| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 102,457 | 275,066 | -62.751 | 158,955 | -35.543 |
| Total Profit (Loss) | -32,095 | -20,718 | 54.913 | 70,716 | - |
| Profit (Loss) Operational | -26,685 | -29,837 | -10.564 | -105,347 | -74.669 |
| Net Profit (Loss) after Zakat and Tax | -32,450 | -21,027 | 54.325 | 65,608 | - |
| Total Comprehensive Income | -30,416 | -4,317 | 604.563 | 68,906 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after deducting minority equity) | 130,923 | 161,797 | -19.081 |
| Profit (Loss) per Share | -2.9 | -0.51 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 22,911 | 110,614 | 20.71 |
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The reasons for net loss of current quarter compared with the net loss of similar quarter of last year, are mainly due to the following items included in the statement of comprehensive income: |
a. Lower volume in current quarter as compared to the same quarter of last year.
b. Absence of waived off loans totaling SR 25 million from one of the restructuring banks in current quarter as compared the same quarter of last year.
a. Results from associates include one off adjustments of significant negative impact in the previous quarter as compared to the current quarter of this year.
b. Absence of waived off loans totaling SR 203 million from two of the restructuring banks in current quarter as compared to the previous quarter of last year.
c. Lower volume in current quarter as compared to the previous quarter of last year.
a. We did not receive Al Rajhi bank confirmation for the balances amounting to SAR 1.96 million (December 31, 2018: SR 1.91 million), in addition to the loan balance with Al Rajhi bank amounting to SAR 261.89 million (December 31, 2018: SAR 261.89 million). Consequently, we were unable to determine whether adjustments, if any, may require if we received these bank confirmations and we were unable to determine the possible impact on the interim condensed consolidated financial information. In addition, we were unable to perform sufficient alternative audit procedures to satisfy ourselves regarding the completeness and existence of these bank balances.
b. As of December 31, 2018 the subsidiary, Mass Kablo Ve Ticaret Anonim Sirketi, reported a net loss amounting to SAR 94.5 million and its accumulated losses at that date have reached to SAR 413.3 million, representing 86.7% of the Subsidiary’s share capital, which indicate a significant doubt about its ability to continue as going concern and its ability to meet it’s obligations when it becomes due. The Subsidiary has been restructured its due amounts to banks and other creditors and plans to reduce its payables considering future cash flows from its current outstanding projects. Therefore, the Company’s Management does not foresee any risk regarding going concern and has prepared their financial statements under going concern basis.
The management believes that there was no significant subsequent events since the period-end that require disclosure or adjustment in these Interim Condensed Consolidated Financial Information.
Without further qualifying our conclusion, we draw attention to the following:
- The Group has absorbed the accumulated losses by SAR 293.5 million through a reduction of the Group’s share capital. Accordingly, the Group’s new capital has been revised to SAR 110.6 million in accordance with the Board of Directors' decision dated August 2, 2018.
- The Group has disposed one of its subsidiaries through sale on August 31, 2018.
- The Group's current liabilities exceeded its current assets by SAR 336.8 million (December 31, 2018: SAR 369.9 million), which indicates that the Group is unable to meet its short-term liabilities when it becomes due.
Qualified review conclusion
Based on our review, except for the effects of the matters described in the paragraphs mentioned above, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting” that is endorsed in the Kingdom of Saudi Arabia.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.