Correction announcement from Saudi Industrial Development Company "SIDC" regarding the consolidated annual financial results for the period ending on 31/12/2024 AD. (twelve months).
| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website | 2025-04-17 Corresponding to 1446-10-19 |
| Hyperlink to the Previous Announcement | Click Here |
| Incorrect statements in the previous announcement | 1. The total comprehensive income for the current year is: SAR (- 24.23) million.
2. The Total comprehensive income – Percentage of difference from the previous year is: (- 64.8%). 3. 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. |
| Correct Statement | 1. The Total comprehensive income for the current year is : SAR (- 24.32) million.
2. The Total comprehensive income – Percentage of difference from the previous year is : (- 64.7%). 3. 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. - The consolidated financial statements for the year ended December 31,2023 were audited by another auditor who expressed an unmodified opinion on April 4,2024. Our opinion is not modified in respect of this matter. |
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