Thimar Development Holding Co. announces its Annual Financial results for the period ending on 2024-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	-	-	-
Gross Profit (Loss)	1,794,000	-	-
Operational Profit (Loss)	-16,110,216	-17,068,169	-5.61
Net profit (Loss)	-8,013,419	-6,530,218	22.71
Total Comprehensive Income	-6,302,711	-11,969	52,558.63
Total Shareholders Equity (after Deducting Minority Equity)	24,836,638	31,139,349	-20.24
Profit (Loss) per Share	-1.23	-1
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	-	-
Accumulated Losses	-82,899,953	-127.54
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	There is no revenue during this year as well as the previous year

However, the unrealized gains from investments at fair value through profit and loss during this year amounted to SAR 1,794,000 and there are no unrealized gains from investments at fair value through profit and loss in the previous year The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason for the higher net loss during this year compared to the previous year is due to:

1-an increase in general and administrative expenses by about 2 million riyals

2. high loss of the effect of adjusting the cash flows of financial liabilities by approximately SAR 9.5 million

Despite the increase in unrealized gains from investments at fair value through profit or loss during this year by approximately SAR 2 million, the increase in other income by approximately SAR 5 million, the increase in the reversal of the decline in the value of property, machinery and equipment by approximately SAR 1 million and the increase in the reversal of the provision of related parties by approximately SAR 2 million 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) MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

We would like to draw the attention to note no. (4-1) accompanying the consolidated financial statements. Which indicates that the Group incurred accumulated losses of (8,013,419) SR during the year ending on 31 December 2024, and as of that date. it also achieved accumulated losses on 31 December 2024 by an amount of (82,899,953) SR, by 127.5% of the share capital. which requires in implementation of Article No. (132) of the companies law, that the extraordinary general assembly be called for a meeting within one hundred and eighty days from the date of knowledge of this to consider the continuity of the Group taking any of the necessary actions to remedy or resolve such losses; However, due to the Group's entry into the proposal and procedures for financial reorganization, which clarified in note (1) and in application of article No. (45) of chapter four of the Bankruptcy Law and its implementing regulations, the Group is exempted from applying the provisions of the companies law regarding achieving the Group's losses relative to the law.

Also, the continuity of the Group as a going concern is depended to the implementation of the financial reorganization proposal.

As mentioned in Note (4-1), these events, or conditions, together with other matters described in Note 1, indicate the existence of a material uncertainty that may cast significant doubts about the Group's ability to continue as a going concern. Our opinion has been unmodified in respect of this matter.

EMPHASIS OF MATTER

We would like to draw attention to note No. (1) attached to the consolidated financial statements, which indicates that the Group is subject to a financial reorganization procedure in accordance with the judgment issued on April 7, 2021 (corresponding to Shaaban 25, 1442 H) in case no. 1970 of 1442 H, which judged the financial reorganization of the Company and the appointment of Mr. Hani bin Saleh Al-Aqili as the Trustee of the Financial Reorganization. As a result, the Board of directors announced on March 8, 2023, corresponding to Shaaban 16, 1444 AH, the approval of the commercial court in Riyadh to amend the proposal for the financial reorganization of the Group. Reclassification of Comparison Items Some financial statement balances have been reclassified to conform to the current period. Additional Information We would like to note that the financial statements for the year ended December 31, 2023 have been amended for the share loss item to become a loss of (1.00) riyals instead of a loss of (0.53) riyals

The basic and discounted share loss was calculated based on the number of outstanding shares at the end of the year after taking into account the retroactive adjustments, and the comparison number was adjusted accordingly Attached Documents

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.