| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The Group made a net profit of SR 51.4 million in current quarter as compared to the net loss of SR 23.8 million in the same quarter of the previous year and the change in net profit of the current quarter compared with net loss of the same quarter of the previous year are mainly due to following impacts:• Higher volumes in current quarter as compared to same quarter of previous year.• Increased expenses & finance cost in current quarter as compared to same quarter of the previous year.• Increases in one-off other income transactions compared to same quarter of the previous year. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The Group made a net profit of SR 51.4 million in current quarter as compared to the net loss of SR 16.6 million in the previous quarter and the change in net profit of the current quarter compared with net loss of the previous quarter are mainly due to following impacts:• Lower volumes in current quarter as compared to previous quarter.• Increased expenses and finance cost in current quarter as compared to previous quarter.• Increase in share of losses from associates in current quarter, as compared to share of profit in the previous quarter.• Inclusion of one-off other income transactions in the current quarter, as compared to the previous quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The Group made a net loss of SR 8.4 million in current period as compared to the net loss of SR 74.2 million in the same period of the previous year and the change in net losses of the current period compared with net loss of the same period of the previous year are mainly due to following impacts:• Higher volumes with lower margins in current period as compared to same period of previous year.• Increased expenses and finance cost in current period as compared to same period of the previous year.• Increased other income in current period as compared to same period of the previous year.• Increased share of losses from associates in the current period as compared to same period of the previous year. |
| 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 | Material Uncertainty Related to Going ConcernWe draw attention to Note 2.5 in the interim condensed consolidated financial statements which states that the Group incurred a net loss of SR 8.5 million during the nine months period ended 30 September 2020. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.Other MatterThe consolidated financial statements of the Group for the year ended 31 December 2019 were audited by another auditor who expressed a modified opinion on those financial statements on 30 March 2020. Further, the interim condensed consolidated financial statements of the Group for the three-month period ended 31 March 2020 and for the nine-month period ended 30 September 2019 were reviewed by another auditor who expressed a modified review conclusion on those financial statements on 17 June 2020 and 6 November 2019, respectively.ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia. |
| Reclassification of Comparison Items | There is no reclassification in comparative quarter financial result. |
| Additional Information | In line with IAS 33 Earnings per share, Basic EPS is calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the period. As there was a capital increase by way of rights issue that took place as approved in the Extraordinary General Assembly by the shareholders, on December 31, 2019, the weighted average share structure changed, affecting weighted average number of ordinary shares outstanding since then.The weighted average number of ordinary shares outstanding on September 30, 2020 were calculated to be 47,590 thousand shares (restated September 30, 2019 – 22,590 thousand shares). |
