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A corrective announcement from Abdul Mohsen Al Hokair Group for Tourism and Development regarding amending its previous announcement in the annual financial statements ending on 31/12/2023 and amending the operating profit (loss) item.
| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website | 2024-03-28 Corresponding to 1445-09-18 |
| Hyperlink to the Previous Announcement | Click Here |
| Incorrect statements in the previous announcement | Operating profits increased by 77.08 million Saudi riyals, as the group achieved operating profits of 35.91 million Saudi riyals (representing 5% of the group’s revenues), compared to operating losses of 41.17 million Saudi riyals (representing -6% of the group’s revenues), which resulted mainly about the increase in gross profit in addition to the group’s initiatives in utilizing modern technologies and automating its operations, which contributed to significantly reducing general and administrative costs. It is worth noting that the group was able to achieve profits from its operational operations for three consecutive quarters this year, compared to achieving operating profits during only one quarter during the previous year. |
| Correct Statement | Operating losses decreased by 21.31 million Saudi riyals, as the group achieved operating losses of 1.79 million Saudi riyals (representing -0.2% of the group’s revenues), compared to operating losses of 23.09 million Saudi riyals (representing -3.2% of the group’s revenues). Which resulted mainly from the following net factors: 3.1 The positive financial impact resulting from the increase in gross profit and the impact of the group’s initiatives in benefiting from modern technologies and automating its operations, which contributed to significantly reducing general and administrative costs. 3.2 Non-recurring negative impact resulting from the following factors: 3.2.1 - The group’s exit from the cinema sector represented by its investment in the joint project (Luxury Entertainment Company LLC), based on which total losses amounting to 32.6 million Saudi riyals were recorded, representing both the group’s share in the joint project’s losses for the current year. With a value of 7.1 million Saudi riyals, in addition to the losses related to the decision to begin liquidating the aforementioned company, and therefore the group recorded allocations worth 14.5 million Saudi riyals and extinguished investments worth 9.6 million Saudi riyals, in addition to creating a provision for future obligations that may result from the liquidation with a value of 1.5 million Saudi riyals. . 3.2.2- The Group increased the provisions in exchange for the delay of some of its clients with legal personality in paying trade receivables, which caused an increase in the provision for impairment loss in accordance with International Financial Reporting Standards by an amount of 15.6 million Saudi riyals (339%), as the value of the provisions set aside during the year amounted to The current amount is 20.3 million Saudi riyals, compared to 4.6 million Saudi riyals for the previous year, which comes in parallel with the group’s efforts to follow up and collect these amounts. With the exception of the non-recurring negative financial impact mentioned above, the group has achieved profits from its normal operating operations for three consecutive quarters this year, compared to achieving operating profits during only one quarter during the previous year. |
| Additional Information | not applicable |
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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