| Element List |
Explanation |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is |
Despite the partial and complete closure of the company's showrooms which occurred during the period from March 17th until late April of this year, the company was able, through its expansion strategy, to open four new showrooms in attractive areas in the Kingdom, which resulted in an increase in sales during this year compared to the previous year. Furthermore, the improvement in gross profit margin, the increase in E-commerce sales, and the decrease in the S&M expenses and G&A expenses contributed to the increasing of 2020 net profit compared with 2019. |
| Statement of the type of external auditor's report |
Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
None |
| Reclassification of Comparison Items |
Comparative period figures have been reclassified to conform with current period classification numbers |
| Additional Information |
The initiatives provided by the government to minimize the impact of the coronavirus outbreak “Covid-19” and in particular the initiative related to SANED, resulted in a decrease in some operating expenses during the second and third quarter of this year. |
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