Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 389.5 | 414.5 | -6.031 | 406.2 | -4.111 |
| Gross Profit (Loss) | 123.5 | 105 | 17.619 | 130.2 | -5.145 |
| Operational Profit (Loss) | 13.4 | -1 | - | 21 | -36.19 |
| Net Profit (Loss) after Zakat and Tax | -3.2 | 18.6 | - | 0.2 | - |
| Total Comprehensive Income | -6.4 | 15.1 | - | -93.1 | -93.125 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 795.7 | 886.4 | -10.232 |
| Gross Profit (Loss) | 253.7 | 242.7 | 4.532 |
| Operational Profit (Loss) | 34.3 | 30.3 | 13.201 |
| Net Profit (Loss) after Zakat and Tax | -3.1 | 23.9 | - |
| Total Comprehensive Income | -99.5 | 94.9 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,300.5 | 1,400 | -7.107 |
| Profit (Loss) per Share | -0.02 | 0.19 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 39 | 1,264 | 3.09 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The reason of recorded net loss this quarter compared to net profit during the same quarter for previous year is due to the increase in selling and distribution expenses, increase general & administration expenses, increase in other operation expenses, decrease in other income and increase income tax and zakat expenses. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The reason of record net loss this quarter compared to net profit previous quarter is due to decrease in gross profit, decrease from operation income that generated mainly from decrease gross profit from sales, decrease income from investments, increase in sales and distribution expenses and increase in other operation expenses. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Net loss compared to net profit for the same period previous year is due to decrease in sales, increase in general & administration expenses and increase in other operation expenses, decrease in other income in addition to increase income tax and 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 | Emphasis of matter
We draw attention to note 12 accompanying the consolidated financial statements. On 18 Rabia II 1441H (corresponding to 15 December 2019), 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 Other matter During the period ended 31 March 2020 other external auditor reviewed the financial statements and issued unmodified conclusion dated 06 May 2020. During the period ended 31 December 2019 other external auditor reviewed the financial statements and issued unmodified conclusion dated 26 March 2020. |
| Reclassification of Comparison Items | Not applicable |
| Additional Information | 1- During the same period of year 2019, the Company disposed of one of its investment properties (north Riyadh land – Al Khair district) following the cancellation of the land title deed by the Court of Appeal. The resulting financial impact on the income statement is recording a sum of SR 38.2 million under other income. For further details, please refer to notes 12 in the condensed consolidated interim financial statements for the period ended 30 June 2020
2- As effect of Covid-19 on subsidiary companies’ ability to achieve the target sales and net profit, for this is kind of effect and period pandemic effect not materialize for the time been which cannot predict yet as it is relay in future developments in such matter. Bear in mind that the company will continue to measure closely the situation and minimize the effect of Covid-19. In addition the sales and results for one of our subsidiaries has been effected from excise tax (sugar tax) which applied by end of year 2019 3- We used decimal to present financial data for previous quarter |
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