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Sinad Holding Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 420.8403.44.31473-11.04
Gross Profit (Loss) 106.1119.2-10.99148.3-28.45
Operational Profit (Loss) -6.119.6-30-
Net Profit (Loss) after Zakat and Tax -20.3-0.82,437.510.2-
Total Comprehensive Income -98.273.6--13.4632.84
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 893.7829.67.73
Gross Profit (Loss) 254.4247.72.7
Operational Profit (Loss) 23.938.2-37.43
Net Profit (Loss) after Zakat and Tax -10-2.2354.55
Total Comprehensive Income -111.6125.4-
Total Share Holders Equity (after Deducting Minority Equity) 1,290.21,505.7-14.31
Profit (Loss) per Share -0.08-0.02
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-50.21,264-3.97
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 behind the increased losses is due to recording operational losses compared with operational profits during the comparative quarter. This operational loss resulted mainly due to the reduction in gross profit, as a result of the reduction in gross profit from sales and recording losses from investments compared with profit from investments during the comparative quarter. This is in addition to the increase in selling and distribution expenses, general and administrative expenses along with the reduction in other operational income and the increase in financing cost and reduction in other income and increase in Zakat expense
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 behind recording losses this quarter compared with a net profit during the past quarter is due to recording operational losses compared to operational profits during the past quarter.

This operational loss resulted mainly due to the reduction in gross profit, as a result of the reduction in gross profit from sales and recording losses from investments versus profits during the past quarter. This is in addition to the increase in financing cost reduction in other income and increase in Zakat expense

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 behind the increased losses is mainly due to the reduction in operational profits, which resulted mainly from the increased selling and distribution expenses, general and administrative expenses, the reduction in other operational income, and the increase in financing cost and Zakat expense.
Statement of the type of external auditor's report Emphasis of Matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw the attention to note number (9) of the consolidated condensed financial statements, which states that on December 2019, the Company filed two lawsuits at the Public Court in Riyadh against the seller of the land located north of Riyadh, Al Khair District, and against the broker of the purchase deal requesting to compel both the land seller and purchase broker (claimers) to return the amount paid to them. During November 2020, a ruling was issued in favor of the Company committing the seller of the land to pay an amount of SR 202 million to the Company.

During the year ended December 31st 2021, the defendant (land’s seller) filed a petition to the court to revoke the verdict and dismiss the case. The Court then dismissed the previous ruling and dismissed the case for lack of jurisdiction. The group has objected the ruling and on February 03rd 2022, the General Department for large cases of the General Court has issued a preliminary ruling in the favor of the Group to terminate the sale’s contract and obligate the land seller to repay an amount of SR 202 million in favor of the group. On February 24th 2022, the Court of Appeal issued its ruling confirming the ruling issued by the General Department for large cases.

Our conclusion regarding that matter remains un-changed.

Reclassification of Comparison Items Not Applicable
Additional Information During the period ending June 30th 2022, the investment balance in the associate company was fully reduced,. Accordingly, the company discontinued realizing additional losses that are recorded in the books of the associate company. For more details, please refer to note number 7 (Investments in an associate) in the condensed consolidated financial statements for the period ended June 30th 2022.

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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