Ash-Sharqiyah Development Co. — Earnings Release 2020

Nov 2, 2020

Ash-Sharqiyah Development Company announces the preliminary financial results for the financial period ending 30/09/2020 ( nine months )

6060 · 02/11/2020 08:08:08 · Announcement #60863 · View on Saudi Exchange

Ash-Sharqiyah Development Company announces the preliminary financial results for the financial period ending 30/09/2020 ( nine months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	-	-	-	-	-
Gross Profit (Loss)	-102,656	-108,646	-5.513	-101,540	1.099
Operational Profit (Loss)	-737,508	-619,646	19.02	-531,886	38.659
Net Profit (Loss) after Zakat and Tax	-421,525	-891,022	-52.691	-504,345	-16.421
Total Comprehensive Income	-421,525	-891,022	-52.691	-504,345	-16.421
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	-	-	-
Gross Profit (Loss)	-305,736	-455,619	-32.896
Operational Profit (Loss)	-1,765,163	-2,050,953	-13.934
Net Profit (Loss) after Zakat and Tax	-1,436,011	-2,339,701	-38.624
Total Comprehensive Income	-1,436,011	-2,339,701	-38.624
Total Share Holders Equity (after Deducting Minority Equity)	143,807,898	210,374,370	-31.641
Profit (Loss) per Share	-0.19	-0.31
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	The reasons for the decrease in net losses for this quarter compared to the net losses of the same quarter of last year are due to the decrease in bank financing expenses during this quarter compared to the same quarter of the previous year. in addition , the company achieving a capital gains during the current quarter resulting from the sale of some of its dilapidated assets.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reasons for the decrease in net losses for this quarter compared to the previous quarter are due to the noticeable decrease in financing expenses, as a result of postponing and extending the maturity periods of financing interest based on the decisions of the Monetary Agency that were made to confront the Corona pandemic

In addition to achieving capital gains during this quarter as a result of selling some of the company's dilapidated assetsIncrease (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reasons for the decrease in net losses for the current period compared with the corresponding period of the previous year are:

Reducing bank financing expenses, as last year the company incurred financing expenses as a result of renewing the financing agreement for an additional year.

In addition to a significant decrease in operating costs for the current period compared to the same period last year, as a result of excluding the company's assets and the resulting suspension of its depreciation and maintenance expenses.

The company achieved capital gains during the current period as a result of selling some of the company’s assets

A significant decrease in the administrative expenses for the current period compared to the same period last yearBasis of the External Auditor's Opinion Emphasis of Matter paragraphModification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Draw attention to the financial statements related to the issue of the continuity of the company, and according to the explanation mentioned in the report, events and circumstances indicate the existence of a fundamental uncertainty, which may cast great doubt on the company's ability to survive as a going concernReclassification of Comparison Items Certain comparative figures have been reclassified to conform to international financial reports standardsAdditional Information We would like to draw attention to Note 1-C about the accompanying interim financial statements related to the issue of the continuity of the company, and as mentioned in Note 1-C, these events or circumstances indicate a fundamental uncertainty, which may cast a large doubt on the company's ability to remain as an entity Ongoing, and our conclusion has not been modified accordingly

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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