Sinad Holding Co. — Interim / Quarterly Report 2020

Aug 12, 2020

Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

4080 · 12/08/2020 16:04:21 · Announcement #59995 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	389.5	414.5	-6.031	406.2	-4.111
Gross Profit (Loss)	123.5	105	17.619	130.2	-5.145
Operational Profit (Loss)	13.4	-1	-	21	-36.19
Net Profit (Loss) after Zakat and Tax	-3.2	18.6	-	0.2	-
Total Comprehensive Income	-6.4	15.1	-	-93.1	-93.125
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	795.7	886.4	-10.232
Gross Profit (Loss)	253.7	242.7	4.532
Operational Profit (Loss)	34.3	30.3	13.201
Net Profit (Loss) after Zakat and Tax	-3.1	23.9	-
Total Comprehensive Income	-99.5	94.9	-
Total Share Holders Equity (after Deducting Minority Equity)	1,300.5	1,400	-7.107
Profit (Loss) per Share	-0.02	0.19
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	39	1,264	3.09
All figures are in (Millions) 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 reason of recorded net loss this quarter compared to net profit during the same quarter for previous year is due to the increase in selling and distribution expenses, increase general & administration expenses, increase in other operation expenses, decrease in other income and increase income tax and zakat expenses.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The reason of record net loss this quarter compared to net profit previous quarter is due to decrease in gross profit, decrease from operation income that generated mainly from decrease gross profit from sales, decrease income from investments, increase in sales and distribution expenses and increase in other operation expenses.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to	Net loss compared to net profit for the same period previous year is due to decrease in sales, increase in general & administration expenses and increase in other operation expenses, decrease in other income in addition to increase income tax and zakat expense.
Basis of the External Auditor's Opinion	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Emphasis of matter

We draw attention to note 12 accompanying the consolidated financial statements. On 18 Rabia II 1441H (corresponding to 15 December 2019), company raised two legal cases through Riyadh Public Court against the land seller and the broker of north Riyadh land – Al Khair district to return paid amount back. The opinion of company legal consultant who declare that all legal supported documents that has been introduced to the mentioned court has a very strong background on their argument on company’s favorable, strongly confirm Aseer rights with clear evidence to collect all purchased amount due to the title deed revoke in addition to Aseer rights to collect back the broker paid fees. Our conclusion is not qualified in this matter

Other matter

During the period ended 31 March 2020 other external auditor reviewed the financial statements and issued unmodified conclusion dated 06 May 2020. During the period ended 31 December 2019 other external auditor reviewed the financial statements and issued unmodified conclusion dated 26 March 2020.Reclassification of Comparison Items Not applicableAdditional Information 1- During the same period of year 2019, the Company disposed of one of its investment properties (north Riyadh land – Al Khair district) following the cancellation of the land title deed by the Court of Appeal. The resulting financial impact on the income statement is recording a sum of SR 38.2 million under other income. For further details, please refer to notes 12 in the condensed consolidated interim financial statements for the period ended 30 June 2020

2- As effect of Covid-19 on subsidiary companies’ ability to achieve the target sales and net profit, for this is kind of effect and period pandemic effect not materialize for the time been which cannot predict yet as it is relay in future developments in such matter. Bear in mind that the company will continue to measure closely the situation and minimize the effect of Covid-19. In addition the sales and results for one of our subsidiaries has been effected from excise tax (sugar tax) which applied by end of year 2019

3- We used decimal to present financial data for previous quarter

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.