Ash-Sharqiyah Development Co. — Annual Report 2019

Mar 29, 2020

Ash-Sharqiyah Development Co. announces its Annual financial results for the period ending on 2019-12-31

6060 · 29/03/2020 15:43:26 · Announcement #58157 · View on Saudi Exchange

Ash-Sharqiyah Development Co. announces its Annual financial results for the period ending on 2019-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	-	338,027	-100
Gross Profit (Loss)	-935,993	-1,004,709	-6.839
Operational Profit (Loss)	-4,095,412	-7,195,417	-43.083
Net Profit (Loss) after Zakat and Tax	-67,473,419	-6,713,816	904.993
Total Comprehensive Income	-67,470,162	-6,712,238	905.181
Total Share Holders Equity (after Deducting Minority Equity)	145,243,909	212,714,071	-31.718
Profit (Loss) per Share	-9	-0.9
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to	The reason for the increase in net loss during the current year compared to the previous year is:

Despite the apparent decrease in the company's operating losses for this year compared to the previous year, as a result of the absence of any operating revenues during this year, the losses resulting from excluding the difference in the registered area of the company’s land from the accounts, after the Ministry of Agriculture issued a decision on 01/01/2020 and received The company's management of this decision on 02/02/2020, which includes the company's ownership of an area of 72178700 square meters, which means excluding an area of 29075300 square meters from the company's accounts at an estimated value of (63,369,605) Saudi riyals, which led to a noticeable increase in the rate of losses this year compared to The previous year, bearing in mind that the company did Free space difference losses in the financial year 2019 lists note that the decision was issued in 2020, based on the International Standard No. 10 - Subsequent events to the balance sheet date. Basis of the External Auditor's Opinion Emphasis of Matter paragraph Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Draw Attention: The external auditor in the financial statements report for the fiscal year 2019 drew attention to the existence of a fundamental uncertainty and may cast a significant doubt on the facility's ability to stay and continue as the current requireds of the company exceeded its current assets by 40,518,625 in addition to the absence of any revenue Operating during this year as a result of the suspension of the main activities of the company in addition to the presence of installments due to be paid during the period following one of the banks in exchange for the loan granted to the company and the claim of the General Authority of Zakat and Income with the amounts owed by the company and the need to pay it, which indicates a fundamental uncertainty of the amount The company has responsibility for managing liquidity, but the management of the company believes that it is able to fulfill the obligations it has for a period of not less than 12 months from the date of the attached financial statements. Reclassification of Comparison Items Certain comparative figures have been reclassified to conform with IAS Additional Information Draw Attention: The external auditor in the financial statements report for the fiscal year 2019 drew attention to the existence of a fundamental uncertainty and may cast a significant doubt on the facility's ability to stay and continue as the current requireds of the company exceeded its current assets by 40,518,625 in addition to the absence of any revenue Operating during this year as a result of the suspension of the main activities of the company in addition to the presence of installments due to be paid during the period following one of the banks in exchange for the loan granted to the company and the claim of the General Authority of Zakat and Income with the amounts owed by the company and the need to pay it, which indicates a fundamental uncertainty of the amount The company has responsibility for managing liquidity, but the management of the company believes that it is able to fulfill the obligations it has for a period of not less than 12 months from the date of the attached financial statements.

Sales for the operating year are zero, due to the lack of any operating revenues during this year, as a result of the continued stoppage of the company's main activities that took place during the year 2018

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