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Asharqiyah Development Company announcement of the preliminary financial results for the financial period ending on 03/31/2024 (three months)

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SHARQIYAH DEV
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1445/10/27     06/05/2024 15:53:08

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue -----
Gross Profit (Loss) -----
Operational Profit (Loss) -2,002,245-792,664152.596-1,473,09435.921
Net profit (Loss) 1,192,811-812,820-1,671,306-28.63
Total Comprehensive Income 1,192,811-812,820-7,368,186-83.811
All figures are in (Actual) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 367,048,413138,375,780165.254
Profit (Loss) per Share 0.04-0.062
All figures are in (Actual) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Actual) Saudi Arabia, Riyals


Element ListExplanation
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 company did not achieve revenues during the current quarter or during the same quarter of the previous year as a result of the cessation of activity during that period
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 reasons for the company achieving profits during the current quarter compared to achieving losses for the same quarter last year are due to the company’s management investing the available liquidity in bank Murabaha for specific periods
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The company did not achieve revenues during the current quarter or during the previous quarter as a result of the cessation of activity during that period
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for the decrease in net profit during the current year compared to the previous quarter is that the previous quarter included dividends from an investee company
Statement of the type of external auditor's report Notice
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) attached to the summary preliminary financial information, regarding the government grant “Agricultural Lands”, as on August 2, 2022 AD, the company received the decision of the Ministry of Environment, Water and Agriculture issued on June 30, 2022 AD, which included that an instrument could not be issued in the name of the company, but It can benefit from the land until Saudi Aramco’s actual need is met. Accordingly, the company has reclassified the government grant as intangible assets (government grant) instead of classifying it as property, machinery and equipment because it obtains the right to benefit from agricultural land until the actual need for it is met. Before Saudi Aramco or in the event of release of the reservation on the land or part thereof. The productive age for benefiting from agricultural land has not been determined
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to international financial reports standards
Additional Information The operational sales for the current quarter are also shown at a value of (zero), due to the absence of any operational revenues during the current quarter as a result of the continued suspension of the company's main activities that took place during the year 2018.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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