Sinad Holding Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,616.7 | 1,757.6 | -8.02 | ||
| Gross Profit (Loss) | 416.4 | 578.7 | -28.05 | ||
| Operational Profit (Loss) | -95.4 | 123.4 | - | ||
| Net profit (Loss) | -132.6 | 10.1 | - | ||
| Total Comprehensive Income | -154.4 | -160.6 | -3.86 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,083.5 | 1,237.9 | -12.47 | ||
| Profit (Loss) per Share | -1.05 | 0.08 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -160.2 | -12.7 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in sales during this year compared to the previous year is due to:
1) Decrease in the company’s sales in the Kingdom of Saudi Arabia. 2) Despite an increase in the sales of one of the subsidiary companies in Egyptian pounds in the Arab Republic of Egypt, sales in Saudi riyals decreased as a result of the decline in the exchange rate of the Egyptian pound. 3) Subsidiaries companies incurred unusual one-time expenses as a result of changing some policies, which had an impact on sales recorded during the year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for achieving a net loss compared to a net profit during the previous year is the decrease in gross profits and achieving an operating loss during the year compared to operating profits during the previous year. This is mainly due to the decrease in the gross profit from sales, the decrease in the gross profit from investments, the increase in selling and distribution expenses, and the increase in the expected credit losses. In addition to achieving other operating losses against other operating revenues during the previous year, and an increase in financing expenses, in addition to an increase in zakat expense. |
| Statement of the type of external auditor's report | Notice |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We draw attention to note No. (18) to the accompanying interim condensed consolidated financial statements, which states position of the two lawsuits against the seller of the land located in the north of Riyadh, at Al Khair District, and against the broker of the purchase deal. Our conclusion is not modified in respect of this matter |
| Reclassification of Comparison Items | Certain figures of the prior period have been reclassified to conform with the presentation for the current period |
| Additional Information | The company’s accumulated losses amounted to 160.2 million riyals, which represents 12.7% of the company’s capital of 1,263.9 million riyals. |
Comments