| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 95,308,092 | 92,491,677 | 3.04 | ||
| Gross Profit (Loss) | 24,262,043 | 29,381,290 | -17.42 | ||
| Operational Profit (Loss) | 22,723,914 | 21,046,551 | 7.97 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 21,569,021 | 21,204,965 | 1.72 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 21,578,481 | 21,161,758 | 1.97 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 88,977,257 | 77,298,776 | 15.11 | ||
| Profit (Loss) per Share | 0.33 | 0.32 | |||
| 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 | 6,110,497 | 18.52 | |
| Accumulated Losses | - | - | |
| 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 increase in the company's revenues during the current year compared to the previous year is mainly due to the improvement in the operating performance of the company's core activity, which is represented by the increase in land sale revenues, despite the decrease recorded in the revenue recorded in the sale of developed properties, in addition to the decrease in sales commission revenues related to the sales and marketing sector. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company's net profit for the current year compared to the previous year was mainly due to the improvement in the operating performance of its core business, which is represented by the growth in land sale revenues. This was also contributed to by the increase in the returns of Shariah-compliant savings accounts, in addition to the achievement of profits from the change in the fair value of investment properties, as well as the decrease in general and administrative expenses. This came despite a decline in the revenue from the sale of developed properties, a decrease in sales commission revenues in the sales and marketing sector, in addition to the increase in the cost of revenues and zakat expenses, as well as a decrease in other revenues and losses of change in financial assets at fair value through profit or loss |
| 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) | The Company's financial statements for the financial year ended 31 December 2024 were audited by another auditor who issued an unamended opinion on those financial statements on 27 Ramadan 1446H (corresponding to 27 March 2025G). As part of our review of the 2025 financial statements, we have also reviewed the amendments set out in Note 35 that have been applied to amend the 2024 financial statements and in our opinion, these amendments are appropriate and have been properly applied. We have not been appointed to review, examine or implement any opinion on the Company's 2024 financial statements other than in relation to the amendments, and therefore we do not express any opinion or other form of confirmation regarding the 2024 financial statements as a whole |
| Reclassification of Comparison Items | During the year ended 31 December 2023, the Company acquired without any compensation the branch of Actal Real Estate Company (Aktal Branch) Commercial Registration No. 1010341436 from a related entity and the net book value of the branch amounted to 880,455. As this acquisition is a transaction between parties under joint control, the amount of 880,455 has been recognized as an equity transaction and classified as an additional contribution to capital in previous years. However, the classification of this amount as an additional contribution to capital was not in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and approved by the Saudi Organization for Auditors and Accountants. Accordingly, the management corrected this error by amending all the items of the affected financial statements for the prior periods, whereby an amount of 880,455 was recorded in the retained profits instead of the additional contribution to the capital Some comparative figures have been reclassified to match the current year's account presentation, and this reclassification had no impact on previously reported operating results or equity. |
| Additional Information | Basic earnings per share are calculated by dividing the net earnings of the year by the weighted average number of common shares outstanding at the end of the year. The reduced EPS is the same as the underlying EPS as the company does not have any discounted instruments. The weighted average number of shares has been adjusted retroactively to reflect the impact of approval of the issuance of bonus shares later in the reporting period |
