| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 112,936 | 151,760 | -25.582 | ||
| Gross Profit (Loss) | 24,537 | 46,362 | -47.075 | ||
| Operational Profit (Loss) | -11,770 | 5,122 | - | ||
| Net Profit (Loss) after Zakat and Tax | -25,723 | 18,163 | - | ||
| Total Comprehensive Income | -26,113 | 18,615 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 3,098,345 | 3,123,277 | -0.798 | ||
| Profit (Loss) per Share | -0.076 | 0.054 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The resulted net losses for the current year compared to net profit achieved in the previous year is due to various reasons, first, the decrease in revenues, secondly, during previous year, gains resulted from the re-measurement to fair value of a pre-existing interest in a joint venture, which resulted from the acquisition of the remaining share in the joint venture, and also the sale of a parcel of land. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The consolidated financial statements of the Group for the year ended 31 December 2019 were audited by another auditor who expressed an unmodified opinion on those financial statements on 8 March 2020. |
| Reclassification of Comparison Items | During the year, the Group has classified its branch as a discontinued operation and consequently the Group has reclassified certain comparatives numbers of the previous periods. Certain other amounts of the prior year have also been reclassified to conform with the presentation in the current year. |
| Additional Information | COVID-19 IMPACT |
The spread of coronavirus (COVID-19) across multiple geographies was confirmed in early 2020, causing significant macro-economic uncertainty, disruptions to businesses and economic activities. During March 2020, the Saudi Arabian government took many initiatives and further extended those beyond March 2020 to contain the spread of virus which included restrictions on travel, gathering of people and enactment of curfew timings. Considering these factors, the Company’s management carried out an impact assessment on the overall Company’s operations and business aspects and concluded that, as at the issuance date of these consolidated financial statements, the Group did not have significant adverse impact on its operations and businesses due to COVID-19 and the Group does not expect any significant impact on the balances as at 31 December 2020 especially around impairment of investment and development properties due to the nature of properties and margins as disclosed in note 9 and 10 and no significant changes are required to the judgements, assumptions and key estimates in the financial statements for the year ended 31 December 2020.
To preserve the health of the employees and support the prevention of contagion in the operational and administrative areas, the Company took measures, in line with the recommendations of the World Health Organization and Ministry of Health, such as working from home, social distancing at work place, rigorous cleaning of workplaces, distribution of personal protective equipment, testing of suspected cases, limiting non-essential travel, self-health declarations and measuring body temperature.
The operational and financial impacts of the COVID-19 pandemic to date have been reflected in these financial statements. The strong financial position, including access to funds and absence of debt, coupled with the actions the Company has taken to date ensures that the Company has the capacity to continue through the challenges caused by the COVID-19 pandemic. As the situation is rapidly evolving with future uncertainties, the management and those charged with governance will continue to assess the impact based on prospective developments and accordingly update all stakeholders as soon as more information is available. Further based on the financial position and likely scenarios assessed, the management does not believe any significant issues in relation to the going concern aspect.
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.