The Saudi Industrial Development Company (SIDC) announces the consolidated annual financial results for the period ending on 31/12/2024 AD. (twelve months).
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 137.67 | 150.95 | -8.8 | ||
| Gross Profit (Loss) | 30.58 | 28.78 | 6.25 | ||
| Operational Profit (Loss) | -21.52 | -78.52 | -72.59 | ||
| Net profit (Loss) | -16.91 | -74.44 | -77.28 | ||
| Total Comprehensive Income | -24.23 | -68.83 | -64.8 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 73.76 | 98.08 | -24.8 | ||
| Profit (Loss) per Share | -0.52 | -1.86 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 5.63 | 4.17 | |
| All figures are in (Millions) 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 reason for the decrease in sales/revenue is due to the decrease in sales of the mattress and foam sector. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net profit is due to the increase in operating profit due to a decrease in recording impairment in Assets. |
| 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) | We would like to draw attention to Note No. (1) regarding the accompanying condensed consolidated financial statements, which indicate that the Group's accumulated losses amounted to SAR 267.7 million as of December 31, 2023. The Board of Directors recommended capital reduction and accumulated losses absorption. Accordingly, the Extraordinary General Assembly meeting held on September 19, 2024, approved a reduction in the Company’s capital by SAR 265 million to absorb the accumulated losses. Consequently, 26.5 million shares were cancelled, representing a reduction of 0.6625 share per share as part of the Company’s capital restructuring. Our opinion has not been modified in respect of this matter. |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | Not Applicable |
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