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August 8, 2024| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 7,600,214 | 5,523,151 | 37.606 | 9,089,827 | -16.387 |
| Gross Profit (Loss) | 50,498 | 67,690 | -25.398 | 100,723 | -49.864 |
| Operational Profit (Loss) | -8,180,531 | -6,696,220 | 22.166 | -6,910,470 | 18.378 |
| Net profit (Loss) | -7,983,303 | -6,812,475 | 17.186 | -7,071,930 | 12.887 |
| Total Comprehensive Income | -7,983,303 | -6,812,475 | 17.186 | -7,071,930 | 12.887 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 16,690,041 | 14,841,280 | 12.456 |
| Gross Profit (Loss) | 151,221 | 2,666,405 | -94.328 |
| Operational Profit (Loss) | -15,091,001 | -11,358,635 | 32.859 |
| Net profit (Loss) | -14,952,637 | -11,710,406 | 27.686 |
| Total Comprehensive Income | -14,952,637 | -11,710,406 | 27.686 |
| Total Shareholders Equity (after Deducting Minority Equity) | 112,091,756 | 124,572,388 | -10.018 |
| Profit (Loss) per Share | -0.15 | -0.12 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the increase in sales during the current quarter compared to the same quarter of the previous year is due to: – Sales increased in the current quarter by 37.6% compared to the same quarter of the previous year due to the increase in revenues from government projects. |
| 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 net loss during the current quarter compared to the same quarter of the previous year is due to: – Administrative and general expenses increased by 21.15% in the current quarter compared to the same quarter of the previous year. – The cost of revenues increased by 38.4% in the current quarter compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the decrease in sales during the current quarter compared to the previous quarter is due to: – Sales decreased in the current quarter by 16.4% compared to the previous quarter. This is because revenues in the second and third quarters are less than the fourth and first quarters due to the nature of the company’s activity |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the increase in net loss during the current quarter compared to the previous quarter is due to: – Revenues decreased in the current quarter by 16.4% compared to the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reason for the increase in sales during the current period compared to the same period of the previous year is due to: – Sales increased in the current period by 12.4% compared to the same period of the previous year due to the increase in revenues from government projects. |
| 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 net loss during the current period compared to the similar period of the previous year is due to: – Administrative and general expenses increased by 17% in the current period compared to the same period of the previous year. – The cost of revenues increased by 36% in the current period compared to the same period of the previous year. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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) | We draw attention to note no. (1) to the interim condensed consolidated financial statements as the Group current liabilities exceeded its current assets by an amount of SAR 3.9 million as at June 30, 2024. The group has incurred losses for the six-month period ended on June 30, 2024, amounting to SAR 14.9 million (June 30, 2023: SAR 11.7 million). Also, the Group has a negative operating cash flows amounting to SAR 1 million as at June 30, 2024 (June 30,2023: SAR 6.5 million). These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. management has made an assessment of the Group’s ability to continue as a going concern, and accordingly, these interim condensed consolidated financial statements have been prepared on the going concern basis. Our opinion on this matter has not been modified. |
| Reclassification of Comparison Items | none |
| Additional Information | In the second quarter, the company obtained government projects and the company took the necessary steps to appoint employees for these projects, which affected the increase in direct and indirect costs. The company did not benefit in the second quarter from any revenues from those projects, and the revenues from these projects will be recorded at the beginning of the third quarter. The company will reverse some direct expenses into capital expenses at the end of 2024, which will lead to a reduction in direct expenses. |
كل عام والسعودية تُعانق السماء مجدًا وطموح وإزدهار اللهم ادم علينا الامن والامان والرخاء واحفظ هذه البلاد وقادتها من كل سوء
