9586
OSOOL AND BAKHEET
0.00 %
1447/03/09 01/09/2025 15:32:15
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | -22,138,891 | 22,162,499 | – |
| Net profit (Loss) | -49,810,055 | 11,947,781 | – |
| Total Shareholders Equity (after Deducting Minority Equity) | 182,960,186 | 220,180,001 | -16.904 |
| Profit (Loss) per Share | -6.64 | 1.59 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) |
|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – |
| Accumulated Losses | – | – |
| All figures are in (Actual) Saudi Arabia, Riyals | ||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The consolidated revenues for the period ended 30 June 2025 recorded a loss of SAR (22.14) million, compared to revenues of SAR 22.16 million for the corresponding period of the previous year. The decline is primarily attributable to:Unrealized losses from investments at fair value through profit or lossamounting to SAR (31.77) million, compared to unrealized gains of SAR 9.46 million for the corresponding period of the prior year. This item represented the most significant impact on revenues. These losses are non-cash and unrealized in nature, arising from the revaluation of investments, and reflect temporary market fluctuations in investment values.A decrease in fund management fees, which amounted to SAR 6.73 million, compared to SAR 7.85 million in the corresponding period of the previous year, representing a decrease of SAR (1.12) million.In contrast, certain revenue streams recorded growth during the period, including:Custody and operations management fees, which amounted to SAR 1.07 million, compared to SAR 0.84 million for the corresponding period of the previous year, an increase of SAR 0.23 million.Brokerage income, which amounted to SAR 0.21 million, compared to SAR 0.13 million for the corresponding period of the previous year, an increase of SAR 0.08 million.New revenues from network and information systems management and monitoring services (through the subsidiary), amounting to SAR 0.79 million during the current period. |
| 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 Group reported a net loss of SAR (49.81) million for the period ended 30 June 2025, compared to a net profit of SAR 11.95 million for the corresponding period of the previous year. The decline is primarily attributable to the following factors:Recognition of share-based compensation expenses amounting to SAR (12.60) million, a newly introduced item in the current year related to the long-term employee incentive programs. It is important to note that this item is non-cash in nature and has no impact on shareholders’ equity.Unrealized losses from investments measured at fair value through profit or loss, amounting to SAR (31.77) million, as previously noted.Recognition of expected credit loss (ECL) provisions amounting to SAR (4.25) million, in line with the Company’s prudent risk management policies.Increase in general and administrative expenses by SAR (1.29) million compared to the corresponding period of the previous year. |
| Statement of the type of external auditor’s report | Conservation |
| Reclassification of Comparison Items | Certain comparative figures for theprior year have been reclassified toconform to the presentation of thecurrent period in the financialstatements. |
| Additional Information | The Group wishes to clarify that asignificant portion of the increasein general and administrativeexpenses is attributable to therecognition of share-basedcompensation expenses related tolong-term employee incentiveprograms. It should be noted thatthis expense is non-cash in natureand does not affect shareholders’equity. Furthermore, a substantialpart of the decline in revenues isattributable to unrealized lossesarising from market fluctuations ininvestments measured at fairvalue through profit or loss, whichare inherently subject to highvolatility. These losses resultedfrom challenges faced by theinvestee companies in thesectors/activities in which theyoperate and do not reflect the coreoperating performance of thosecompanies. Such fluctuations mayreverse in the future as conditionsin the respective sectors/activitiesstabilize. The Group engaged anindependent external expert,accredited by the Saudi Authorityfor Accredited Valuers, to conductthe valuation of Creative FutureDigital Brokerage (as noted in theaforementioned qualified auditopinion). The Group provided theexpert and external auditor withall available information and data,which support the appropriatenessand reasonableness of theassumptions used in the valuation.As disclosed in Note 5 to the interim condensed consolidated financial statements, the fair value through profit or loss financial assets as of 30 June 2025 include an investment in Creative Future Digital Brokerage Company, amounting to SAR 46.3 million, measured at fair value. The Group’s management determined the fair value of this investment with the assistance of an external expert and recognized unrealized losses of SAR 19.7 million in the interim condensed consolidated statement of profit or loss and other comprehensive income for the six-month period ended 30 June 2025.However, we were unable to obtain sufficient appropriate audit evidence to evaluate the accuracy and reasonableness of the assumptions and inputs used by management in determining the fair value. Consequently, we were unable to determine whether any adjustment to the carrying amount of this investment as of 30 June 2025 was necessary, and the resulting impact on unrealized gains or losses from this investment for the six-month period ended 30 June 2025. |
The Capital Market Authority and Saudi 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.
