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August 10, 2023| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 5,523,151 | 8,375,357 | -34.05 | 9,318,129 | -40.73 |
| Gross Profit (Loss) | 67,690 | 2,637,309 | -97.43 | 2,598,715 | -97.39 |
| Operational Profit (Loss) | -6,696,220 | -2,917,219 | 129.54 | -4,662,415 | 43.62 |
| Net Profit (Loss) after Zakat and Tax | -6,812,475 | -1,888,195 | 260.79 | -4,897,931 | 39.09 |
| Total Comprehensive Income | -6,812,475 | -1,888,195 | 260.79 | -4,897,931 | 39.09 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 14,841,280 | 17,288,322 | -14.15 |
| Gross Profit (Loss) | 2,666,405 | 5,248,688 | -49.2 |
| Operational Profit (Loss) | -11,358,635 | -6,139,434 | 85.01 |
| Net Profit (Loss) after Zakat and Tax | -11,710,406 | -5,465,121 | 114.28 |
| Total Comprehensive Income | -11,710,406 | -5,465,121 | 114.28 |
| Total Share Holders Equity (after Deducting Minority Equity) | 124,572,388 | 141,750,718 | -12.12 |
| Profit (Loss) per Share | -1.17 | -0.55 | |
| All figures are in (Actual) 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 reason for the increase in the net loss for the current quarter compared to the same quarter of the previous year is due to: 1- Revenues decreased by 34.05% compared to the same quarter of the previous year. 2- An increase in general and administrative expenses by 37.75% compared to the same quarter of the previous year, due to the increase in the expenses of establishing subsidiaries. |
| 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 reason for the increase in net loss during the current quarter compared to the previous quarter is due to: 1- Revenues decreased by 40.72% compared to the previous quarter |
| 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 reason for the increase in the net loss during the current period compared to the same period of the previous year is due to: 1- Revenues decreased by 14.15% during the current period compared to the same period of the previous year. 2- An increase in general and administrative expenses by 32.68% over the same period of the previous year due to the increase in the expenses of establishing subsidiaries. |
| 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 | Do not apply |
| Reclassification of Comparison Items | Do not apply |
| Additional Information | We would like to clarify that the company’s sales season is during the fourth and first quarters, and this is one of the reasons for the decrease in revenues for this quarter, in addition to the high competition in the accounting and administrative systems market. Also, the company announced on 25-07-2023 the start of operations for its subsidiary (Arab Sea Financial Company), which will also contribute to an increase in revenues during the coming period. |
كل عام والسعودية تُعانق السماء مجدًا وطموح وإزدهار اللهم ادم علينا الامن والامان والرخاء واحفظ هذه البلاد وقادتها من كل سوء
