ARTEX Industrial Investment Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 172.32 | 162.57 | 5.997 | 154.04 | 11.867 |
| Gross Profit (Loss) | 23.32 | 18.98 | 22.866 | -10.43 | - |
| Operational Profit (Loss) | 14.88 | 11.28 | 31.914 | -23.38 | - |
| Net profit (Loss) | 5.7 | 1.43 | 298.601 | -132.02 | - |
| Total Comprehensive Income | 5.7 | 1.43 | 298.601 | -150.44 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 1,043.97 | 1,202.59 | -13.189 |
| Profit (Loss) per Share | 0.07 | 0.02 | |
| 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 | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Sales revenue increased by almost 6% predominantly due to increase in volume and better pricing. Management is upbeat to withstand the challenging environment due to the intense competition in the carpet industry. It is expected that the positive effect of capacity building will continue to post positive impact on sales revenue during subsequent periods also. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit, during the period, increased in comparison to the corresponding period of preceding year mainly due to better profit margins on sales coupled with the implementation of cost rationalisation strategies. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Sales revenue increased by almost 12% as compared to previous quarter predominantly due to increase in volume and better pricing. Management is upbeat to withstand the challenging environment due to the intense competition in the carpet industry. It is expected that the positive effect of capacity building will continue to post positive impact on sales revenue during subsequent periods also. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Achieving net profit during the period comparison to the previous quarter mainly due to better profit margins on sales coupled with the implementation of cost rationalisation strategies. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | Emphasis of Matter:
. We draw attention to Note (2.5.1) regarding the going concern assumption, which explains that the Group has incurred negative cash flows during the three-month period ending March 31, 2025. The Note also refers to the Group receiving a claim letter from the Saudi Industrial Development Fund requesting payment of the full value of the guarantee provided for a loan granted to Al-Reef Sugar Refining Company, amounting to SR 100.8 million.
The management has studied the impact of this claim and prepared a budget for 2025, along with cash flow projections for the next twelve months. Management also indicates the existence of undrawn banking facilities that support the Group's ability to meet its liabilities, in addition to the Group maintaining good working capital, where current assets exceed current liabilities by a ratio of 2:1.
Accordingly, The management believes that there are no material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern in the foreseeable future. Our opinion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Not reclassified. |
| Additional Information | There are no minority rights |
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