| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company recorded a significant increase in revenue from its activities by 114%, reaching 60.38 million Saudi Riyals in the year 2023 compared to 28.20 million Saudi Riyals in the previous year 2022, with an increase of approximately 32.17 million Saudi Riyals. The main reason for the increase is primarily attributed to the rise in the fair value of investments resulting from profit or loss, as well as the increase in income from investment services provided by the company. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The company recorded a growth in net profits by a staggering 149% during the year 2023, reaching 25.50 million Saudi Riyals compared to 10.24 million Saudi Riyals in the previous year 2022, with an increase of approximately 15.25 million Saudi Riyals.This increase in net profits is primarily attributed to a 100% growth in total revenues from the previous year. Total revenues amounted to 62.06 million Saudi Riyals in the year 2023 compared to 30.98 million Saudi Riyals in the previous year 2022, with an increase of approximately 31.08 million Saudi Riyals.Expenses rose by 83% from the previous year, reaching 33.33 million Saudi Riyals in the year 2023 compared to 18.23 million Saudi Riyals in the previous year 2022, with an increase of approximately 15.10 million Saudi Riyals.Additionally, financing costs surged by 368% from the previous year. Financing costs amounted to 790.03 thousand Saudi Riyals in the year 2023 compared to 168.66 thousand Saudi Riyals in the previous year 2022, with an increase ofapproximately 621.37 thousand Saudi Riyals.Other revenues decreased by 39% from the previous year, amounting to 1.68 million Saudi Riyals in the year 2023 compared to 2.77 million Saudi Riyals in the previous year 2022, with a decrease of approximately 1.09 million Saudi Riyals. |
| Statement of the type of external auditor’s report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Some of the comparative year figures have been reclassified to conform to the current year’s classification in the financial statements. |
| Additional Information | N/A |
