‎“Anaam Holding” losses increased to SR31.4 mln at the end of ‎‎2022, by 73%‎

Anaam International Holding Group Company revealed that the net loss after zakat and tax in the year ending on December 31, 2022 increased to 31.4 million riyals, compared to 18.1 million riyals in the same year last year, by 73%. This came after today’s announcement of the financial annual results ending on 12-31-2022.

The operational profit amounted to 10.7 million riyals in the year ending on December 31, 2022, compared to a loss of 11.1 million riyals in the same year of the previous year.

Total shareholders’ equity “without minority rights” amounted to 281.4 million riyals in the current year, compared to 115.2 million riyals in the same year last year, an increase of 144%.

The loss per share in the current year reached 1.17 riyals, compared to a profit of 0.25 riyals in the same year last year.

– The reason for the increase in the net loss for the current year compared to the loss for the previous year is due to the loss incurred from short-term investments in securities and the decrease in the value of goodwill associated with subsidiaries.

Additional information:

The company would like to draw attention to note (2-4) on these consolidated financial statements, which shows that the company incurred a loss after zakat in the amount of 31.47 million Saudi riyals during the year ending on December 31, 2022 AD, and the group’s current assets exceeded the current liabilities by an amount of 243.87 million SR These events or conditions indicate that there is a material uncertainty regarding the Group’s ability to continue as a going concern. Our opinion has not been modified in respect of this matter

– As indicated in note (6) on the consolidated financial statements, the item of property, machinery and equipment includes land with a value of 14 million Saudi riyals, and the procedures for registering it in the name of the group have not been completed.

– As indicated in note (7) on the consolidated financial statements, the investment real estate item includes land worth 16.5 million Saudi riyals, the registration procedures of which have not been completed in the name of the group.

In addition, the consolidated financial statements of the group as of December 31, 2021 AD were reviewed by another auditor, who issued an unmodified opinion on his report on March 31, 2022 AD.

Gross profit increased by 394% compared to the previous year, mainly due to an increase in sales of 292%.

While the accumulated losses until the end of the period ending on 12/31/2022 amounted to 40,335 million Saudi riyals, or 12.8% of the capital, as of December 31, 2022 AD.