Anaam International Holding Group Company (before excluding minority interests) achieved profits of 16.1 million riyals by the end of 2023, compared to losses of 29.2 million riyals achieved during the same period in 2022.
The company said that the reason for achieving profits during the current period compared to losses for the similar period of the previous year is due to:
– Recording revenues from the Anaam Building on Prince Sultan Street for a period of 12 months for the year 2023 compared to recording revenues for a period of 6 months in the previous year.
– The volume of revenues of Wasit Saudi Company for Entertainment and Beauty Systems for the Industry for the year 2023 compared to the year 2022 increased by 241%.
– There are losses from the company’s short-term investments in securities for the year 2022 compared to the current year, and there is a loss resulting from the decline in the value of the goodwill of subsidiaries for the year 2022 compared to the current year.
– Gross profit increased by 144% compared to the previous year, mainly due to an increase in sales by 82%.
additional information:
The company also said that shareholders’ equity (before excluding minority interests) at the end of the period amounted to 289 million riyals, compared to 275 million riyals at the end of the similar period of the previous year.
– The total comprehensive income for the current period amounted to 10.76 million Saudi riyals, compared to the total comprehensive loss of (31.47) million Saudi riyals for the similar period of the previous year.
– Earnings per share for the current period amounted to (0.02 riyals/share) by dividing the net income for shareholders by the weighted average number of shares. Profitability (loss) for the comparative period was (0.07 riyals/share) by dividing the net income for shareholders by the weighted average number of shares.
The company also said that the accumulated losses at the end of the current period amounted to 25,661 million riyals, representing 8% of the capital.
The company also indicated that the gains (losses) of the change in the fair value of investment properties By the end of the current period, it amounted to 17,002 million riyals.
Material uncertainty:
We would like to draw attention to Note (2-4) on these consolidated financial statements, which shows that the company has an accumulated loss of 25.7 million Saudi riyals as of the end of the year ending on December 31, 2023 AD, and the group’s current liabilities exceeded current assets by 104.7 million Saudi riyals, indicating These events and circumstances indicate that there is a material uncertainty about the Group’s ability to continue as a going concern. Our opinion has not been modified regarding this matter.
As stated in the external auditor’s report:
– As shown in Note (5) to the consolidated financial statements, the item of property, machinery and equipment includes a plot of land valued at 14 million Saudi riyals, and the procedures for registering it in the name of the company have not been completed.
– As shown in Note (7) to the consolidated financial statements, the investment real estate item includes land worth 16.5 million Saudi riyals, the procedures for registering it in the company’s name have not been completed.
Our opinion has not been modified with respect to these matters.
Reclassification of some comparative figures : Certain comparative figures have been reclassified to conform to the current year’s presentation.
Statement of the type of auditor’s report: Draw the attention of
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