| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 62,759,134 | 62,045,261 | 1.15 | ||
| Gross Profit (Loss) | 11,643,686 | 10,060,947 | 15.73 | ||
| Operational Profit (Loss) | 3,832,291 | 5,176,265 | -25.96 | ||
| Net profit (Loss) | 2,632,051 | 4,396,448 | -40.13 | ||
| Total Comprehensive Income | 2,572,336 | 4,254,602 | -39.54 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | - | - | - | ||
| Profit (Loss) per Share | 0.11 | 0.22 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company’s revenue increased by 1.15% for the period ending December 31, 2024, compared to the same period of the previous year. Revenue for 2024 amounted to SAR 62,759,134, compared to SAR 62,045,261 recorded during the same period of the previous year. The increase in revenue is attributed to a 15% rise in sales volume compared to the same period of the previous year, which was offset by a 14% decrease in the average sales prices over the same period. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | In 2024, the company achieved a gross profit of SAR 11,643,686, compared to SAR 10,060,947 in 2023, marking a 16% increase. This rise is attributed to enhanced operational efficiency and cost reduction. However, the net profit for 2024 amounted to SAR 2,632,051 down from SAR 4,396,448 in the previous year. The decline in net profit is due to the following factors: • Increase in selling and marketing expenses by SAR 1,597,935: This is primarily due to the company’s investment in vehicle oil change service centers, leading to higher expenses in hiring new staff, marketing, depreciation, and rentals, along with the need for an operational period to achieve returns. Nonetheless, financial performance is expected to improve gradually as revenues stabilize. Additionally, there was an increase in shipping expenses related to export sales. • Increase in exceptional provisions for accounts receivable by SAR 409,286. • Increase in zakat and income expenses by SAR 373,044. • Increase in financing costs by SAR 258,200: This is mainly due to increased amortization of lease obligations added during the year. These leases are anticipated to generate returns in future periods. • Increase in administrative and general expenses by SAR 655,271: This is primarily due to filling vacant positions in the executive management. • Exceptional expenses: The company incurred exceptional expenses related to its listing on the stock market, which are not expected to recur in the short term, potentially positively impacting the company’s future profitability. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | nothing. |
| Reclassification of Comparison Items | nothing. |
| Additional Information | nothing. |
