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Asharqiyah Development Company announces the preliminary financial results for the financial period ending on 30/06/2026 (six months)

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 10 August 2026 - 08:06 am
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 42,843,879 59,972,342 -28.56 55,165,522 -22.335
Gross Profit (Loss) 4,103,528 5,981,114 -31.391 6,486,644 -36.738
Operational Profit (Loss) -3,354,698 -1,443,040 132.474 -678,181 394.661
Net Profit (Loss) Attributable to Shareholders of the Issuer -2,124,295 317,953 – 272,494 –
Total Comprehensive Income Attributable to Shareholders of the Issuer -2,124,295 317,953 – 272,494 –
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Current Period Similar period for previous year %Change
Sales/Revenue 98,009,401 104,833,988 -6.509
Gross Profit (Loss) 10,590,172 6,516,771 62.506
Operational Profit (Loss) -4,032,879 -8,053,795 -49.925
Net Profit (Loss) Attributable to Shareholders of the Issuer -1,851,800 -5,330,866 -65.262
Total Comprehensive Income Attributable to Shareholders of the Issuer -1,851,800 -5,330,866 -65.262
Total Shareholders Equity (after Deducting Minority Equity) 348,595,676 352,966,601 -1.238
Profit (Loss) per Share -0.062 -0.178
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Amount Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value 527,054 0.175
All figures are in (Actual) 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 The decrease in revenue during the current quarter compared to the same quarter of the previous year is due to a decrease in sales for Sadu Al Arab Company as a result of price changes and the seasonality of the business.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the loss during the current quarter, compared to a profit during the same quarter of the previous year, is due to a decrease in sales value and the resulting decrease in gross profit, as well as an increase in financing costs.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The decrease in sales/revenues in the current quarter compared to the previous quarter is due to a decrease in sales of Sadu Company (a subsidiary) as a result of price changes and the seasonality of the activity.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for achieving a net loss during the current quarter, compared to achieving a profit during the previous quarter, is due to a decrease in sales of Sadu Company (a subsidiary) as a result of price changes and the seasonality of the activity.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The decrease in sales/revenue during the current period compared to the same period of the previous year is due to a decrease in sales of Sadu Company (a subsidiary) as a result of price changes.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the (decrease) in net loss during the current period compared to the same period of the previous year is due to an increase in gross profit as a result of a decrease in the cost of sales by a percentage that exceeds the percentage decrease in the value of sales.
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 condensed consolidated interim statement of financial position includes, under Intangible Assets, Government Grants, which had a net carrying amount of SAR 171.31 million as of March 31, 2026 (December 31, 2025: SAR 171.31 million). Management engaged an independent expert to conduct an impairment assessment of these assets using certain assumptions. Because the assumptions used by the independent expert are not in accordance with the requirements of International Accounting Standard (IAS) 36, “Impairment of Assets,” we have not obtained sufficient and appropriate information regarding the reasonableness of these assumptions as of the date of our review of the accompanying condensed consolidated interim financial statements as of March 31, 2026. Accordingly, we were unable to determine the recoverable amount of these intangible assets, Government Grants, whether an impairment loss should be recognized, or the potential financial impact on the accompanying condensed consolidated interim financial statements

Attention

We would like to draw attention to

Note (18) attached to the condensed preliminary financial information, regarding the government grant of “agricultural land,” states that on August 2, 2022, the company received a decision from the Ministry of Environment, Water and Agriculture dated June 30, 2022, which stipulated that a title deed could not be issued in the company’s name, but that the company could utilize the land until Saudi Aramco’s actual needs were met. Therefore, management was unable to determine a productive lifespan for utilizing the agricultural land.

Our conclusion regarding these matters has not been modified
Reclassification of Comparison Items Not applicable
Additional Information –
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