| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 114,564 | 162,044 | -29.3 | 79,826 | 43.517 |
| Gross Profit (Loss) | -18,333 | -5,874 | 212.104 | -38,086 | -51.864 |
| Operational Profit (Loss) | -49,967 | -93,592 | -46.611 | -88,081 | -43.271 |
| Net Profit (Loss) after Zakat and Tax | -1,345 | -131,294 | -98.975 | -145,262 | -99.074 |
| Total Comprehensive Income | -19,923 | -123,583 | -83.878 | -155,633 | -87.198 |
| 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) | 128,656 | 213,685 | -39.791 |
| Profit (Loss) per Share | -0.04 | -4.17 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -74,694 | 320,000 | -23.34 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 losses for the current quarter compared to the same quarter of the previous year is mostly attributed to: |
a) Some provisions have not formed in the current quarter, like those that were formed in the same quarter of the previous year, amounting to SAR 63.3 million, which were as follows:
1. Provision for expected credit losses on short-term receivables amounting to SAR 28.5 million.
2. Provision for doubtful debts (Under legal procedures) amounting to SAR 30.2 million.
3. Discount on Retention amounting to SAR 4.6 million.
b) Profits have been booked in the current quarter amounting to SAR 32.2 million as a result of the following reasons:
1. Accounting profits have been booked in exchange for discounts of some outstanding obligations settlement with some banks, amounting to SAR 19.79 million.
2. Investment sale gain has been recorded as a result of selling the entire invested shares in Amitech Morocco, amounting to 12.41 million Saudi riyals.
c) Accounting profits have been booked as a result of reversing some booked provisions in previous years in the current quarter, amounting to SAR 20.78 million.
a) Amiantit Company recorded growth in revenues during the current quarter amounting to 34.7 million Saudi riyals, at a rate of 44% compared to the previous quarter. This growth in revenues is mainly attributed to the cumulative balance of business carried over during the period of the Corona pandemic and the recovery in the volume of new orders.
b) Some provisions have not formed in the current quarter, like those that were formed in the previous quarter, amounting to SAR 24.4 million, which were as follows:
1. Provision for expected credit losses on short-term receivables amounting to SAR 0.6 million.
2. Provision for doubtful debts (Under legal procedures) amounting to SAR 18.6 million.
3. Discount on Retention amounting to SAR 5.2 million.
c) Profits have been booked in the current quarter amounting to SAR 32.2 million as a result of the following reasons:
1. Accounting profits have been booked in exchange for discounts of some outstanding obligations settlement with some banks, amounting to SAR 19.79 million.
2. Investment sale gain has been recorded as a result of selling the entire invested shares in Amitech Morocco, amounting to 12.41 million Saudi riyals.
d) Accounting profits have been booked as a result of reversing some booked provisions in previous years in the current quarter, amounting to SAR 20.78 million.
The profit (loss) per share for the period ending on March 31, 2021 was SAR (0.04), calculated by dividing the net (loss) profit attributable to shareholders of the company of SAR (1.345) million on the weight average number of outstanding shares 31,463,706, and the profit (loss) per share for the comparative period ending on March 31, 2020G was SAR (4.17), calculated by dividing the net (loss) profit attributable to shareholders of the company of SAR 131.294 million on the weight average number of outstanding shares 31,463,706.
With respect to calculating the earnings per share (loss), the earnings per share (loss) has been calculated in accordance with “International Accounting Standard 33 (IAS 33): Earnings per share.”, Which requires that the number of ordinary shares outstanding before the event be adjusted proportionally to the number of ordinary shares The list is as if the event occurred at the beginning of the earliest displayed period (i.e. comparative figures) and, accordingly, the earnings per share (loss) was calculated by dividing the profit (loss) for the period as if the reduction was made on January 1, 2020G, and accordingly the number of issued shares is calculated 32,000,000 shares according to the new capital, minus the number of shares held on the Employee Ownership Program, which amounts to 536,294 shares.
b) It is worth noting that in the announcement introduction, the profit (loss) after zakat and foreign income tax and total comprehensive income (loss) have been added only for shareholders of the company, whereby in the period ending on 31-03-2021G, the net profit (loss) after zakat and foreign income tax is SAR (2.288) million includes SAR (0.943) million for non-controlling interests and SAR (1.345) million for shareholders of the company, and in the period ending on 31-12-2020G, the net profit (loss) after zakat and foreign income tax is SAR (145.789) million includes SAR (0.527) million for non-controlling interests and SAR (145.262) million for shareholders of the company, and in the period ending on 31-03-2020G, the net profit (loss) after zakat and foreign income tax is SAR (135.453) million, includes SAR (4.159) million for non-controlling interests and SAR (131.294) million for shareholders of the company.
For the total comprehensive income (loss) in the period ending on 31-03-2021G, the total comprehensive income (loss) is SAR (20.827) million includes SAR (0.904) million for non-controlling interests and SAR (19.923) million for shareholders of the company, and in the period ending on 31-12-2020G, the total comprehensive income (loss) is SAR (158.540) million includes SAR (2.907) million for non-controlling interests and SAR (155.633) million for shareholders of the company, and in the period ending on 31-03-2020G is SAR (126.073) million, includes SAR (2.490) million for non-controlling interests and SAR (123.583) million for shareholders of the company.
c) Accumulated Losses reaching 23.34% of Share Capital:
The company came to know on this announcement publishing date that its accumulated losses have reached 23.34% of its share capital, the total accumulated losses reached 74.694 million Saudi riyals, and the company will apply the procedures and instructions in this regard.
So according to article three of chapter two of the procedures and instructions related to listed companies with accumulated losses reaching 20% or more of their share capital, the company should, immediately and without delay, disclose to the public in a
separate announcement when its Accumulated Losses reach 20% or more and less than 35% of its Share Capital. The announcement should reflect the total Accumulated Losses, its percentage of the capital, and the main reasons that caused the losses as mentioned above, with reference that these procedures will be applicable.
In case the announcement coincides with the interim or annual financial results announcement, the company is exempt from the disclosure as a separate announcement if it disclosed the required information as per this paragraph in the interim or annual financial results announcement.
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.