| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website | 2025-03-31 Corresponding to 1446-10-02 |
| Hyperlink to the Previous Announcement | Click Here |
| Incorrect statements in the previous announcement | 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 further draw attention to Note No. (30) on the consolidated financial statements, which indicates that the total accumulated losses of the group amounted to SAR 207,410,618, representing 53% of the capital (2023: SAR 63,184,610 , representing 16.1% of the capital) , and current liabilities exceeded the group current assets, which led to a deficit in working capital amounted to SAR 115,438,906 (2023: SAR 78,353,305). The group also have negative cash flow from operating activities amounted to SAR 48,769,718 (2023: SAR 13,834,829). However, the group relies mainly on the successful implementation of the group's budget plans to generate cash flows sufficient to enable it to fulfil its obligations when they fall due and to continue its operations without significant deficit. The group's management believes that the consolidated financial statements of the group have been prepared on the basis of going concern and the absence of impairment in the value of assets booked in the consolidated financial statements. These matters, along with other matters described in Note No. (30), indicate the existence of material uncertainties and impairments in the value of assets, which may indicate that there is significant doubt about the Group's ability to continue as a going concern. Our opinion has not been modified in respect of this matter.
Material uncertainty related to going concern
We would like to further draw attention to Note No. (30) on the consolidated financial statements, which indicates that the total accumulated losses of the group amounted to SAR 207,410,618, representing 53% of the capital (2023: SAR 63,184,610 , representing 16.1% of the capital) , and current liabilities exceeded the group current assets, which led to a deficit in working capital amounted to SAR 115,438,906 (2023: SAR 78,353,305). The group also have negative cash flow from operating activities amounted to SAR 48,755,259 (2023: SAR 16,372,502). However, the group relies mainly on the successful implementation of the group's budget plans to generate cash flows sufficient to enable it to fulfil its obligations when they fall due and to continue its operations without significant deficit. The group's management believes that the consolidated financial statements of the group have been prepared on the basis of going concern and the absence of impairment in the value of assets booked in the consolidated financial statements. These matters, along with other matters described in Note No. (30), indicate the existence of material uncertainties and impairments in the value of assets, which may indicate that there is significant doubt about the Group's ability to continue as a going concern. Our opinion has not been modified in respect of this matter.
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