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Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

13-12-2020 10:07:52

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue1.93244.33-99.211.3938.848
Gross Profit (Loss)-67.1694.29--119.01-43.567
Operational Profit (Loss)-208.519.06--211.75-1.534
Net Profit (Loss) after Zakat and Tax-237.74-132.8778.926-465.18-48.892
Total Comprehensive Income-237.74-132.8778.926-465.18-48.892
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
Sales/Revenue144.96727.06-80.062
Gross Profit (Loss)-248.11194.72-
Operational Profit (Loss)-460.13235.02-
Net Profit (Loss) after Zakat and Tax-917.78-205.99345.545
Total Comprehensive Income-917.78-205.99345.545
Total Share Holders Equity (after Deducting Minority Equity)7,509.259,563.21-21.477
Profit (Loss) per Share-0.99-0.22
All figures are in (Millions) Saudi Arabia, Riyals

ACCUMULATED LOSSESCAPITALPERCENTAGE %
1,606.069,29417.28
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTEXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed toThe reason for increase in net loss for current quarter compared to the same quarter of the previous year is attributed to
1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down due to the precautionary measures taken to limit the spread of the Coronavirus pandemic.

2 - Increase in allowances for expected credit losses

3 - increase of other expenses due to decline in fair value of investment.

It should be noted that the above negative results were partially offset by a decrease in selling and marketing and financial charges.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed toThe reason for decrease in net loss for current quarter compared to the previous quarter is attributed to
1 - Decrease in allowances for expected credit losses

2 - Decrease in financial charges.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed toThe reason for increase in net loss for current period compared to the similar period of the previous year is attributed to
1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down due to the precautionary measures taken to limit the spread of the Coronavirus pandemic.

2 - Decrease in other income due to decline in fair value of investment

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expense`
Basis of the External Auditor's OpinionEmphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor OpinionWe draw attention to Note 1 to the condensed consolidated interim financial statements, which indicates that
the Group incurred a net loss amounting to Saudi Riyals 918 million during the nine-month period ended

30 September 2020. In addition, the Group had accumulated losses amounting to Saudi Riyals 1.61 billion

as at 30 September 2020 and negative operating cash flows of Saudi Riyals 330 million for the nine-month

period then ended. The Group is dependent on the successful execution of management’s plans to generate

sufficient cash flows to enable it to meet its obligations as they fall due and for the continuity of its operations

without significant curtailment. These conditions, along with other matters as set forth in Note 1, indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as

a going concern. Our conclusion is not modified in respect of this matter
Reclassification of Comparison ItemsDuring the year 2020, the Group made adjustments to the accounting treatments for previous years, Note No. 23
Additional InformationWith reference to note 23 to the interim condensed consolidated financial statements for the nine months period ended 30 Sep 2020, the Group has reconsiderd prior years accounting treatment . Accordingly, the Group has restated its financial statements retrospectively for the years ended 31 December 2019 and 2018. Following is the impact of restatement on 2019 and 2018 financial statements:
- Decrease of non-current assets by SR 3,008 million and SR 2,955 million in 2019 and 2018 respectively

- Increase of current assets by SR 125 million and SR 124 million in 2019 and 2018 respectively

- Decrease of non-current liabilities by SR 1,975 million and SR 2,228 million in 2019 and 2018 respectively

- Decrease of current liabilities by SR 99 million and increase by SR 0.4 million in 2019 and 2018 respectively

Net impact of aforementioned restatements resulted in decrease of equity by SR 809 million and SR 604 million in 2019 and 2018 respectively

The above restatements have resulted in increase in net loss and loss per share reported for the period ended 30 September 2019 by SR 157 million and SR 0.17

The accumulated losses for the period ended 30 Sep 2020 amounted to 1,606 million riyals, equivalent to 17.28% of the company's capital.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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