اعلان شركة القصيم القابضة للاستثمار عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30

A6020 GACO-0.5 (-1.9 %)
1443/04/04 Tue Nov 9, 2021 09:24:19

Al Gassim Investment Holding Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	2,919,331	2,955,783	-1.233	2,819,332	3.546
Gross Profit (Loss)	2,476,617	2,556,640	-3.13	2,379,228	4.093
Operational Profit (Loss)	854,599	1,569,076	-45.534	169,706	403.576
Net Profit (Loss) after Zakat and Tax	-52,274	-282,466	-81.493	-292,892	-82.152
Total Comprehensive Income	-52,274	-282,466	-81.493	-292,892	-82.152
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	8,553,551	8,702,129	-1.707
Gross Profit (Loss)	7,217,674	7,496,826	-3.723
Operational Profit (Loss)	1,070,245	3,834,594	-72.089
Net Profit (Loss) after Zakat and Tax	-369,611	963,601	-
Total Comprehensive Income	-369,611	963,601	-
Total Share Holders Equity (after Deducting Minority Equity)	288,372,401	296,138,156	-2.622
Profit (Loss) per Share	-0.012	0.032
All figures are in (Actual) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
12,075,770	300,000,000	4.03
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
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 reason for the decrease in the current quarter's loss compared to the same quarter of the previous year (adjusted) is mainly due to the decrease in the value of the Zakat provision made during the current quarter compared to the same quarter of the previous year, despite the presence of an increase in the value of general and administrative expenses during the current quarter compared to the same quarter from the previous year
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the decrease in the loss of the current quarter compared to the previous quarter is mainly due to the decrease in the value of administrative expenses during the current quarter compared to the previous quarter, despite the presence of an increase in the value of the Zakat provision made during the current quarter compared to the previous quarter
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 reason for achieving a loss during the current period compared to achieving profits during the same period of the previous year (adjusted) Mainly to: The increase in general and administrative expenses and the increase in the value of the provisions made during the current period compared to the period of the previous year
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Attention We draw attention to note No. (20) in the interim condensed financial statements, which indicates that during 2018, the company decided to enter as a founder with a group of independent investors in a company specialized in the manufacture and marketing of dates with a 40% share of the new company's capital of 100 million Saudi riyals The company presents its date factory assets and other assets, but the establishment of the new company was cancelled based on the decision of the founding committee of Qassim Dates Company on May 19, 2021 AD. Our conclusion has not been modified in respect of this matter. We draw attention to the note No. (18) in the interim condensed financial statements, which indicated the existence of a lawsuit from the company against the branch of the Ministry of Environment, Water and Agriculture ("the Ministry") in the Qassim region, which is related to the request to cancel the negative decision represented in the Ministry's branch refraining from submitting to the Supreme Court. By requesting the company's ownership of the entire area, it revived from the land handed over to it. An approval was issued by the High Commissioner for the company to own an area of only 74 million square meters of the total area that it revived .The company demands to be raided the matter to His Majesty the King by requesting the company's ownership of the rest of the area it has revived from that land amounting to 116 million square meters . Noting that if the company loses the lawsuit, it will be fundamentally affected by the company due to the connection of the disputed land with the rental income contracts entered into by the company, which represents the company's main source of income. The expected losses can only be determined at the final settlement of the lawsuit. March30, 2021 A preliminary ruling from the Administrative Court in the Qassim region in the case filed by the Qassim Investment Holding Company against the branch of the Ministry of Environment, Water and Agriculture in the Qassim region not to accept the case, and based on the opinion of the company's legal advisor that the reason for rejecting the case is due to the lack of jurisdiction of the Administrative Court to consider the case and that the specialist is Committee in the Ministry of Environment, Water and Agriculture. The company received the judgment and objected to it before the Administrative Court of Appeal, and the case was registered under No. 446/1442 in the Administrative Court of Appeal in the Qassim region, and the date of the first session was set on August 31, 2021. On May 18, 2021, the company received a letter from the Ministry of Environment, Water and Agriculture dated 24 Ramadan 1442 AH regarding a land purchase, in which the Ministry hopes to pay the same fee for the encroached area, which the company revived from the date of seizure until the date of 24 Ramadan 1442 AH to the state treasury in favour of the ministry, and since There is an existing lawsuit filed against the branch of the Ministry of Environment, Water and Agriculture, in which the company demands that the company cancel the decision represented in the ministry's refraining from submitting to the Supreme Court by requesting the company's ownership of the entire area that the company has revived from the land delivered to it. The company objected to the decision on July 14, 2021. The Administrative Court of Appeal in the Qassim region issued a ruling to annul the judgment issued on 08/17/1442 AH from the First Circuit of the Administrative Court in Buraidah in the case registered in No. (228) for the year 1442 AH, ruling that the case was not accepted, and the Ministry of Environment, Water and Agriculture's negative decision of its refusal to Referral of the grievance of Al-Qassim Investment Holding Company for not owning the entire area that it has revived from the land allocated to it to the committee stipulated in Article 10 of the Impaired Land Distribution System. Our conclusion has not been modified in this respect.
Reclassification of Comparison Items	Some comparative figures have been reclassified to conform to the classification of the current period
Additional Information	As stated in Note No. 20 (previous years' adjustments) the following has been adjusted: a) The balance sheet at the beginning of the year has been adjusted for retained losses amounting to 2,204,079 riyals representing depreciation of property and equipment that were previously classified as assets held for the purpose of sale for previous periods as Assets held for sale have been returned and transferred to property and equipment. b) Statement of profit or loss and other comprehensive income The loss item from discontinued operations has been adjusted for the period compared to the previous year with an amount of 723,238 riyals, which is the share for the period ending on September 30, 2020, from depreciation of property, plant and equipment, which were previously classified as assets held for the purpose of sale and a net impact (Loss) profit for the period and total (loss) / profit of comprehensive income of the same value, compared to what was previously announced.

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