| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | %Change |
| Sales/Revenue | 200.5 | 218.4 | -8.195 | 272 | -26.286 |
| Gross Profit (Loss) | 28.6 | 34.8 | -17.816 | 38.7 | -26.098 |
| Operational Profit (Loss) | 6.9 | 60.115 | -60.115 | 16 | -56.875 |
| Net profit (Loss) | 7.7 | -29.357 | -29.357 | 12.4 | -37.903 |
| Total Comprehensive Income | 7.7 | -29.357 | -29.357 | 12.4 | -37.903 |
All figures are in (Millions) Saudi Arabia, Riyals
| Element List | Current Period | Similar period for previous year | %Change |
| Sales/Revenue | 694.8 | 650 | 6.892 |
| Gross Profit (Loss) | 101.1 | 107.1 | -5.602 |
| Operational Profit (Loss) | 37.2 | 52 | -28.461 |
| Net profit (Loss) | 27.7 | 27.3 | 1.465 |
| Total Comprehensive Income | 27.7 | 27.3 | 1.465 |
| Total Shareholders Equity (after Deducting Minority Equity) | 508.3 | 538.1 | -5.538 |
| Profit (Loss) per Share | 0.92 | 0.91 |
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 | - | - |
All figures are in (Millions) Saudi Arabia, Riyals
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's revenues decreased by 17.9 million riyals, at a rate of 8.2%, during the current quarter compared to the same quarter of the previous year. This is mainly due to the following:
• Despite the increase in revenues in the catering, medical maintenance, and subsidiary sectors by 18.4 million riyals during the current quarter compared to the same quarter of the previous year, the revenues of the operations, maintenance, and contracting sector decreased during the current quarter compared to the same quarter by 36.3 million riyals from the same period of the previous year due to the completion and delivery of some projects during the current quarter compared to the same quarter of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is
Net profit attributable to shareholders decreased during the current quarter by 3.2 million riyals, a rate of 29.7% compared to the net profit in the corresponding quarter of the previous year, directly affected by the decline in revenues from the operations and maintenance sector, as previously explained and the costs associated with final delivery resulting from the completion of those projects.
• Despite the negative deviation in the expected credit loss provision by 4.5 million riyals during the current quarter compared to the same quarter of the previous year, the net profit was positively impacted by 4.2 million riyals due to a decrease in financing costs by 2.4 million and a decrease in zakat costs by 1.8 million.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is
The company's revenues decreased by 71.5 million riyals, a rate of 26.3%, during the current quarter compared to the previous quarter of the current year, mainly due to the following:
• Despite the increase in revenues from the catering sector during the current quarter compared to the previous quarter of the current year due to the receipt of new projects, revenues from the operations and maintenance sector have decreased during the current quarter compared to the previous quarter of the current year due to the completion and delivery of some projects.
• The previous quarter's results included revenues from Protecta Vision Company (a 100% owned subsidiary) amounting to SAR 56.8 million as a result of the company recognizing non-recurring revenues from the supply of goods to a semi-governmental customer in the current quarter, which contributed significantly to the decline in revenues for the current quarter.
• The share of other subsidiaries' revenue decreased by SAR 7.7 million during the current quarter compared to the previous quarter of the current year.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is
• Net profit attributable to shareholders decreased during the current quarter by 4.7 million riyals, a rate of 38% compared to the net profit in the previous quarter, directly affected by the decline in revenues of the subsidiary companies, Protecta Vision Company and Girgas Drug Warehouse Company.
Also, the revenues of the operations and maintenance sector decreased due to the completion and delivery of some projects during the current quarter compared to the previous quarter of the current year, as previously explained and the costs associated with final delivery resulting from the completion of those projects.
• The net profit for the current quarter was also positively affected by the following:
1 - A decrease in zakat costs of SAR 3.5 million.
2 - A decrease in general and administrative expenses of 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
The company's revenues increased by 44.8 million riyals, at a rate of 7%, during the current period compared to the same period of the previous year. This is mainly due to the following:
• The revenues of Protecta Vision Company increased by 55.2 million riyals compared to the same period last year due to the company's recognition of revenue from the supply of goods to a quasi-governmental client amounting to 56.8 million riyals.
• The revenues of the other subsidiaries increased by 15.5 million riyals during the current period compared to the same period of the previous year.
• The increase in the revenues of the subsidiary companies was accompanied by a decrease in the revenues of the operations, maintenance, and contracting sector by 25.9 million due to the completion and delivery of some projects during the current period compared to the same period of the previous 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
Net profit attributable to shareholders increased by 0.4 million riyals at a rate of 1.4% by the end of the current period compared to the same period of the previous year, mainly due to the following:
• The net profit of both Protecta Vision Company and Girgas Company increased due to the rise in revenues, as previously explained.
• The increase in the net profits of the subsidiary companies was accompanied by a decrease in the net profits of the operations, maintenance, and contracting sector due to the completion and delivery of several projects, as previously explained and the costs associated with final delivery resulting from the completion of those projects.
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)
N/A
Reclassification of Comparison Items
N/A
Additional Information
On 25 August 2024, “Girgas Drug Store Trading Co.” (a subsidiary) signed a sale and assignment contract with “Nada Al Hayat Medical Holding Company” to sell all of the shares owned by Girgas in “Naqaa United Pharmaceutical Company”. The sale and transfer of ownership and control took place before 30 September 2024.
In compliance with International Financial Reporting Standard IFRS 5, all account related to the sold company “Naqaa” were excluded from all consolidated financial statements for the periods up to the date of disposal compared to similar periods of the previous year.
Earnings per share from discontinued operations were excluded from earnings per share from continuing operations in both years as shown in the consolidated income statement.
