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    4080   SA0007870104

ASEER TRADING, TOURISM AND MANUFACTURING CO.

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اعلان شركة عسير للتجارة والسياحة والصناعة عن النتائج المالية الأولية للفترة المنته

11/07/2021 | 11:28am EST
Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 411.2 411.2 - 403.4 1.933
Gross Profit (Loss) 91.7 95.4 -3.878 119.2 -23.07
Operational Profit (Loss) -4.2 -4.9 -14.285 19.6 -
Net Profit (Loss) after Zakat and Tax -26.6 -29.7 -10.437 -0.8 3,225
Total Comprehensive Income -15.4 128.7 - 73.6 -
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 1,240.8 1,207 2.8
Gross Profit (Loss) 339.4 349.1 -2.778
Operational Profit (Loss) 34 29.5 15.254
Net Profit (Loss) after Zakat and Tax -28.7 -32.8 -12.499
Total Comprehensive Income 110 29.3 275.426
Total Share Holders Equity (after Deducting Minority Equity) 1,490.3 1,438.9 3.572
Profit (Loss) per Share -0.23 -0.26
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
-92.4 1,264 -7.31
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 of decreasing losses is decreasing the loss from operation resulting mainly from decreasing loss from investment, decrease in general and administration expenses, not recording impermanent expenses of property, plant and equipment verses recording impermanent expenses of property, plant and equipment during the same quarter of the previous year in addition to recording foreign currency exchange gain compared to foreign currency exchange loss during the same quarter of the previous year, decrease in finance expenses and decrease in zakat expense & income tax
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 of increasing losses is due to record operation loss this quarter verses operation profit in the previous quarter resulting mainly from decrease in gross profit resulting from record loss in investment this quarter verses profit from investment in the previous quarter, decrease in other operating income, increase in finance expense, and increase in zakat expense.
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 of decreasing losses is due to increasing operation profit resulting mainly from decrease in general and administration expenses, recording other operating income verses other operating expenses for the same period last year, not recording impermanent expenses of property, plant and equipment verses recording impermanent expenses of property, plant and equipment for the same period last year, achieving foreign currency exchange gain compared to foreign currency exchange loss same period last year, decrease in finance expense and decrease in zakat expense.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Emphasis of Matter

We draw attention to note 9 accompanying the interim condensed consolidated financial statements. It states that during the period ended 15 December 2019, company raised two legal cases through Riyadh Public Court against the land seller and the broker of north Riyadh land - Al Khair district to return paid amount back. The court decision has been issued in November year 2020 to enforce the land seller to return amount SR 202 million to Aseer company. During the period end by 30 June 2021, The defendant (the land seller) submitted a petition request to the Court of Appeal in Riyadh, to revoke the judgment and return the case after the expiration of the statutory objection period and after the company submitted to the enforcement court to implement the ruling against the defendant, And that the petition request was accepted and considered by the court that issued the judgment and ruled the case land seller requested a memorial to the court and his memorial has been accepted by the court. Based on that the court dismiss the case for lack of specific jurisdiction. Our conclusion is not qualified in this matter.

Reclassification of Comparison Items Certain figures for the previous year/pervious period were re-classified to conform with the presentation for the current year. For more details, we draw attention to note 15 (Restatement of previous years) accompanying the interim condensed consolidated financial statements for period ended 30 September 2021.
Additional Information The company made an adjustment to the comparative figures for the fiscal year ended 31 December 2020 as a result of the classification of financial instruments from an equity instruments through other comprehensive income to a debt instrument through profit or loss, and there is no impact on the attached financial statements except on the balances in the statement of change in equity as of 1 January 2020 and 30 September 2020. For more details, we draw attention to note 14 (Restatement of previous years) accompanying the interim condensed consolidated financial statements for period ended 30 September 2021.

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

Aseer Trading, Tourism & Manufacturing Co. SJSC published this content on 07 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2021 16:27:00 UTC.


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Financials
Sales 2020 1 570 M 418 M 418 M
Net income 2020 -48,5 M -12,9 M -12,9 M
Net Debt 2020 471 M 125 M 125 M
P/E ratio 2020 -42,7x
Yield 2020 -
Capitalization 2 548 M 679 M 679 M
EV / Sales 2019 0,96x
EV / Sales 2020 1,62x
Nbr of Employees -
Free-Float 46,8%
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Managers and Directors
Abdullah bin Ibrahim Al-Howaish Chief Executive Officer, Executive Director & MD
Abdullah Ibrahim Sulaiman Al Howish Managing Director
Emad Mohamed Osman Ibrahim Chief Financial Officer
Abdullah Saleh Abdullah Kamel Chairman
Ahmed bin Sanad Al-Sanad Secretary, Manager-Administration & Compliance
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