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Saudi Vitrified Clay Pipes Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

SVCP 2360 -0.38% 39.85 -0.15
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 14.83 20.58 -27.939 14.57 1.784
Gross Profit (Loss) -1.47 3.22 - 4.12 -
Operational Profit (Loss) -6.52 -2.28 185.964 -3.28 98.78
Net profit (Loss) -6.47 -2.86 126.223 -51.99 -87.555
Total Comprehensive Income -6.47 -2.86 126.223 -51.51 -87.439
All figures are in (Millions) Saudi Arabia, Riyals


Element List Current Period Similar period for previous year %Change
Total Share Holders Equity (After Deducting the Minority Equity) 203.72 265.85 -23.37
Profit (Loss) per Share -0.43 -0.19
All figures are in (Millions) Saudi Arabia, Riyals


Element List Percentage of the capital (%) Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
All figures are in (Millions) Saudi Arabia, Riyals


Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason for the decrease in revenues during this quarter compared to the same quarter of the previous year is due to the decrease in demand and the slowdown of some projects.
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 decrease in the net profit during the current quarter compared to the same quarter of last year is due to the decrease in Sales.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason for the increase in revenues during the current quarter compared to the previous quarter is the increase in demand.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The decrease in net loss during the current quarter compared to the previous quarter is due to the recognition of impairment losses in the value of fixed assets in the previous quarter by SAR 46 million.
Statement of the type of external auditor's report Conservation
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) Basis of qualified conclusion

As indicated in Note (7) of the interim condensed consolidated financial statements, the Saudi Vitrified Clay Pipe Company ("the Parent Company") acquired the Saudi Land Factory for Cement Products, including its rights and obligations ("the Subsidiary"), for a cash consideration of SR 25,000,000. This business combination resulted in a net book value of the acquired assets. We were unable to obtain the audited financial statements of the Subsidiary as at the acquisition date or as at the end of the previous fiscal year or perform alternative procedures to obtain the necessary assurance. Therefore, we could not verify the accuracy of the balances resulting from the business combination as at March 31, 2024, nor could we determine whether any adjustments were necessary to be made in the interim condensed consolidated financial statements regarding the business combination.

Reclassification of Comparison Items Does not exist
Additional Information Work is currently underway to complete the audit work of the subsidiary company to complete the audited financial statements for the years 2022 AD 2023 AD, which is expected to be completed by the end of May 2024 AD, noting that the acquired company was not under the control of the pottery company until the date of acquisition on March 20, 2024 AD

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