AYYAN Investment Co. announces its Annual Financial results for the period ending on 2023-12-31

-4.65 %
1445/10/09     18/04/2024 15:54:20

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 333,277,992266,226,78025.18
Gross Profit (Loss) -39,574,98216,833,157-
Operational Profit (Loss) -160,496,516-57,136,804180.9
Net profit (Loss) -216,065,594-44,631,079384.11
Total Comprehensive Income -236,677,155-72,808,789225.07
Total Share Holders Equity (After Deducting the Minority Equity) 500,000,820735,735,808-32.04
Profit (Loss) per Share -2.68-0.56
All figures are in (Actual) Saudi Arabia, Riyals

Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses 258,024,93432
All figures are in (Actual) Saudi Arabia, Riyals

Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The reason for the increase in revenues during the current year compared to the previous year is mainly due to the increase in revenues from Al Salam Hospital (Al Salam Medical Services Company - a subsidiary) as the hospital was opened in October 2022, as well as the increase in revenues from Al-Ahsa Hospital (Al Ahsa Medical Services Company - a subsidiary)
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason for the increase in losses for the current year compared to the losses of the previous year is due to the following:

1- High cost of revenues as percentage to revenues

2- Increase in general and administrative expenses

3- Increase in selling and marketing expenses

4- High financing costs

5- Decrease in dividends

6- A decrease in the company’s share of the results from an associate company

Statement of the type of external auditor's report Notice
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 draw attention to Note (1) of the consolidated financial statements, which stated that the Group had accumulated losses amounting to SR. 258,024,934; which representing 32% from the Capital as of December 31, 2023; The current liabilities of the Group had exceeded its current assets by SR.215.2 million as at December 31, 2023 (December 31, 2022 : SR.77.9 million). The Group is currently in negotiations with a commercial bank for additional facilities to finance its working capital requirements. Also the Group has submitted rights issue file to the Capital Market Authority to increase capital by SR. 200 million. The Management of the Group believes that it would be successful in obtaining additional facilities in near future as required. And also, if required the Group will sale one of its investment from investment properties and investment in equity instruments designated at fair value through other comprehensive income to cover this issue. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern, our opinion has not been modified in this matter.

Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the current period's presentation.
Additional Information 1) Loss per share was calculated from the period’s losses by dividing the net loss for the period (after excluding minority interests) by the weighted average number of shares outstanding during the period as follows:

Current period :

(216,250,945) / 80,636,328 = (2.68)

The corresponding period of the previous year had a loss per share of:

(44,767,736) / 80,636,328 = (0.56)

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.

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