Jana Medical Co. announces its Annual Financial results for the period ending on 2024-12-31
Element List | Current Year | Previous Year | %Change | ||
---|---|---|---|---|---|
Sales/Revenue | 36,708 | 61,360 | -40.18 | ||
Gross Profit (Loss) | 16,844 | 30,691 | -45.12 | ||
Operational Profit (Loss) | -11,984 | 12,672 | - | ||
Net profit (Loss) | -23,173 | 5,415 | - | ||
Total Comprehensive Income | -22,989 | 5,651 | - | ||
Total Shareholders Equity (after Deducting Minority Equity) | 39,322 | 36,263 | 8.44 | ||
Profit (Loss) per Share | -8.74 | 2.11 | |||
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Amount | Percentage of the capital (%) | |
---|---|---|---|
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
Accumulated Losses | -13,029 | 40.55 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The decline in sales during the current year compared to the previous year is primarily attributed to the delay in signing the contract for the ambulance project, which consequently led to a postponement of the planned supply in 2024. |
The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net losses during the current year compared to the previous year is due to the following factors:
1. Higher provisions for expected credit losses 2.Recognition of additional provisions for legal claims. 3.Increased financing costs. |
Statement of the type of external auditor's report | Conservation |
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) | The audit firm was unable to obtain sufficient and appropriate audit evidence to validate the accuracy and completeness of certain bank facility balances amounting to SAR 17,070,000. This includes a balance of SAR 8,070,000 with Rakeez Finance and a balance of SAR 9,000,000 with Afaq Finance (Note 15). The inability to verify these balances was due to the lack of confirmations from the respective financial institutions. Furthermore, alternative audit procedures could not be performed to substantiate the accuracy and completeness of these balances. As a result, we were unable to determine whether any adjustments to these amounts were necessary.
The audit was conducted in accordance with the International Standards on Auditing (ISA) as adopted in the Kingdom of Saudi Arabia. Our responsibilities under these standards are detailed in the section "Auditor’s Responsibilities for the Audit of the Financial Statements" in our report. We maintain our independence in accordance with the International Code of Ethics for Professional Accountants, as adopted in the Kingdom of Saudi Arabia, and have also complied with our other ethical obligations as required by this code.
Based on the audit evidence obtained, we believe it is sufficient and appropriate to form a basis for our qualified opinion. |
Reclassification of Comparison Items | No reclassifications were made. |
Additional Information | As part of the financial statement announcement for the fiscal year ended December 31, 2024, the company’s accumulated losses amounted to SAR 13,029,265, representing 40.55% of its share capital. These losses are primarily driven by the following factors:
A decline in annual revenue.
Increased provisions for expected credit losses.
Recognition of additional provisions for legal claims.
Higher financing costs.
Accordingly, the company will be subject to the applicable regulatory procedures and requirements for listed companies whose accumulated losses exceed 35% of their share capital. |
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