| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 164.02 | 102.51 | 60 | 148.02 | 10.81 |
| Gross Profit (Loss) | 45.75 | 25.91 | 76.57 | 43.12 | 6.1 |
| Operational Profit (Loss) | 11.72 | -2.21 | - | 10.98 | 6.74 |
| Net Profit (Loss) after Zakat and Tax | 7.99 | -7.37 | - | 6.63 | 20.51 |
| Total Comprehensive Income | 7.99 | -7.37 | - | 6.63 | 20.51 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 452.52 | 258.33 | 75.17 |
| Gross Profit (Loss) | 126.41 | 60.27 | 109.74 |
| Operational Profit (Loss) | 25.9 | -13.53 | - |
| Net Profit (Loss) after Zakat and Tax | 12.96 | -29.16 | - |
| Total Comprehensive Income | 12.96 | -29.16 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 86.96 | 73.99 | 17.53 |
| Profit (Loss) per Share | 1.44 | -3.24 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -3.04 | 90 | -3.38 | |
| All figures are in (Millions) 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 decrease in net loss and generating net profit is due to increase in revenue and decrease in the allowance for impairment in trade receivables, general and administrative expenses, and financial charges. In spite of increase in costs of services, selling and marketing expenses, and the decrease in other income. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The increase in net profit and generating net profit is due to increase in revenue and decrease in the selling and marketing expenses, financial charges, and allowance for impairment in trade receivables. In spite of increase in costs of services and general , administrative expenses, other income. |
| 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 decrease in net loss and generating net profit is due to increase in revenue and decrease in the allowance for impairment in trade receivables, general and administrative expenses, and financial charges. In spite of increase in costs of services, selling and marketing expenses, and the decrease in other income. |
| 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 | Material Uncertainty Related to Going Concern |
We draw attention to note (1-b) to the accompanying condensed interim financial statements, which indicates that, as of 31 December 2022, the accumulated losses of the Company amounted to SR 3.04 million, which represents 3.4% of its share capital, and the Company’s current liabilities exceeded its current assets by SR 207 million as of that date. these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
Emphasis of Matter
We draw attention to note (1-a) to the accompanying condensed interim financial statements, which mentions that the Company resolved of phase (1) CSTC observations, in addition, the company fulfillment the obligations of the license for phase (2) to cover at least 30% of the populated cities subject to the obligation within a maximum period at the end of the current year 2022. Our conclusion is not modified in respect of this matter.
The accumulated losses of the Company amounting to SAR 3.04 million represents (3.38%) of its share capital, Also the Company’s current liabilities exceeded its current assets by SAR 207.32 million.
On October 13, 2022 the Board of Directors has issued a by-pass resolution to amend the recommendation of increase the capital to the Extraordinary General Assembly through a rights issue from 350,000,000 Saudi riyals to 250,000,000 Saudi riyals
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.