| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 593,488 | 13,109,104 | -95.472 | 2,530,438 | -76.546 |
| Gross Profit (Loss) | -6,454,564 | -99,455 | 6,389.934 | -26,220,885 | -75.383 |
| Operational Profit (Loss) | -11,832,669 | -8,402,596 | 40.821 | -46,786,941 | -74.709 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -12,005,986 | -7,102,197 | 69.046 | -46,694,106 | -74.288 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -11,802,689 | -7,057,659 | 67.232 | -44,270,138 | -73.339 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 74,967,993 | 172,427,531 | -56.522 |
| Profit (Loss) per Share | -0.31 | -0.18 | |
| 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 | - | - | |
| Accumulated Losses | -315,242,403 | 80.47 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the decrease in revenues during the current period compared to the corresponding period of the previous year is due to a decrease in production, the restructuring of the company’s operating processes, and a reduction in inventory levels. |
| 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 increase in net loss during the current period compared to the corresponding period of the previous year is due to a decline in sales, the write-off of part of the inventory, and the recording of losses from the sale of shares in investments in associates accounted for using the equity method, despite a decrease in selling and distribution expenses and a decrease in general and administrative expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the decrease in revenues during the current quarter compared to the previous quarter is due to a decline in production, the restructuring of the company’s operating processes, and a reduction in inventory levels. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the decrease in net loss during the current quarter compared to the previous quarter is due to a decrease in cost of revenues, a decrease in selling and distribution expenses, and a decrease in general and administrative expenses, as well as the absence of impairment losses on assets and a decrease in expected credit loss provisions, despite a decline in sales and the recording of losses from the sale of shares in investments in associates accounted for using the equity method. |
| Statement of the type of external auditor's report | Conservation |
| 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) | • BASIS FOR QUALFIED CONCLUSION As disclosed in Note (11) to the interim condensed consolidated financial statements, the Group has continued to classify the assets and liabilities of Masader Agricultural Feed Company (the “Subsidiary”) as discontinued operations since 25 September 2024. However, we were unable to obtain sufficient and appropriate audit evidence to support the continued fulfillment of the criteria for such classification as at 31 December 2025 and 31 March 2026. In addition, the legal procedures required to transfer ownership of the assets and operating activities in accordance with the assignment agreement signed between the owner of the establishment (one of the partners) and Masader Agricultural Feed Company have not yet been completed. Furthermore, we were unable to obtain the Audited financial statements of the Subsidiary or perform alternative audit procedures regarding the validity, completeness, and valuation of the related balances and disclosures. Accordingly, we were unable to determine whether any adjustments might have been necessary to the interim condensed consolidated financial statements. The total assets of Masader Agricultural Feed Company included in these interim condensed consolidated financial statements amounted to 18,020,308, while its total liabilities 21,599,416. CONCLUSION Based on our review, except for the possible effects of the matters described in the “Basis for Qualified Conclusion” section of our report, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting,” that is endorsed in the Kingdom of Saudi Arabia. MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention to Note (2-4) to the interim condensed consolidated financial statements, which indicates the existence of material uncertainties related to going concern. The Group’s accumulated losses amounted to 315.24 million, representing 80% of its share capital. In addition, the Group’s current liabilities exceeded its current assets, resulting in a working capital deficit of 164.89 million. Furthermore, the Group incurred negative cash flows from operating activities amounting to 7.42 million. Management has prepared the accompanying interim condensed consolidated financial statements on a going concern basis based on the Group’s future business plans to generate sufficient positive cash flows to enable it to meet its obligations as they fall due and to continue its operations. Our conclusion is not modified in respect of this matter. We draw attention to Note (2-4) to the interim condensed consolidated financial statements, which indicates the existence of material uncertainties related to going concern. The Group’s accumulated losses amounted to 315.24 million, representing 80% of its share capital. In addition, the Group’s current liabilities exceeded its current assets, resulting in a working capital deficit of 164.89 million. Furthermore, the Group incurred negative cash flows from operating activities amounting to 7.42 million. Management has prepared the accompanying interim condensed consolidated financial statements on a going concern basis based on the Group’s future business plans to generate sufficient positive cash flows to enable it to meet its obligations as they fall due and to continue its operations. Our conclusion is not modified in respect of this matter. Other Matter The interim condensed consolidated financial statements of the Group as at 31March 2025 and for the three-month period then ended were reviewed by another auditor, who expressed an unmodified conclusion on those interim condensed consolidated financial statements dated 24 Dhul Qi’dah 1446H (corresponding to 22 May 2025). |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the current presentation of the financial statements. |
| Additional Information | Accumulated Losses: The accumulated losses amounted to SAR (315,242,403) as of March 31, 2026, representing 80.47% of the company’s capital. The company will apply the procedures and instructions issued by the Capital Market Authority applicable to listed companies whose accumulated losses have reached 20% or more of their capital. |
