According to the company's statement on the Saudi Stock Exchange website, the reason for the decrease in net profit during the current year compared to the previous year is due to recording non-recurring revenues from government grants during the previous year that are not present in the current year.
The reasons included: recording capital losses from the disposal of investment properties, property, plant and equipment compared to recording capital gains from the same item during the previous year.
The reasons included: a decrease in operating revenues and other revenues, an increase in general administrative expenses, in addition to a decrease in the value of the reduction in the value of investment properties during the current year compared to the previous year.
This occurred despite the positive impact of the following provisions:
• A decrease in the provision for expected credit losses.
• Refund of Zakat allocation for previous years.
• Lower cost of revenue.
• Increased value of dividend distributions and revaluation of financial assets at fair value through profit or loss.
