Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 411.2 | 484.4 | -15.111 | 389.5 | 5.571 |
| Gross Profit (Loss) | 119.7 | 106.4 | 12.499 | 123.5 | -3.076 |
| Operational Profit (Loss) | 19.8 | -4.2 | - | 13.4 | 47.761 |
| Net Profit (Loss) after Zakat and Tax | -5.4 | -32.1 | -83.177 | -3.2 | 68.75 |
| Total Comprehensive Income | 128.7 | -34.3 | - | -6.4 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,207 | 1,370.9 | -11.955 |
| Gross Profit (Loss) | 373.4 | 349.1 | 6.96 |
| Operational Profit (Loss) | 54.1 | 26.2 | 106.488 |
| Net Profit (Loss) after Zakat and Tax | -8.5 | -8.2 | 3.658 |
| Total Comprehensive Income | 29.3 | 60.6 | -51.65 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,437.2 | 1,483.7 | -3.134 |
| Profit (Loss) per Share | -0.07 | -0.07 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 36.4 | 1,263.9 | 2.88 | |
| 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 decrease in net loss this quarter compared to the same quarter of previous year due to increase in gross profit and operating income resulting mainly from decrease in loss from investments, decrease in selling and distribution expenses, decrease in general and administrative expenses, decrease in financing charges and increase in other income |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The reason of increase in net loss this quarter compared to net loss in previous quarter is due to decrease in gross profit that generated mainly from recognizing loss from investments compered to profit from investments in previous quarter, record impairment of properties, plant and equipment value, increase foreign currency exchange loss, increase in finance expenses in addition to increase zakat and tax expenses. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The reason of Increase in net loss during period compared to same period previous year is due to decrease in gross profit from sales, increase in general and administration expenses, increase in other operation expenses, record impairment in properties, plant and equipment value, record increase foreign currency exchange loss compared to profit for the same period last year, 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. Court adjudication has been announced declared Aseer rights to collect all purchased amount SR 202M from the land seller. 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 Sep. 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 |
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