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Ash-Sharqiyah Development Company announces the preliminary financial results for the financial period ending 06/30/2020 ( six months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue -----
Gross Profit (Loss) -101,540-205,646-50.623-101,540-
Operational Profit (Loss) -531,886-721,584-26.289-495,7697.285
Net Profit (Loss) after Zakat and Tax -504,345-719,391-29.892-510,141-1.136
Total Comprehensive Income -504,345-719,391-29.892-510,141-1.136
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue ---
Gross Profit (Loss) -203,080-346,973-41.47
Operational Profit (Loss) -1,027,655-1,431,307-28.201
Net Profit (Loss) after Zakat and Tax -1,014,486-1,448,679-29.971
Total Comprehensive Income -1,014,486-1,448,679-29.971
Total Share Holders Equity (after Deducting Minority Equity) 144,229,423211,265,392-31.73
Profit (Loss) per Share -0.14-0.19
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reasons for the decrease in net losses for this quarter compared to the net losses of the same quarter of last year are due to the decrease in bank financing expenses, as the company incurred financing expenses last year as a result of renewing the financing agreement for an additional year in addition to a significant decrease in operating costs for the second quarter of this year compared to the quarter. The second of the previous year, as a result of excluding some operational assets from the company's accounts, which led to the suspension of the calculation of depreciation costs for these assets
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reasons for the decrease in net losses for this quarter compared to the previous quarter are due to the noticeable decrease in financing expenses, as a result of postponing and extending the maturity periods of financing interest based on the decisions of the Monetary Agency that were made to confront the Corona pandemic
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for the decrease in net losses during the current period compared with the same period of the previous year is due to the decrease in bank financing expenses. Last year the company incurred financing expenses as a result of renewing the financing agreement for an additional year in addition to a significant decrease in operating costs for the second quarter of this year compared to the quarter. The second of the previous year, as a result of excluding some operational assets from the company's accounts, which led to the suspension of the calculation of depreciation costs for these assets.
Basis of the External Auditor's Opinion Emphasis of Matter paragraph
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 We would like to draw attention to Note 1-C about the accompanying interim financial statements related to the issue of the continuity of the company, and as mentioned in Note 1-C, these events or circumstances indicate a fundamental uncertainty, which may cast a large doubt on the company's ability to remain as an entity Ongoing, and our conclusion has not been modified accordingly

Sales for the operating year are zero, due to the lack of any operating revenues during this year, as a result of the continued stoppage of the company's main activities that took place during the year 2018

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.

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