The increase in net loss during the current quarter 2022 compared to the same quarter for the previous year 2021 is due to the decrease in sales caused by the delay in liquidity which it should be received from the increase in the company’s capital, as well as a recognizing Impairment of receivables and other current assets which include advance to suppliers and VAT, and the increase in administrative and general expenses compared to the same quarter of the previous year 2021 AD
The loss of the stock for the current period for 2022 was calculated on the weighted average number of shares of 8,031,381 shares.
The loss of the share for the same period in the previous year 2021 was calculated on the weighted average number of shares of 6,480,000 shares.
The weighted average number of shares was calculated based on the approval of the Extraordinary General Assembly on 15-02-22 AD on the reduction of the company’s capital from sixty-four million and eight hundred thousand riyals (64,800.000 Riyals) to twenty-one million and six hundred thousand riyals (21,600,000 riyals) and by 66.66% and write off 4,320,000 shares,
in addition to the increase of capital based on the approval of the Extraordinary General Assembly on 11-05-22 AD on the increase of company’s capital from twenty-one million and six hundred thousand riyals (21,600,000 riyals) to One hundred ninety-four million and four hundred thousand (194,400.000 Riyals) and by 800% with increment of 17,280,000 shares
– The company also indicates that it has processed a large part of its accumulated losses by increasing the company’s capital from twenty-one million and six hundred thousand riyals (21.6 00,000 riyals) to one hundred ninety-four million and four hundred thousand riyals (194.400,000 riyals), by 800% and offering priority rights shares with 17,280,000 shares, this was approved by the Extraordinary General Assembly (10th) on 11 May 2022.
– The company’s accumulated losses for the current period ended 30/06/2022 amounted to SR27,210,715, representing 14% of the company’s capital after the capital increment by SR 194,400,000, while the company’s accumulated losses for the previous period ended 30/06/2021 were amounts of SR 52,837,550 representing 81.5% of the company’s capital before the reduction and increment of SR 64,800,000.
