| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 133,895.085 | 230,483.559 | -41.906 | ||
| Gross Profit (Loss) | -12,358.419 | 19,711.86 | - | ||
| Operational Profit (Loss) | -75,221.183 | -1,430.397 | 5,158.762 | ||
| Net Profit (Loss) after Zakat and Tax | -83,338.929 | -4,760.903 | 1,650.485 | ||
| Total Comprehensive Income | -85,517.135 | -5,294.159 | 1,515.311 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 185,879.23 | 271,385.422 | -31.507 | ||
| Profit (Loss) per Share | -3.7 | -0.21 | |||
| 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 increase in the net loss is due to the decrease in sales and other revenues (among the reasons for Corona Pandemic), the increase in the cost of sales (direct and indirect) and the increase in operational costs (temporary and final closing of some branches), And high financing expenses, And losses decline in the value of real estate, machinery and equipment. And losses of excluding property, machinery and equipment. And the company's share of the losses of the Associate company. |
| Statement of the type of external auditor's report | Qualified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | A- The balance of the investment in Al-Jonah Sweets and Outside Catering Limited (the “associate”) in the consolidated statement of financial position as at 31 December 2020 and 31 December 2019 amounted to SR 80,439 thousand and SR 82,123 thousand, respectively. The Group's share of the associate's net (loss) / profit for the year ended 31 December 2020 and the year ended 31 December 2019 amounted to SR 1,683 thousand and SR 875 thousand, respectively. We were unable to obtain sufficient appropriate audit evidence regarding the balance of the Group's investment in the associate as at 31 December 2020 and 31 December 2019 and the Group's share of the associate's net profit for the year ended 31 December 2020 and the year ended 31 December 2019, because we were unable to access the relevant financial information and working papers of the associate's auditor. Accordingly, we were unable to determine whether any adjustments to these amounts were necessary. |
B-International Accounting Standard 36 “Impairment of Assets” requires management to assess, at the end of each financial reporting period, whether there is any indication impairment of assets. In the event of any such indication, the Group must estimate the recoverable amount of the asset and record an impairment loss, if any. The management did not perform an assessment of the impairment in the value of property, plants and equipment as of 31 December 2020 and 31 December 2019, amounting to 166,990 thousand and SR 240,858 thousand respectively. The management did not perform impairment test for investment in associate as at 31 December 2020 amounting to SR 80,439 thousand. Accordingly, we were unable to determine whether any adjustments to the book value of the property, plants and equipment and investment in associate are necessary.
We conducted our audit in accordance with International Standards on Auditing (“ISAs”) that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the professional code of conduct and ethics endorsed in the Kingdom of Saudi Arabia, that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
- The gross loss for the current period 2020 is an amount of SR (12,358,419) compared with gross profit SR 19,711,860 for the comparative period 2019. In a decrease of SR 32,070,279, and a decrease percent of 162.70%
- The operating loss for the current period 2020 is an amount of SR (75,221,183), compared to an amount of SR (1,430,397) for the comparative period 2019 (reclassification). An Increase in operating loss of SR (73,790,786) and an Increase percent of 5158.76%.
- The net loss (after Zakat and Tax) for the current period 2020 is an amount of SR (83,338,929), compared to an amount of SR (4,760,903) for the comparative period 2019, is an increase of SR (78,578,026) and An Increase percent of 1650.49%.
-Total comprehensive loss for the current period amounted 2020 an amount of SR (85,517,135) Comparing to an amount of SR (5,294,159) for the comparative period 2019 is an increase of SR 80,222,976, and an Increase percent of 1515.31%.
-The loss per share for the current period 2020 is an amount of SR (3.70) compared to SR (0.21) for the comparative period 2019, with an increase loss per share. the value difference is SR (3.49), by 1661.90%.
-Total shareholders' equity (after excluding minority rights) for the current period 2020 is an amount of SR 185,879,230 compared to an amount of SR 271,385,422 for the comparative period 2019, with a decrease of SR 85,506,192, and by 31.51%
- Other revenue includes the company's share of the associate's loss, and this shows the net amount of other revenues of SR -38,260.
- We draw attention to note 3 to the consolidated financial statements which indicates along with other aspects that the Group incurred net loss amounted to 83,3 million for the year ended 31 December 2020, as of that date, the current liabilities exceeded the current assets with an amount 27,6 million as per mentioned in note 3, those events and circumstances, among other things, indicates substantial doubt about the Group ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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