| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 217,191 | 145,001 | 49.785 | 151,698 | 43.173 |
| Gross Profit (Loss) | 16,782 | 18,372 | -8.654 | 23,276 | -27.899 |
| Operational Profit (Loss) | -5,827 | 1,272 | - | -109,440 | -94.675 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -18,998 | -9,519 | 99.579 | -150,638 | -87.388 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -21,757 | -9,461 | 129.965 | -150,429 | -85.536 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 169,097 | 382,176 | -55.754 |
| Profit (Loss) per Share | -0.25 | -0.12 | |
| 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 | -519,378 | 67.92 | |
| 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 | The increase in revenue during the first quarter of 2026 compared to the first quarter of 2025 was mainly driven by the positive impact resulting from the full consolidation of SAAF’s financial results, in addition to improved sales volumes, despite a decline in average selling prices due to changes in the sales mix. |
| 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 increase in net loss during the first quarter of 2026 compared to the first quarter of 2025 was primarily attributable to higher cost of revenues, increased general and administrative expenses, selling, marketing and distribution expenses, as well as higher finance costs and lower other income. This was in addition to the increase in the share of losses from investment accounted for under the equity method related to the acquisition transaction of SAAF. This was despite the increase in revenues during the first quarter of 2026, the improvement in expected credit loss provisions, lower zakat and income tax expenses, and the recognition of a gain on bargain purchase resulting from the acquisition transaction of SAAF. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenue during the first quarter of 2026 compared to the fourth quarter of 2025 was mainly driven by the positive impact resulting from the full consolidation of SAAF’s financial results, in addition to improved sales volumes, despite a decline in average selling prices due to changes in the sales mix. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net loss during the first quarter of 2026 compared to the fourth quarter of 2025 was mainly attributable to higher revenues and the absence of goodwill impairment losses during the first quarter of 2026, compared to the recognition of impairment losses amounting to SAR 115.1 million during the fourth quarter of 2025. This was in addition to lower operating net losses, improved other income, and the recognition of a gain on bargain purchase resulting from the acquisition transaction of SAAF. This was despite higher cost of revenues, increased general and administrative expenses, selling and marketing expenses, lower improvement in expected credit loss provisions, higher finance costs, increased share of losses from investment accounted for under the equity method related to the acquisition transaction of SAAF, as well as higher zakat and income tax expenses. |
| 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) | - |
| Reclassification of Comparison Items | Certain comparative figures for the previous period have been reclassified to conform with the presentation adopted for the current period. |
| Additional Information | As disclosed in Note (12) to the financial statements, basic and diluted loss per share for the period ended 31 March 2026 was calculated by dividing the net loss for the period amounting to SAR 18.998 million by the weighted average number of shares amounting to 76.465 million shares, resulting in a loss per share of SAR (0.25). Basic and diluted loss per share for the period ended 31 March 2025 was also calculated by dividing the net loss for the period amounting to SAR 9.519 million by the weighted average number of shares amounting to 76.465 million shares, resulting in a loss per share of SAR (0.12). It should be noted that the Company’s accumulated losses as of 31 March 2026 amounted to 67.92% of the Company’s share capital. The Board of Directors became aware on 28/04/2026 that the accumulated losses had exceeded 50% of the share capital as of 31 December 2025, mainly due to goodwill impairment losses amounting to SAR 115 million, in addition to the increase in the share of losses from investment accounted for under the equity method related to SAAF amounting to SAR 18.9 million during 2025. This was disclosed within the Company’s annual financial results announcement for the year 2025 published on 28/04/2026 on the Saudi Exchange (Tadawul) website. In this regard, the Company confirms its commitment to implementing the procedures and instructions applicable to listed companies whose accumulated losses reach 50% or more of their share capital, as issued by the Capital Market Authority, including compliance with Article (132) of the Companies Law, which stipulates that if the losses of a joint stock company reach half of the issued share capital, the Board of Directors shall disclose such losses and any related recommendations within 60 days from the date it becomes aware thereof, and shall invite the Extraordinary General Assembly to convene within 180 days from the date of awareness to consider the continuation of the Company and to take any necessary measures to address such losses or dissolve the Company. |
