| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 68.27 | 58.49 | 16.72 | ||
| Gross Profit (Loss) | -15.55 | -4.21 | 269.36 | ||
| Operational Profit (Loss) | -51.16 | -104.86 | -51.21 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -32.49 | -108.45 | -70.04 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -32.97 | -107.84 | -69.43 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | -32.97 | -107.84 | -69.43 | ||
| Profit (Loss) per Share | -2.17 | -7.23 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 80,930,321 | 54 | |
| All figures are in (Millions) 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 reason for the increase in revenues this year compared to the previous year is due to the increase in revenues from Saudi Land Co. (the subsidiary) |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net losses for the year compared to the previous year was due to an increase in the other revenues and a decrease in the impairment provision for asset impairment and goodwill to SAR 5.3 million |
| 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) | Fundamental uncertainty related to continuity We draw attention to Note 1-2 in the Consolidated Financial Statements, which indicates that the Group incurred a net loss of 32.5 million for the year ended 31 December 2025 and, as at that date, accumulated losses exceeded more than 50% of the Group's capital. These events and circumstances, as well as others set out in Note 1.2, indicate a significant uncertainty that may raise serious doubts about the Group's ability to continue its operations under the principle of continuity. The Group's ability to continue its operations is contingent on the completion of equity issuance rights, expected in 2026, and on the restructuring of some of the Group's financing facilities. The parent assessed that this would be achieved in the current year and, accordingly, these consolidated financial statements have been prepared based on the principle of going concern. Our opinion has not been modified in this regard. |
| Reclassification of Comparison Items | Some of the comparative figures were reclassified for comparability |
| Additional Information | In conjunction with the announcement of the consolidated annual financial results for the fiscal year 2025, the accumulated losses of the group reached SAR 80.93 million as of December 31, 2025, representing 54% of the company’s capital. The date on which the Board of Directors was informed that the company’s losses reached this percentage of capital is March 30, 2026. The main reasons for these losses are due to the company recording impairment losses in property, plant, and equipment and goodwill during 2024, amounting to SAR 80.23 million, in addition to recording an additional impairment provision in property, plant, equipment, and goodwill amounting to SAR 5.30 million by the end of 2025. Accordingly, the total impairment provisions in property, plant, equipment, and goodwill reached SAR 85.53 million. It is noted that the last date for the Board of Directors to disclose its recommendations regarding the accumulated losses, in accordance with Article 132 of the Companies Law, is May 29, 2026. The last date for the Board of Directors to call for an Ordinary General Assembly meeting, as stipulated in the same article, to consider the continuation of the company along with taking any necessary measures to address or resolve the losses, is September 26, 2026. The procedures and instructions applicable to companies listed on the Saudi financial market whose accumulated losses reach 20% or more of their capital will also be applied, in addition to any other relevant regulations or instructions governing such cases. It is worth noting that the Board of Directors had previously recommended, on August 7, 2024, increasing the company’s capital through a rights issue. The Board confirms that this recommendation represents the proposed action to address the accumulated losses and support the company’s growth strategy. This includes expanding its products by entering the cement products manufacturing sector in the Kingdom of Saudi Arabia, which has already commenced production and sales since 2024, as well as establishing a high-efficiency plastic products factory to support the company’s operations and strengthen its financial position, following the completion of the required regulatory approvals. The company had also previously announced the submission of a capital increase application file to the Capital Market Authority. |
