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1443/04/06 Thu Nov 11, 2021 15:29:18
Saudi Real Estate 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 141.3 132.5 6.641 163 -13.312
Gross Profit (Loss) 45.4 44.2 2.714 62.1 -26.892
Operational Profit (Loss) 0.07 -0.41 - 14.7 -99.523
Net Profit (Loss) after Zakat and Tax -23.9 -8 198.749 -9.2 159.782
Total Comprehensive Income -55.9 40.2 - 33.1 -
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 486.8 326.4 49.142
Gross Profit (Loss) 156.6 129.3 21.113
Operational Profit (Loss) 11.9 4.3 176.744
Net Profit (Loss) after Zakat and Tax -37.6 -15.6 141.025
Total Comprehensive Income 4.7 27.2 -82.72
Total Share Holders Equity (after Deducting Minority Equity) 2,828 2,996 -5.607
Profit (Loss) per Share -0.16 -0.06
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
338 2,400 14.1
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 for the increase in net loss during the current quarter compared to the same quarter of the previous year is due to an increase in the financing cost by an amount of (20) million riyals due to stopping the capitalization of the financing cost for the Al-Widyan project with an effect of (15.8) million riyals as a result of stopping the activities of the project in addition to stopping the capitalization of the financing fees for the project Dahiya with an impact of (5) million riyals as a result of the completion of the construction fundamental work
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 for the increase in net loss during the current quarter compared to the net loss for the previous quarter is due to the decrease in the net profit of one of its subsidiaries due to the reasons for the completion of some projects during the second quarter of this year and the start of work on new projects during the fourth quarter of this year, which will have a positive impact during the fourth quarter of this year Present.
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 for the increase in the net loss during the current period compared to the same period of the previous year by 22 million riyals is due to the increase in financing cost by (40) million riyals due to stopping the capitalization of financing cost for the Al-Widyan project with an effect of (32.8) million riyals as a result of stopping the project's activities in addition to stop the capitalization of financing cost for the Al Dahiya project with an impact of (8.8) million riyals as a result of the completion of the basic construction of the project, despite an increase in the total profit of the activity by (27) million riyals as a result of the expansion of activity in the subsidiaries during the period.
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 · We draw attention to note (3-a) to the interim condensed consolidated financial statements

for the period ended 30 September 2021, as stated therein, certain land parcels owned by

the Company are currently not available for use or development due to various reasons, of

which certain reasons relate to the areas where these lands are located and other related

to the fact that they are under study from specialised committees to resolve these matters.

The management is currently communicating with the related government agencies and

committees to address these reasons to allow the use of these lands. The impact on the

net realisable value of these lands is still uncertain and depend on the final results of the

study by the assigned committees. The carrying value of these lands amounted to SR 417

million as at 30 September 2021.

· We further draw attention to note (3-b) to the interim condensed consolidated financial

statements. As stated therein, during the period; it has come to management's attention

that the land which was designated for the Al Widyan project is located within an area that

is currently under study by the relevant government agencies with the aim of developing

it, which may result into a fundamental change to the original project's plan and may impact

the land's realisable value. The effect of the extent of this study remains uncertain and is

dependent on future development by the relevant government agencies' plan.

The carrying value of the land and capital work-in-progress amounted to SR 2,168 million

and SR 856 million respectively as at 30 September 2021.

Our review conclusion has not been modified in respect of the above matters.

Reclassification of Comparison Items Certain of the prior period amounts have been reclassified to conform to the presentation in the current period.

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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Saudi Real Estate Co. SJSC published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 18:05:03 UTC.