Al Kathiri Holding profits fell to SR1.6 mln during Q3, down 64%

The net profit after zakat and tax for Al Kathiri Holding Company decreased to SR1.6 million during the third quarter, compared to SR4.5 million during the same quarter of the previous year, by 64%.

This came after announcing on Tuesday the estimated financial results for the period ending on 30-09-2022 (9 months).

The operational profit amounted to SR2.2 million during the third quarter, compared to SR5.4 million during the same quarter of the previous year, a decrease of 60%.

As for the gross profit, it amounted to SR7.4 million during the third quarter, compared to SR11.4 million during the same quarter of the previous year, down 35%.

The net loss after zakat and tax during the current period amounted to SR4 million, compared to a profit of SR12 million during the same period of the previous year, an increase of 28%.

The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

The net profit decreased in the current quarter compared to the same quarter of the previous year due to lower revenues and increased operating costs and expenses.

The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:

The company made a profit during the current quarter of SR1.6 million, compared to incurring losses in the previous quarter of (SR3.4) million due to the increase in revenues resulting from the increase in ready-mix concrete sales, the increase in panel sales during the third quarter of 2022, and the decrease in administrative expenses.

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 company incurred a loss in the current period of SR3.9 million, compared to achieving profits in the same period of the previous year, with a value of SR11.8 million.

Certain comparative figures have been reclassified to conform to the current period presentation

The calculation of basic/diluted earnings per share is based on the profit attributable to common shareholders and the weighted average number of common shares outstanding. As of September 30, 2022, earnings per share have been calculated on the basis of the weighted average number of shares outstanding at the end of the period. The adjusted profit per share is the same as the basic profit per share as the group has neither convertible securities nor diluted financial instruments to exercise.

On Tue, Oct 25, 2022 at 9:16 AM Yasser Seddiq <yasserseddiq@gmail.com> wrote:

Saudi Exchange celebrates the listing of Sure Global Technology Company on Nomu – Parallel Market

The Saudi Exchange celebrates the direct listing of Sure Global Technology Company (SURE), a leading Saudi IT company, on the Saudi Exchange’s Nomu – Parallel Market. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange and Mr. Basim Alsalloum, The Managing Director of Sure Global Technology Company, and number of their excellencies and senior executives.

Speaking on the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange said, “We are delighted to welcome another IT company to the Saudi Exchange. SURE is the first direct listing to take place with a liquidity plan, as we continue to introduce alternative routes for issuers to list on the Exchange.  The Saudi capital market has become increasingly attractive among emerging markets, and we look forward to welcoming SME listings on Nomu – Parallel Market through the Exchange’s different platforms.”

“It is truly an exciting time in SURE’s history, as we embark on a new journey to realize our strategic objectives and expand our business to meet and exceed our customers’ needs. As a 16-year-old company, we constantly seek new and innovative technologies to adopt and expand our product offering, while accessing new markets; and we are confident that this listing will allow us to achieve on those ambitions.” Said Basim Alsalloum, the Managing Director of Sure Global Technology Company.

Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu – Parallel Market aims to provide an opportunity for small and medium-sized companies, to diversify their sources of funding and develop their businesses and activities by offering lighter listing requirements in terms of market capitalization, percentage of shares offered, and minimum number of shareholders; and is open only to qualified investors.

SURE is planning to sell 1.284 million shares, representing around %25 of its share capital, at a guiding price of SAR 70 per share. The Direct Listing of Sure Global Tech Company by appointing a liquidity provider to meet the liquidity requirements within a maximum period of 12 months from the date of listing is the first of its kind in the region, showcasing the Saudi Exchange as a leading global market.

SURE was established in 2006 and provides solutions in the field of technology and information security, internet and intranet portals, e-government solutions system integration, and IT infrastructure systems. It has executed more than 120 IT projects for both the government and private sectors, while also providing consulting services in the field of IT and related fields.