SAUDI INDUSTRIAL EXP

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إعلان الشركة السعودية للصادرات الصناعية (صادرات) عن النتائج المالية الأولية للفترة ا&#

11/10/2021 | 04:55am
The Saudi Industrial Exports Company (Sadirat) announces its interim financial results for the period ending on 09-30-2021 (Nine Months)

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Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 3.85 11.31 -65.959 4.37 -11.899
Gross Profit (Loss) 1.05 1.68 -37.499 0.1 950
Operational Profit (Loss) -2.19 6.71 - -2.44 -10.245
Net Profit (Loss) after Zakat and Tax -2.18 3.62 - -1.85 17.837
Total Comprehensive Income -2.19 3.59 - -1.87 17.112
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 16.11 35.02 -53.997
Gross Profit (Loss) 1.5 2.31 -35.064
Operational Profit (Loss) -6.95 -5.38 29.182
Net Profit (Loss) after Zakat and Tax -6.65 -7.65 -13.071
Total Comprehensive Income -6.71 -7.74 -13.307
Total Share Holders Equity (after Deducting Minority Equity) 21.02 33.12 -36.533
Profit (Loss) per Share -1.04 -1.19
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-44.67 64.8 68.9
All figures are in (Millions) 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 increase in net loss during the current quarter compared to the same quarter of the previous year is due to reversal of bad debt provision last year which was recorded in Q1 2020, also the decrease in sales for the period as well as an increase in general and administrative expenses, Although there is an increase in the other revenues. We would also like to point out the decrease in the company's sales for the current quarter compared to the same quarter of the year The former because of reviewing and structuring business operations and focusing on profit margins before revenue. which is reflected in the gross profit of Q3 2021 and Q3 2020 with 27% and 15% respectively
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 increase in net loss during the current quarter compared to the previous quarter is due to the increase in general and administrative expenses, as well as the decrease in other revenues, in addition to a decrease in the sales revenues . We would also like to point out the decrease in the company's sales for the current quarter compared to the same quarter of the year The former because of reviewing and structuring business operations and focusing on profit margins before revenue. which is reflected in the gross profit of Q3 and Q2 2021 with 27% and 3% respectively
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 the decrease in net loss during the current period compared to the same period of the previous year is due to the recording of impairments of receivables and investments in the last year comparing to the current period where no such provisions were needed, although the reduction of sales, other revenue and increase of general and administrative expenses. We would also like to point out the decrease in the company's sales for the quarter The current quarter compared to the same quarter of the previous year due to the review of business operations and their structure and focus on profit margins before revenue. which is reflected in the gross profit of Sep-21 YTD and Sep-20 YTD with 9.2% and 6.6% respectively
Statement of the type of external auditor's report Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Basis for reservation conclusion

1-The company did not calculate the expected credit losses in accordance with IFRS 9 and therefore we were unable to determine whether there were any necessary adjustments to the value of trade receivables as at 30 September 2021 and 31 December 2020.

2- Our audit of the financial statements for the year ended December 31, 2020 showed that the documentation supporting the purchase amounts was incomplete and we were unable to obtain sufficient assurance from other audit procedures and therefore we were unable to determine whether there were any necessary adjustments to the cost of revenue for the year ended December 31, 2020 Accordingly, we were unable to determine whether there were any necessary adjustments to the cost of revenue for the three-month period ended September 30, 2020.

3- The management has not evaluated the relationships of the company's contracts with customers as principal or agent in accordance with IFRS 15 and accordingly we were not able to verify the appropriateness of the presentation of revenue items and cost of revenue for the company for the period ending on September 30, 2021 and September 30,2020

Reclassification of Comparison Items Some figures for the previous period have been reclassified to conform to the presentation of the current period
Additional Information - The company would like to point out that the capital increase file submitted to the Capital Market Authority on December 31, 2020, is still with the Authority.

- We would also like to point out that the procedures and instructions for companies listed in the market, whose accumulated losses amounted to 20% or more of their capital, will be applied.

The Capital Market Authority and the Saudi Stock 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.

Disclaimer

SIEC - Saudi Industrial Export Co. SJSC published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 09:54:02 UTC.

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