Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 77.29 | 1.39 | 5,460.431 | 21.57 | 258.321 |
| Gross Profit (Loss) | -46.75 | -138.07 | -66.14 | -88.45 | -47.145 |
| Operational Profit (Loss) | -227.41 | -222.14 | 2.372 | -137.57 | 65.304 |
| Net Profit (Loss) after Zakat and Tax | 270.57 | -453.51 | - | -345.3 | - |
| Total Comprehensive Income | 270.57 | -453.51 | - | -345.3 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 98.86 | 159.99 | -38.208 |
| Gross Profit (Loss) | -135.2 | -139.75 | -3.255 |
| Operational Profit (Loss) | -364.98 | -306.28 | 19.165 |
| Net Profit (Loss) after Zakat and Tax | -74.73 | -691.37 | -89.191 |
| Total Comprehensive Income | -74.73 | -691.37 | -89.191 |
| Total Share Holders Equity (after Deducting Minority Equity) | 6,913.61 | 7,621.35 | -9.286 |
| Profit (Loss) per Share | -0.08 | -0.74 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 2,203 | 9,294 | 23.7 | |
| 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 of the increase in the net profit during the current quarter compared to the same quarter (restated) of the last year is:
1- The increase in revenue in the current quarter compared to the same quarter of the previous year due to the relative improvement in operation rates of hotels and commercial centers due to the easing of precautionary measures.
2 – Increase in other income compare to similar quarter last year due to gain recognized on sale of plot of land in Jabal Omar project which was announced on Tadawul on 13 December 2020. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The reason of the increase in the net profit during the current quarter
compared to the previous period of the current year is:
1- Increase in revenue in the current quarter compared to the previous quarter due to the relative improvement in operation rates of hotels and commercial centers because of the Umrah season as well as the easing of precautionary measures.
2 – Increase in other income compare to previous quarter due to gain recognized on sale of plot of land in Jabal Omar project which was announced on Tadawul on 13 December 2020. |
| 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 of decrease in the net loss during the current period compared to similar period last year is mainly due to the increase in other income compare to similar period last year due to gain recognized on sale of plot of land in Jabal Omar project which was announced on Tadawul on 13 December 2020. |
| Statement of the type of external auditor's report | Emphasis of matter |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | We draw attention to Note 1 to the condensed consolidated interim financial statements, which indicates that the Group incurred a loss of Saudi Riyals 74.9 million and negative operating cash flows amounting to Saudi Riyals 523.7 million during the six-month period ended 30 June 2021. In addition, the Group’s current liabilities exceeded its current assets by Saudi Riyals 5,413.4 million and the Group had accumulated losses amounting to Saudi Riyals 2,202.9 million as at 30 June 2021. The Group is dependent on the successful execution of management’s plans to generate sufficient cash flows to enable it both to meet its obligations as they fall due and for the continuity of its operations without significant curtailment. These conditions, along with other matters set forth in Note 1, indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Not applicable |
| Additional Information | With reference to note 24 to the condensed consolidated interim financial statements for the period ended 30 June 2021, the Group has reconsiderd prior period accounting treatments. Accordingly, the Group has restated its financial statements retrospectively for the period ended 30 June 2020.
Following is the impact of restatements on Q2 2020 condensed consolidated interim financial statements:
- Increase in net loss and loss per share reported for the period ended 30 June 2020 by SR 9 million and SR 0.01 respectively
Net impact of restatements resulted in decrease of equity reported as of 30 June 2020 by SR 917 million
The accumulated losses as at 30 June 2021 amounted to SR 2,202.9 million, equivalent to 23.7% of the Company's capital. The company will implement the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed in the Saudi Stock Exchange, whose accumulated losses amounted to more than 20% of their capital. |
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