| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 178.61 | 186.55 | -4.256 | 166.54 | 7.247 |
| Gross Profit (Loss) | 47.33 | 57.92 | -18.283 | 38.79 | 22.015 |
| Operational Profit (Loss) | 13.84 | 21.59 | -35.896 | 0.43 | 3,118.604 |
| Net profit (Loss) | 0.13 | 6.09 | -97.865 | -16.78 | - |
| Total Comprehensive Income | 0.89 | 7.38 | -87.94 | -15.11 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 345.15 | 344.73 | 0.121 |
| Gross Profit (Loss) | 86.12 | 102.49 | -15.972 |
| Operational Profit (Loss) | 14.27 | 27.46 | -48.033 |
| Net profit (Loss) | -16.65 | 10.28 | - |
| Total Comprehensive Income | -14.22 | 11.22 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 191.56 | 207.3 | -7.592 |
| Profit (Loss) per Share | -0.05 | 0.03 | |
| 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 | -125.6 | 39.87 | |
| All figures are in (Millions) 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 | Revenue for the current quarter amounted to SAR 178.61 million, compared to SAR 186.55 million in the same quarter of the previous year, representing a decrease of SAR 7.94 million or 4.26%. This decrease is mainly due to a decline in hotel sector revenue resulting from lower occupancy rates and a decrease in the average room rate, particularly in the Riyadh region. There was also a decline in revenue from the entertainment sector due to lower visitor numbers and reduced average spending. Meanwhile, revenue from other activities increased as a result of catering and food service operations. |
| 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 company recorded a net profit of SAR 0.13 million, compared to a net profit of SAR 6.09 million in the same quarter of the previous year, representing a decrease of SAR 5.96 million or 97.83%. This decline is mainly due to lower revenues during the current quarter in the entertainment and hotel sectors, in addition to pre-operating costs related to the catering project awarded to the company in 2025. The same quarter of the previous year also included non-operating income from insurance compensation amounting to SAR 5.7 million. However, the impact of the revenue decline was partially offset by lower financing costs, reduced operating costs in the hotel and entertainment sectors, and net gains from the disposal of property and equipment amounting to SAR 8.4 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue increased by SAR 12.06 million during the current quarter, reaching SAR 178.61 million compared to SAR 166.54 million in the previous quarter, representing an increase of 7.24%. This increase is mainly due to higher revenue from the entertainment sector, driven by the occurrence of both Eid Al-Fitr and Eid Al-Adha during the current quarter, as well as an increase in revenue from other activities, particularly due to higher income from catering services compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit increased during the current quarter to SAR 0.13 million, compared to a loss of SAR 16.78 million in the previous quarter. This improvement is mainly attributed to higher revenues, particularly in the entertainment sector, compared to the previous quarter. Additionally, the company recorded net gains from the disposal of property and equipment amounting to SAR 8.4 million, and a reversal of excess zakat provisions from previous years totaling SAR 1.8 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue for the current period increased by SAR 0.43 million, representing a rise of 0.12% compared to the same period of the previous year. Revenue for the period reached SAR 345.15 million, compared to SAR 344.73 million. This slight increase is mainly due to higher revenue from other operating activities, particularly from catering and food service operations, compared to the same period last year. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company recorded a loss of SAR 16.65 million during the current period, compared to a profit of SAR 10.28 million in the same period of the previous year. This decline is mainly due to non-recurring insurance compensation of SAR 24.8 million received in the previous year. Additionally, there was a decrease in revenue from the hotel and entertainment sectors during the current period compared to the previous year, along with preparation and pre-operating costs related to the catering project awarded in the first quarter of the current year. |
| 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) | None |
| Reclassification of Comparison Items | Certain comparative figures for the prior-period have been reclassified to conform to the presentation of the current period and to enhance comparability and to be more relevant to users of the condensed interim consolidated financial statements. |
| Additional Information | Gross profit amounted to SAR 86.12 million, compared to SAR 102.49 million for the same quarter of the previous year, representing a decrease of 15.97%. Operating profit amounted to SAR 14.27 million, compared to SAR 27.46 million for the same quarter of the previous year, representing a decrease of 48.03%. Total comprehensive loss for the period amounted to SAR 14.22 million, compared to total comprehensive income of SAR 11.22 million for the same period of the previous year. Accumulated Losses: Accumulated losses amounted to SAR 125.60 million as of the end of the current period, representing 39.87% of the Group’s subscribed capital of SAR 315 million The main reason for the increase in accumulated losses is the decline in performance of the hotel and entertainment sectors, due to reduced revenues from these two sectors during the current period. The Group is working on several measures to reduce the accumulated losses, as follows: - Continuing the implementation of the Group’s strategic transformation program and plan. - Ongoing restructuring of the Group’s business sectors to enhance operational and administrative efficiency. - Continuous evaluation of the Group’s projects, with a focus on exiting underperforming projects that are generating operating losses. - Focusing on promising sectors such as the catering sector to improve the Group’s financial performance. - Working on finalizing the procedures for the two agreements signed on December 29, 2024. The Group announced the signing of two binding agreements to acquire real estate assets through a capital increase and the issuance of new shares as consideration to the sellers. Completion of these transactions is subject to the approval of regulatory authorities, relevant bodies, and the General Assembly. The procedures and instructions will be applied to companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses amount to 20% or more of their capital |
