| Element List |
Explanation |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to |
The increase of loss is due to mainly decrease in gross profit from sales and decrease in net income from operations. Increase selling and distribution expenses, increase in general and administrative expenses and increase income tax and zakat expense. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to |
The net income compared to loss during the previous quarter is due to the increase in profit from investments to loss during the previous quarter. Decrease in in general and administrative expenses, decrease in financing charges, decrease in zakat expense. |
| Basis of the External Auditor's Opinion |
Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
We draw attention to note 12 accompanying the consolidated financial statements. It states that during the period ended 31 December 2019, the title deed of the investment property with cost of Saudi Riyal 219,739,441 was revoked based on the resolution provision of the Court of Appeal accordingly company has recorded it as receivables against land disposed. On 15 December 2019 (corresponding to 18 Rabia II 1441H), company raised two legal cases through Riyadh Public Court against the land seller and the broker of north Riyadh land – Al Khair district to return paid amount back. The opinion of company legal consultant who declare that all legal supported documents that has been introduced to the mentioned court has a very strong background on their argument on company’s favorable, strongly confirm Aseer rights with clear evidence to collect all purchased amount due to the title deed revoke in addition to Aseer rights to collect back the broker paid fees. Our conclusion is not qualified in this matter |
| Reclassification of Comparison Items |
Not applicable |
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