Ash-Sharqiyah Development Company announces the preliminary financial results for the financial period ending 3092021 ( nine months )

A6060 SHARQIYAH DEV-0.2 (-0.2 %)
1443/03/21 Wed Oct 27, 2021 08:03:00

Ash-Sharqiyah Development Company announces the preliminary financial results for the financial period ending 3092021 ( nine months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	-	-	-	-	-
Gross Profit (Loss)	-132,011	-102,656	28.595	-130,575	1.099
Operational Profit (Loss)	-754,491	-737,508	2.302	-2,823,773	-73.28
Net Profit (Loss) after Zakat and Tax	-758,601	-421,525	79.965	-2,429,878	-68.78
Total Comprehensive Income	-758,601	-421,525	79.965	-2,429,878	-68.78
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	-	-	-
Gross Profit (Loss)	-391,726	-305,736	28.125
Operational Profit (Loss)	-4,095,301	-1,765,163	132.006
Net Profit (Loss) after Zakat and Tax	-3,502,422	-1,436,011	143.899
Total Comprehensive Income	-3,502,422	-1,436,011	143.899
Total Share Holders Equity (after Deducting Minority Equity)	139,502,123	143,807,898	-2.994
Profit (Loss) per Share	-0.47	-0.19
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 reasons for the increase in the net losses of this quarter compared to the net losses of the same quarter of last year are due to many of factors, the most important of which is the recording of the amount of financing expenses incurred by the company during this quarter , which is not exist during the same quarter of the previous year, in addition to the fact that the company made profits during the same quarter of the previous year was due to the sale of machinery and equipment that reduced the volume of losses, while the company during this quarter of this year did not achieve any profits resulting from the sale of assets
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 reasons for the decrease in net losses for this quarter compared to the previous quarter of the same year is , that during the previous quarter of this year, the dues of the CEO were recorded for the previous periods, which were proven during the last quarter, while no substantial expenses occurred during this 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 reasons for the increase in the losses of the current period compared to the same period of the previous year are due to the company's incurring accrued expenses during the current period resulting from proving the CEO's dues for previous periods, in addition to the company bearing expenses of finance for this period , that it did not incur in the same period of the previous year
Statement of the type of external auditor's report	Emphasis of matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	On the issue of the continuity of the company, according to the explanation mentioned in the report, events and circumstances indicate the existence of a fundamental uncertainty, which may cast great doubt on the company's ability to survive as a going concern
Reclassification of Comparison Items	Certain comparative figures have been reclassified to conform to international financial reports standards
Additional Information	The company's auditor draw the attention of this text (We would like to draw attention to Note No. 2 about the attached interim financial statements, which is related to the issue of continuity of the company. going concern, and our conclusion is not modified in respect of this matter). 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

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