Saudi Industrial Export Co. — Earnings Release 2020

May 3, 2021

Addendum announcement from the Saudi Industrial Export Company (Saderat) regarding Earnings reports ending on 12/31/2020 AD.

4140 · 03/05/2021 15:47:14 · Announcement #63204 · View on Saudi Exchange

Addendum announcement from the Saudi Industrial Export Company (Saderat) regarding Earnings reports ending on 12/31/2020 AD.

Element List	Explanation
Introduction	Reference to the announcement of the Saudi Foreign Industries Company for Earnings ending on 12/31/2020 AD on 17-09-1442 AH corresponding to 29-04-2021 AD on the website of the Saudi Financial Company (Tadawul).
Date of Posting the Previous Announcement of Development on Tadawul's Website	2021-04-29 Corresponding to 1442-09-17
URL of the Previous Announcement	Click Here
Change on the Development	The company wishes to clarify to the shareholders that the date of informing the Board of Directors of the accumulated losses was on 09/16/1442 AH corresponding to 04-28-2021 AD.

The reasons for the high accumulated losses of 57.72% of the company are due to:

-The sharp decline in sulfur prices during the year 2020.

-The decrease in sales by approximately 42% due to the weak global demand for raw materials and the slowdown in global manufacturing, as well as the precautionary measures taken to limit the spread of the new Corona virus.

- Executing deals that are considered risky from the previous executive management, which resulted in problems in collecting transaction amounts, in addition to operational losses, and as an urgent corrective measure, work on these deals was stopped and referred for review. Financial Impact on the change The company believes that the costs of corrective actions may have a positive impact in the coming periods, and the financial impact, if any, will be disclosed later.

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.