| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company's revenue for the current year amounted to SAR 405.2 million, compared to SAR 431.1 million in the previous year, representing a decrease of 6%.This decline is mainly attributable to delays in completing title deed issuance procedures for properties held for sale in several projects completed during the second half of the year, which prevented meeting the revenue recognition criteria during the period in accordance with the relevant accounting standards.This also resulted in an increase in the balance of completed properties held for sale at year-end, as revenues were not recognized during the period. These revenues are expected to be recognized in 2026.On the other hand, operating performance improved, supported by diversified income sources. Revenues from construction and third-party development contracts increased by 45% due to project progress and higher completion rates, while revenues from administrative services and property leasing increased by 77%, driven by the completion and operation of several investment properties. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit for the current year reached SAR 129.9 million, compared to SAR 111.3 million in the previous year, representing an increase of 17%.This increase is mainly due to unrealized gains from the fair value revaluation of investment properties amounting to SAR 74.9 million, which had a material impact on net profit.This performance also reflects improved operational performance and diversification of income sources, despite the decline in revenue. This is in line with the company's adoption of the fair value model for measuring investment properties in accordance with IFRS as endorsed in Saudi Arabia. |
| 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) | None |
| Reclassification of Comparison Items | The company reclassified certain comparative figures to align with the current period presentation and classification, enhancing the quality of financial statement presentation and disclosure. These adjustments mainly involved reclassification within the financial statements without impacting net profit or total equity. Key changes include:- Reclassification of accrued financing transaction costs from accrued expenses to credit facilities.- Separation of accounts payable from accrued expenses.- Separation of accounts receivable from prepaid expenses. |
| Additional Information | - |
