| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|
| Sales/Revenue | 625.12 | 454.46 | 37.552 | 592.85 | 5.443 |
| Gross Profit (Loss) | 296.09 | 236.68 | 25.101 | 254.28 | 16.442 |
| Operational Profit (Loss) | 217.2 | 218.69 | -0.681 | 179.39 | 21.076 |
| Net profit (Loss) | 33.3 | -79.84 | - | 19.02 | 75.078 |
| Total Comprehensive Income | 33.3 | -79.84 | - | 19.02 | 75.078 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Current Period | Similar period for previous year | %Change |
|---|
| Sales/Revenue | 1,217.97 | 771.54 | 57.862 |
| Gross Profit (Loss) | 550.37 | 358.93 | 53.336 |
| Operational Profit (Loss) | 396.59 | 317.96 | 24.729 |
| Net profit (Loss) | 52.32 | -67.91 | - |
| Total Comprehensive Income | 52.32 | -67.91 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 12,773.76 | 12,617.24 | 1.24 |
| Profit (Loss) per Share | 0.05 | -0.06 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Amount | Percentage of the capital (%) |
|---|
| 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 increase in revenues during the current quarter compared to the same quarter of the previous year is mainly due to the following factors: |
- Revenue generated from hotels increased by 48%, mainly due to improvement in the hotel occupancy and higher average room rates related to seasonal days for Ramadan and Haj in the current quarter compared to the same quarter last year. The increase is also attributed to the opening and operation of two new hotels, the Address hotel and the Jumeirah hotel.
- Revenue generated from the commercial mall increased by 30%, mainly due to increased commercial activity in the recently delivered asset in the current quarter compared to the same quarter last year.
| 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 reason of the increase in the net profit during the current quarter compared to the same quarter of the last year is mainly due to the increase of 38% in the company’s revenues. In addition, some operating expenses were reduced, including zakat expenses, which decreased by 97%. However, this increase was partially offset by a 105% increase in financing costs. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The revenue has increased by 5% from the previous quarter, primarily due to the inclusion of the Haj season in this quarter. In addition to inception of the fourth and final tower of the Jumeirah hotel becoming operational. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason of the increase in the net profit during the current quarter compared to the previous one is mainly attributed to the increase of 5% in the company's revenues. Additionally, certain operating expenses, including zakat expenses, have been reduced. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reason for the increase in the company's revenues during the current period compared to the same period of the previous year is due to the following factors: |
- Revenue generated from hotels increased by 51%, mainly related to revenue generated from recently delivered hotels Address and Jumeirah
- Revenue generated from the commercial mall increased by 33%, primarily due to new contracts entered into from recently delivered assets.
- Revenue generated from properties for development and sale increased by 244%, mainly due to completion of the majority of projects in the current year.
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason of the increase in the net profit during the current period compared to the same period of the last year is due to an increase in revenues by 58% and a decrease in zakat expenses by 92%. However, this increase is offset by an increase in financing costs by SAR 146 million in addition to recording an impairment expense amounts by SAR 59 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 note 2.4 of the condensed consolidated interim financial statements, which indicates that as at the six-month period ended 30 June 2024, the Group's current liabilities exceeded its current assets by SR 560 million. Moreover, the Group’s forecasted cash flows for the twelve months subsequent to the reporting date, that depict a net positive cashflow position, are dependent upon the sale of certain parcels of land as well as upon obtaining sufficient debt financing. As stated in note 2.4, these events and conditions along with other matters set forth therein, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to comply with the current period presentation of the consolidated financial statements. |
| Additional Information | Not applicable |
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