tadawul
Element List Current Year Previous Year %Change
Sales/Revenue 263,788,210 168,023,079 56.99
Gross Profit (Loss) 56,723,738 521,715 10,772.55
Operational Profit (Loss) 6,628,300 26,490,206 -74.98
Net profit (Loss) 459,379 37,976,345 -98.79
Total Comprehensive Income 208,917 37,814,113 -99.45
Total Shareholders Equity (after Deducting Minority Equity) 60,902,021 69,693,104 -12.61
Profit (Loss) per Share 0 0.32
All figures are in (Actual) Saudi Arabia, Riyals
Element List Amount Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
Accumulated Losses 114,441,576 95.37
All figures are in (Actual) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year KEIR International Company achieved positive growth in revenues, as revenues increased from SAR 168 million (adjusted figure) in the previous year 2023 to SAR 263 million in 2024. This positive growth is attributed to the company’s expansion in executing electrical interconnection projects as part of the company’s expansion plan in the field of high-voltage electrical grid infrastructure works.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is Despite the company’s recognition of provisions as part of the audit activities for the year 2024 and the comparative years, which included provisions for expected credit losses on trade receivables and contract asset balances, Care International Company achieved an increase in profit margins and operating profits, in addition to a decrease in net losses compared to the previous year. This is attributable to the increased efficiency of managing electrical grid projects.
Statement of the type of external auditor's report Conservation
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) As stated in Note 30 to the accompanying financial statements, during the year ended 31 December 2024, management restated revenues and related accounts for prior years. However, no corresponding adjustments were made to the cost of revenues for the year ended 31 December 2023, nor to accrued project costs as of that date and as of 1 January 2023. Accordingly, we were unable to verify the accuracy of these balances through alternative audit procedures, and therefore we were unable to determine whether any adjustments to the financial statements were necessary.
Reclassification of Comparison Items During the year ended 31 December 2024, and as part of management’s ongoing efforts to enhance the quality of financial reporting and review compliance with the application of International Financial Reporting Standards, the company reviewed certain accounting treatments for prior periods, including treatments related to measurement and classification. Accordingly, comparative financial information was restated in accordance with IAS 8.
The review included matters related to the application of the revenue recognition policy in accordance with IFRS 15 to ensure the accuracy of timing and measurement and linking revenues to the approved progress in contract execution, which resulted in adjustments to revenues and certain balances of contract assets and trade receivables in prior periods.
Management also reviewed the calculation of expected credit losses in accordance with IFRS 9 following the restatement and updated certain assumptions used in line with the adjusted balances.
In addition, an assessment was conducted of supplier payable and receivable account balances, impairment provisions were recognized for certain balances, and certain items previously included within the cost of revenues were reclassified.
These adjustments were recognized through adjustments to accumulated losses in the current period and the comparative periods. Management believes that this review enhances the reliability and transparency of the financial statements and aligns with the requirements of international standards.
Additional Information The company and the Board of Directors confirm that the restatement of comparative financial information resulted from a comprehensive internal review aimed at enhancing the quality of financial reporting and compliance with International Financial Reporting Standards, and does not reflect any change in the nature of the company’s business or its operating model.
