Anaam Group losses up 92.1% in 2021

Anaam International Holding Group announced that its losses after zakat and tax rose 92.1% to SR 16.72 million in 2021 from SR 8.706 million in 2020.

The company’s operational loss jumped 95.6% to SR 17.051 million compared to SR 8.715 million.

Gross profit also soared 111.3% to SR 2.608 million last year from SR 1.234 million in the year before, while it reported profit per share at SR 0.49 compared to loss per share at SR 1 in 2020.

Higher net loss was due to he substantial increased in the operating expenses because of the cost of the financial consultation and advisory which is associated with activity of capital increase during the current year, write-of some doubtful debts as well as the costs of acquiring a subsidiary.

The gross profit has increased with 111% compared to the previous year mainly as a result of a 26% decrease in sales costs and a 6% decrease in sales.

Emphasis of matter:

Material uncertainty related to going concern :

As stated in note No. (27) to the consolidated financial statement, which indicates that the Group has accumulated losses of SR 10.1 million during the year ended December 31,2021 (2020: SR 16 million) and, as of that date, the Groups current liabilities exceeded its current assets by an amount of SR 23.7 million (2020: SR 29.3 million). As stated in note No. (27) There is no practical and operational alternative to the plant green fodder till the year ended December 31, 2021 in order to cover the current liabilities and the Groups expenses, those cultivation was stopped since 2018, and was representing around 80% of the Group􀂶s revenues These events or conditions, along with other matters as set forth in note No. (27), indicate that a material uncertainty exists that may cast significant doubt on the Groups ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Emphasis of Matter:

We would like to draw attention to the following, – As stated in note No (5) to the consolidated financial statements, property, plant, and equipment include land and building amounting to SR 20 million not registered in the name of the Group. – As stated in note (6), the group in the process of transfer to ownership of a land amounting to SR 26 million Our opinion is not modified in respect to these matters.