Saudi Industrial Development Co. — Interim / Quarterly Report 2021

Nov 1, 2021

Saudi Industrial Development Co. (SIDC) announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

2130 · 01/11/2021 08:05:20 · Announcement #65381 · View on Saudi Exchange

Saudi Industrial Development Co. (SIDC) announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	37.4	39.67	-5.722	41.94	-10.824
Gross Profit (Loss)	4.22	8.23	-48.724	7.24	-41.712
Operational Profit (Loss)	-7.29	-2.21	229.864	-4.18	74.401
Net Profit (Loss) after Zakat and Tax	-5.74	-1.36	322.058	-4.32	32.87
Total Comprehensive Income	0.52	5.58	-90.681	3.09	-83.171
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	124.88	121.55	2.739
Gross Profit (Loss)	19.37	27.17	-28.708
Operational Profit (Loss)	-13.74	-3.52	290.34
Net Profit (Loss) after Zakat and Tax	-11.8	-2.71	335.424
Total Comprehensive Income	6.87	-0.36	-
Total Share Holders Equity (after Deducting Minority Equity)	217.29	217.71	-0.192
Profit (Loss) per Share	-0.3	-0.07
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	34.71	400	8.7
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
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 for the net loss of the company during the third quarter of 2021 compared to the third quarter of the previous year 2020 is due to the decrease in sales and increase in operating expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for increasing net loss of the company during the third quarter of 2021 compared to the previous quarter of the current year is due to the decrease in sales and increase in operating 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 reason for increasing net loss of the company during the first nine months of 2021 compared to the same period of the previous year 2020 is due to the increase in operating expenses.
Statement of the type of external auditor's report	Other matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	We would like to refer to the case filed by the company, in which a former partner in the subsidiary company demands financial compensation in exchange for excesses and financial dues, according to the ruling issued by the Executive Court to compensate the company with amount equivalent to approximately (15,193,873) Saudi riyals.
Reclassification of Comparison Items	Certain prior year figures have been reclassified to conform to the current year's presentation.
Additional Information	According to Note No. (21) These adjustments represent the reclassification of the change in the fair value of investments from financial assets at fair value through profit or loss to financial assets at fair value through other comprehensive income to conform to the audited financial statements for the year ended December 31, 2020.

As a result of this settlement, the net profit for the same period (three months) of the previous year was adjusted from 5.14 million riyals net profit to 1.36 million riyals net loss.

The net profit for the same period (nine months) of the previous year was also adjusted from 0.54 million riyals net loss to 2.71 million riyals net loss.

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