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Ash-Sharqiyah Development Co. announces its Annual Financial results for the period ending on 2023-12-31 (Twelve months)
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | - | - | - | ||
| Gross Profit (Loss) | - | - | - | ||
| Operational Profit (Loss) | -6,096,588 | -3,111,952 | 95.91 | ||
| Net profit (Loss) | -185,743 | -3,197,035 | -94.19 | ||
| Total Comprehensive Income | 5,511,137 | -3,478,157 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 365,855,602 | 139,188,600 | 162.85 | ||
| Profit (Loss) per Share | -0.01 | -0.43 | |||
| 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 year compared to the last year | The company did not achieve sales/revenue during the current or previous year |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the decrease in the loss attributable to the companys shareholders by 94% is due to the following. *Achieving returns on short-term financial investments as a result of the company investing the liquidity available from the capital increase. The companys achievement of total comprehensive income of 5,511,137 riyals against a comprehensive loss of (3,478,157) is due to the following *Achieving a profit from evaluating investments in investee companies at fair value, which achieved 5,591,449 riyals that were not valued last year. |
| 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) | Emphasis of Matter We draw attention to Clarification No. (19) on the financial statements regarding the government grant “agricultural lands”, as on August 2, 2022 AD, the company received the decision of the Ministry of Environment, Water and Agriculture issued on September 30, 2022 AD, which included that an instrument cannot be issued in the name of the company, but It can benefit from the land until Saudi Aramco’s actual need is met. Accordingly, the company has reclassified the government grant as intangible assets (government grant) instead of classifying it as property, machinery and equipment because it obtains the right to benefit from agricultural land until the actual need for it is met. Before Saudi Aramco or in the event of release of the reservation on the land or part thereof. As of the date of the report, we have not received any developments on this matter. In addition, the administration was unable to determine the useful life of agricultural land. Our opinion has not been modified with respect to the above matters. |
| Reclassification of Comparison Items | The previous years figures have been reclassified and/or reclassified, where necessary, for the purpose of better presentation so that the presentation of comparative figures in the financial statements is consistent with the current presentation. |
| Additional Information | During the year 2023, the company obtained the approval of the Capital Market Authority to increase the companys capital by 225 million Saudi riyals by offering priority rights to shareholders. The companys management has also prepared a future business plan to carry out its main activities, in addition to preparing future cash forecasts The financial statements were prepared on the basis of the continuity principle, unlike the previous year, in which the auditors report included the fundamental uncertainty in the companys continuity. As a result of the capital increase and the companys efforts to activate the companys activity, the report included confirmation of the companys continuity |
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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