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Saudi Real Estate 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 587.8162.92260.79282.14108.34
Gross Profit (Loss) 133.562.13114.8767.3698.19
Operational Profit (Loss) 87.1314.71492.323.042,766.12
Net Profit (Loss) after Zakat and Tax 45.3-9.17--29.45-
Total Comprehensive Income 13.933.13-58.04-29.97-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 869.94345.51151.78
Gross Profit (Loss) 200.89111.280.66
Operational Profit (Loss) 90.1711.84661.57
Net Profit (Loss) after Zakat and Tax 15.86-13.72-
Total Comprehensive Income -16.0560.61-
Total Share Holders Equity (after Deducting Minority Equity) 4,517.142,960.4952.58
Profit (Loss) per Share 0.06-0.06
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
2303,7506.1
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 main reason for the increase in net profit during the current quarter compared to the same quarter of last year is:

- The increase in revenues by 261% and this is due to the recording of the sales of residential units as well as recording the revenues from land sales during the current quarter compared to the same quarter of last year.

- The decrease in Selling and marketing expenses by the amount of SR 7.8 million due to the decrease in expected credit loss provision and the decrease in marketing expenses.

-The increase in group's Share of profit of an associate by the amount of SR 2.2 million.

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 main reason for the increase in net profit in the current quarter compared to the previous quarter is:

- The increase in revenues by 108% and this is due to the increase in sales of residential units and the recording of revenues from land sales during this quatrer.

- The increase in other income by the amount of SR 2.8 million during the current quarter compared to the previous quarter.

- The increase in group's Share of profit of an associate by the amount of SR 2.8 million due to the improved performance of associate company.

The decrease in Selling and marketing expenses during the current quarter by the amount of SR 19.8 million due to the decrease in expected credit loss provision and the decrease in marketing expenses.

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 main reason for the increase in net profit during the current period compared to the same period of last year is:

- The increase in revenues by 152% and this is due to the recording of revenues from land sales as well as recording in sales of residential units during the current period compared to the same period of last year.

-The increase in group's Share of profit of an associate by the amount of SR 1.4 million due to the improved performance of associate company.

-The decrease in Selling and marketing expenses during the current period by the amount of SR 1.2 million due to the decrease in expected credit loss provision and the decrease in marketing expenses.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion · We draw attention to note (3-a) to the interim condensed consolidated financial statements

for the period ended 30 June 2022, as stated therein, certain land parcels owned by

the Company are currently not available for use or development due to various reasons, of

which certain reasons relate to the areas where these lands are located and other related

to the fact that they are under study from specialised committees to resolve these matters.

The management is currently communicating with the related government agencies and

committees to address these reasons to allow the use of these lands. The impact on the

net realisable value of these lands is still uncertain and depend on the final results of the

study by the assigned committees. The carrying value of these lands amounted to SR 417

million as at 30 June 2022 (31 December: SR 417

million).

· We draw attention to note (3-b) to the interim condensed consolidated financial

statements. As stated therein, during the period; it has come to management’s attention

that the land which was designated for the Al Widyan project is located within an area that

is currently under study by the relevant government agencies with the aim of developing

it, which may result into a fundamental change to the original project’s plan and may impact

the land’s realisable value. The effect of the extent of this study remains uncertain and is

dependent on future development by the relevant government agencies’ plan.

The carrying value of the land and capital work-in-progress amounted to SR 2,168 million

and SR 856 million respectively as at 30 June 2022 (31 December: SR 2,168 million

and SR 849 million respectively).

Our review conclusion has not been modified in respect of the above matters.

Reclassification of Comparison Items Comparative figures have been re-classified to confirm to the current presentation

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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