit losses, despite the increase in the company's sales and the decrease in general and administrative expenses compared to the same quarter of the previous year 2022.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is
The increase in net loss during the current quarter compared to the previous quarter was due to the formation of a provision for expected credit losses, despite the increase in the company's sales.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is
The reason for the decrease in the net loss during the current period of the year 2023 compared to the same period of the previous year 2022 is due to the increase in the company's sales compared to the same period of the previous year 2022 in addition to the company's profits from its investments through the utilization of part of the cash liquidity.
Statement of the type of external auditor's report
Unmodified conclusion
Reclassification of Comparison Items
Some figures for the previous period have been reclassified to conform to the presentation of the current period
Additional Information
- The loss per share for the current period of 2023 was calculated on the weighted average number of shares of 19,440,000 shares. The loss per share for the same period of the previous year 2022 was calculated on the weighted average number of shares of 11,876,044 shares. Where the average reference for the number of shares was calculated based on the approval of the Extraordinary General Assembly on 15-02-2022 AD to reduce the company's capital from sixty-four million eight hundred thousand riyals (64,800,000 riyals) to twenty-one million six hundred thousand riyals (21,600,000 riyals) by 66.66%, and the delisting of 4,320,0000 shares, and the capital increase based on the approval of the extraordinary general assembly on 11-05-2022 from twenty-one million six hundred thousand riyals (21,600,000 riyals) to one hundred ninety-four million four hundred thousand riyals (194,400,000 riyals) and by 800%, up 17,280,000 shares.
- The company indicates that its accumulated losses reached 23.90% of the capital: The accumulated losses as at 30/06/2023 are as per the interim condensed financial statements for the period ending on 30/06/2023. An amount of SAR 46.47 million, representing 23.90% of the company's capital of SAR 194.40 million. The main reasons for these accumulated losses are due to the current economic conditions and the lack of demand for economic activities related to the company. The company will apply the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses amounted to 20% or more of their capital.
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