Sinad Holding Co. — Interim / Quarterly Report 2021

May 5, 2021

Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

4080 · 05/05/2021 08:37:27 · Announcement #63245 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	426.2	406.2	4.923	362.6	17.539
Gross Profit (Loss)	128.5	130.2	-1.305	76.8	67.317
Operational Profit (Loss)	18.5	21	-11.904	-31.5	-
Net Profit (Loss) after Zakat and Tax	-1.4	0.2	-	-51.7	-97.292
Total Comprehensive Income	51.8	-93.1	-	-51.7	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	1,432.1	1,308.6	9.437
Profit (Loss) per Share	-0.01	-
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-65.1	1,263.9	-5.2
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 achieving a net loss in return for achieving a net profit during the same quarter of the previous year is due to the decrease in gross profit and operating profits resulting mainly from the decrease in the gross profit from investments, the increase in selling and distribution expenses, the recording of foreign currency exchange losses compared to foreign currency exchange gain and the increase in income tax
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 of decrease in net loss is due to increase in gross profit and achieve operating profit compared to operating losses during previous quarter that generated mainly from increase in gross profit from sales and achieved gross profit from investment compared to loss from investment in previous quarter, decrease in general and administration expenses, achieving other operating income compared to nil in previous quarter, decrease in finance expenses in addition to decrease in zakat expense and tax expense.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	1-Emphasis of Matter

We draw attention to note 9 accompanying the consolidated financial statements. It states that during the period ended 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 court decision has been issued in year 2020 to enforce the land seller to return amount SR 202 million to Aseer company. During the period end by 31 March 202, The defendant (the land seller) submitted a petition request to the Court of Appeal in Riyadh, to revoke the judgment and return the case after the expiration of the statutory objection period and after the company submitted to the enforcement court to implement the ruling against the defendant, And that the petition request was accepted and considered by the court that issued the judgment and ruled the case land seller requested a memorial to the court and his memorial has been accepted by the court. Based on that the court dismiss the case for lack of specific jurisdiction. Our conclusion is not qualified in this matter.

2-Other matter

The interim condensed consolidated financial statements of the Group for the period ended 31 March 2020 were reviewed by another auditor who issued an unmodified report on 06 May 2020.Reclassification of Comparison Items Not applicableAdditional Information 1- The company made an adjustment to the comparative figures for the fiscal year ended 31 December 2020 as a result of the classification of financial instruments from an equity instruments through other comprehensive income to a debt instrument through profit or loss, and there is no impact on the attached financial statements except on the balances in the statement of change in equity as of 1 January 2020 and 31 March 2020. For more details, we draw attention to note 11 (Restatement of previous years) accompanying the interim condensed consolidated financial statements for period ended 31 March 2021

2- The decimal fraction is used to present the financial information for the same quarter of the previous year.

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