Saudi Industrial Development Company (SIDC) announces Its Consolidated Financial Results for the Year Ended on 31/12/2023AD (Twelve Months).

Saudi Industrial Development Company (SIDC) announces Its Consolidated Financial Results for the Year Ended on 31/12/2023AD (Twelve Months).

Element List

Explanation

The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year

The decrease in sales of a subsidiary company outside the Kingdom due to currency translation differences.

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

The reason for the increase in net loss during current year compared to the previous year is due to the increase in operating expenses as a result of impairment in goodwill, machinery and equipment.

Statement of the type of external auditor's report

Unmodified opinion

Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)

We would like to draw attention to Note No. (2) on the attached consolidated financial statements, which indicates that the group incurred a net loss amounting to SAR 74.4 million for the year ending on December 31, 2023 AD, resulting in accumulated losses amounting to SAR 267.7 million as of December 31, 2023 AD. The group also has unrealized net losses resulting from foreign