Saudi Industrial Export Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 0.27 | 15.79 | -98.29 | ||
| Gross Profit (Loss) | 0.24 | 2.02 | -88.12 | ||
| Operational Profit (Loss) | -22.76 | -12.93 | 76.02 | ||
| Net Profit (Loss) after Zakat and Tax | -24.3 | -13.92 | 74.57 | ||
| Total Comprehensive Income | 0.12 | 0.11 | 9.09 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 160.02 | 12.96 | 1,134.72 | ||
| Profit (Loss) per Share | -1.53 | -2.3 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net loss during the current year 2022 compared to the previous year 2021 is due to the decrease in sales which is being processed after the completion of capital increment in Q2, through introduce new customers contracts which will be reflected next year, in addition the company utilized the VAT initiative of 2022 where penalties of SR 18.6 M was exempted whereby VAT variances of SR6.6M agreed to be settled, which as result increased General and Administrative expenses compared to the previous year of 2021 AD. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Some comparison figures for the previous year 2021 were reclassified and adjusted in the income statement. |
| Additional Information | The company's accumulated losses for the current year ended December 31, 2022, amounted to SR 35,494,678 representing 18.26% of the company's capital while the company's accumulated losses for the previous year ended 31 December 2021 were SR 52,837,550 Where it represents 81.54% of the company's capital.
- The company also indicates that it processed part of the company's accumulated losses by reducing the company's capital on the approval of the Extraordinary General Assembly (9th), where the company's accumulated losses amounted to the day of the extraordinary general assembly (9th) on 14/07/1443 H. 15/02/2022 amount of SR 7,003,636 and 32.42% of the company's capital after the reduction of SR 21,600,000. - We would also like to point out that the CMA approved on 17/03/2022 the board's recommendation to increase the company's capital by SAR 172,800,000 by issuing priority rights shares. |
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