March 29, 2025 - We draw attention to the following notes attached to the financial statements:
- Note (2): On November 30, 2024, the Company completed the acquisition of a branch of Mayar International Company (the Branch). The Branch’s assets and liabilities were recorded at cost, with a net book value of SAR 4,217,467. This resulted in a provisional goodwill amount of SAR 30,663,503, pending the completion of valuation procedures and fair value allocation. Our opinion on this matter remains unchanged.
- Note (16) and Note (2): The acquired Branch’s balances include a loan from the Saudi Industrial Development Fund, with an outstanding balance of SAR 5,912,456 as of December 31, 2024. The official loan documents have not yet been updated, and the loan transfer to the Company's name is still in progress. The documentation is expected to be finalized in the subsequent period, and our opinion remains unchanged.
Comparative figures have been reclassified to align with the current year’s classification.
