Al Gassim Investment Holding Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 10,466,253 | 10,862,021 | -3.64 | ||
| Gross Profit (Loss) | 8,953,308 | 9,140,715 | -2.05 | ||
| Operational Profit (Loss) | -1,679,446 | 14,754,562 | - | ||
| Net profit (Loss) | -6,713,311 | 7,049,432 | - | ||
| Total Comprehensive Income | -6,804,158 | 7,269,025 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 296,360,400 | 303,164,558 | -2.24 | ||
| Profit (Loss) per Share | -0.22 | 0.23 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | -5,169,134 | 1.72 | |
| Accumulated Losses | 3,639,600 | 1.21 | |
| All figures are in (Actual) 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 | Decrease in financing income from lease contracts due to their nature, which decreases from year to year, in addition to the decline in the value of Date sales. |
| 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 loss for the current year is due to recording an impairment loss in the value of investment properties compared to recording a refund of the impairment loss in the previous year, as well as an increase in the value of the zakat provision made during the current year compared to the previous year, despite the decrease in general and administrative expenses and recording a refund of the provision for expected credit losses the current year compared to creating a provision for credit losses the previous year, and increasing the value of profits from revaluing financial assets at fair value, and other revenues during the current year compared to the previous year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 Notes No. 3-1 & 31 , which indicates the existence of
a legal dispute between the company and the Branch of the Ministry of Environment, Water and Agriculture (the “Ministry’s Branch”) in Al Qassim region,
relating to the request of cancelling the negative decision on refraining the Ministry’s Branch to submit a request to High Commissioner about the Company’s ownership of the entire area which has been renovated from the land handed over to the Company. Approval has been issued by the High Commissioner for the Company to own only 74 million square meters out of the total land area of 116 million square meters. Noting that in case the Company is presumed to lose the legal dispute, it will materially affect the Company due to the correlation of the disputed land with the lease revenue contracts that have been entered into by the Company with the other party, which represents the main source of the Company’s revenue. The expected losses can only be determined upon the final settlement of that legal dispute. Our conclusion is not modified in respect of this matter. Something else The company's financial statements for the year ending December 31, 2022 were audited by another auditor, who expressed an unmodified opinion on those financial statements on Ramadan 7, 1444 AH, corresponding to March 29, 2023. |
| Reclassification of Comparison Items | Certain comparative figures for the previous period have been reclassified to conform to the presentation used for the current period |
| Additional Information | The financial statements were amended for the years ending on December 31, 2022, December 31, 2021(Note No. 30 to the financial statements on December 31, 2023) |
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