| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 24,632 | 23,192 | 6.209 | 20,581 | 19.683 |
| Gross Profit (Loss) | 6,573 | 5,060 | 29.901 | 6,448 | 1.938 |
| Operational Profit (Loss) | -2,131 | -5,500 | -61.254 | 23 | - |
| Net Profit (Loss) after Zakat and Tax | -4,756 | -6,756 | -29.603 | -3,509 | 35.537 |
| Total Comprehensive Income | -4,756 | -6,756 | -29.603 | -3,899 | 21.979 |
| 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) | 3,093,589 | 3,116,522 | -0.735 |
| Profit (Loss) per Share | -0.014 | -0.02 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -299,411,298 | 3,393,000,000 | -8.82 | |
| 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 reduced net losses in the 1st quarter 2021 compared to the previous quarter is due to increased revenue. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The increase in the net loss of the company during the 1st quarter 2021 compared with the previous quarter is due to decrease in murabaha income resulted from declining investment in murabaha deposits and lower profit rates. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The interim condensed consolidated financial statements of the Group for the three-month period ended 31 March 2020 were reviewed by another auditor who expressed an unmodified review conclusion on those financial statements on 8 June 2020. |
| Reclassification of Comparison Items | Some comparatives numbers of the previous periods have been reclassified to conform with the presentation in the current period. |
| Additional Information | 1- 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 reporting date of these interim condensed 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 March 2021 especially around impairment of investment and development properties due to the nature of properties and margins as disclosed in notes 4 and 5 and no significant changes are required to the judgements, assumptions and key estimates.
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 Organisation 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 interim condensed consolidated 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. However, in the view of the current uncertainty, any future change in the assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future periods. 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.
2- EVENTS AFTER THE REPORTING PERIOD
Subsequent to the period end, the Group participated in a real esate investment fund "under establishment" called Madinah Gate Fund with an amount of SR165Million representing 75% of the fund seed capital amounting to SR220Million and signed an investment agreements with the fund manager "Riyad Capital" and assign the entire shares of its subsidiary, Madinah Gate, that owns the real estate asset in favor of the Madinah Gate Fund. Management is currently in process of completing a comprehensive assessment of the transaction impact on the Group and completing all the formalities and requirements of the agreements as at the reporting date.
Further, the Group signed an agreement with the Saudi Tourism Development Fund and Riyadh Bank to provide financing facility to an extent of SR 782 million for the development execution of the "Knowledge City Hub" project. According to the agreement, the Saudi Tourism Development Fund and Riyad Bank will provide financing to the Group for the cost of developing the first phase of the "Knowledge City Hub" project. The Group will provide collateral in the form of plots of land from the Group’s land portfolio.
Furthermore, the Group signed an agreement with MOBCO Group to develop an international school within the Knowledge Economic City on a parcel of land to be allocated for this investment through a long-term lease contract.
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.