| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,577,601 | 1,641,454 | -3.89 | 1,458,654 | 8.154 |
| Gross Profit (Loss) | 318,482 | 272,121 | 17.036 | 268,051 | 18.813 |
| Operational Profit (Loss) | 74,213 | 48,730 | 52.294 | 66,358 | 11.837 |
| Net profit (Loss) | 28,227 | 7,053 | 300.212 | 25,278 | 11.666 |
| Total Comprehensive Income | 27,942 | 6,413 | 335.708 | 26,296 | 6.259 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 4,556,293 | 4,281,151 | 6.426 |
| Gross Profit (Loss) | 852,500 | 684,817 | 24.485 |
| Operational Profit (Loss) | 213,734 | 121,342 | 76.141 |
| Net profit (Loss) | 77,222 | 18,578 | 315.663 |
| Total Comprehensive Income | 78,393 | -3,826 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 528,822 | 447,977 | 18.046 |
| Profit (Loss) per Share | 1.29 | 0.31 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -3,020 | 0.5 | |
| All figures are in (Thousands) 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 | Consolidated Sales during the quarter dropped by 3.9% due to sales reduction in AC sector by 8% and Construction sector by 44% |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net Profit increased due to: 1. Higher Gross Profit in Steel, Construction and Insulation sectors resulted in an increase in Gross Profit by 17%; 2. Higher Operating Income in Steel and Insulation sectors; 3. Higher share in results from associates and joint ventures by SAR 10.2 M. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Consolidated Sales during the quarter increased by 8.2% mainly due to sales increase in AC, Steel and Insulation sectors. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net Profit increased due to: 1. Higher Gross Profit in all sectors resulted in an increase in Gross Profit by 18.8% 2. Higher Operating Income in Steel and Insulation sectors; 3. Higher share in results from associates and joint ventures by SAR 12.2M; 4. Higher other income by SAR 2.5 M |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Consolidated Sales during the period increased by 6.4% due to sales growth of 7% in the AC sector, 12% in the Steel sector and 84% in the Insulation sector. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net Profit increased due to: 1. Higher sales in AC, Steel & Insulation sectors resulted in an increase in Gross Profit by 24.4%; 2. Higher Operating Income in AC, Steel and Insulation sectors; 3. Higher share in results from associates and joint ventures by SAR 13.7 M; 4. Lower financial charges by SAR 8.5 M; 5. Lower zakat and income tax by SR 1.8 M. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | There is an “Emphasis of Matter” and “Other Matter” stated in the company’s Auditors’ Report for the interim financial results for the period ending on 30-09-2025 (nine months) as follows: Emphasis of Matter – Comparative Information We draw attention to Note 19 to the condensed consolidated interim financial statements, which indicates that the comparative information presented as at 31 December 2024 has been restated. Our conclusion is not modified in respect of this matter. Other Matter – Comparative Information The condensed consolidated interim financial statements of the Group for the three-month and nine-month periods ended 30 September 2024, were reviewed by another auditor who expressed an unmodified conclusion on those condensed consolidated interim financial statements on 10 Jumada Al-Ula 1446H (corresponding to 12 November 2024G). Furthermore, the consolidated financial statements of the Group as at and for the year ended 31 December 2024, excluding the adjustments described in Note 19 to the condensed consolidated interim financial statements were audited by another auditor who expressed an unmodified opinion on those consolidated financial statements on 10 Shawwal 1446H (corresponding to 8 April 2025G). |
| Reclassification of Comparison Items | Comparative figures have been reclassified to conform with the presentation in the current period. |
| Additional Information | It is worth noting that on 19 December 2024, Gulf Insulation Group ("GIG"), a subsidiary of the Parent Company with 51% shareholding, signed a share purchase agreement (SPA) with the foreign shareholder of Arabian Fiberglass Insulation Company Limited ("AFICO") to acquire the remaining 49% shareholding in AFICO for a consideration amounting SR 123.8 million, subject to securing the approval of the General Authority for Competition in the Kingdom of Saudi Arabia (GAC) as well as satisfying other conditions as per the SPA. During March 2025, GIG and the foreign shareholder secured a waiver letter from GAC to proceed with the deal and satisfied the other conditions stated in the SPA and therefore GIG recognized the acquisition of foreign shareholder’s share in AFICO in March 2025 which caused non-controlling interests and retained earnings at 31 March 2025 to decrease by SR 97.6 million and SR 26.2 million, respectively. This transaction was also disclosed as a subsequent event in the financial statements for the year ended 31 December 2024. During the preparation of the interim financial statements for the six-month period ended 30 June 2025, the company re-examined the SPA and concluded that there was an unconditional obligation to deliver cash to the foreign shareholder of AFICO subject to satisfying conditions that are not within the control of GIG for the year ended 31 December 2024. Consequently, a financial liability should have been recorded at the date of the SPA, i.e. 19 December 2024 for the fixed consideration to be paid and non-controlling interest should have been derecognized, rather than waiting for the conditions of the SPA to be satisfied, i.e. 18 March 2025 Accordingly, the company restated the comparative figures as at 31 December 2024. The restatement impacted on the following accounts: - Accruals and Other Payables at 31 December 2024 increased by SR 123.8 million rather than the similar increase which was recognized in March 2025. - Non-controlling interests at 31 December 2024 decreased by SR 95.7 million rather than the decrease of SR 97.6 million which was recognized in March 2025. - Retained earnings at 31 December 2024 decreased by SR 28.1 million rather than the decrease of SR 26.2 million which was recognized in March 2025. The restatement did not have an impact on the profit or cash flows for the year ended 31 December 2024. The restatement also did not have an impact on the profit for the three-month period ended 31 March 2025 but have caused profit attributable to the shareholders of the Company to increase by SR 1.9 million. The restatement did not have an impact on the condensed consolidated statement of profit or loss and comprehensive income for the three-month and nine-month periods ended 30 September 2024. There was also no impact on the condensed consolidated statement of cash flows for the nine-month period ended 30 September 2024. |
