21 March 2012
Al Baha Investment and Development Company announces annual financial results ended 31/12/2011: -
1 - Net loss amounted to 5,720,025 riyals compared to net loss of SR 6,428,794 for the previous year, a decrease of 11%.
2 - Loss per share against a loss of SR 0.38 compared to 0.43 riyals for the period last year .
3 - the total loss amounted to 1,375,149 riyals compared to the total loss of
SR 1,121,727 for the previous year an increase of 22.6%.
4 - Operating loss amounted to 9,815,338 rials against a loss of 8,516,564 rials for the previous year, an increase of 15.25%.
5 - The reasons for loss to the formation of an ad hoc projects under construction and dedicated to the stock stagnant for the factory lather with an increase in general and administrative expenses with the decline in the value of assets as a result re-evaluation and reduced net loss for the previous year due to the increase in investment income note that we received the report of the External Auditor paragraph reservation as follows:
1 - the company's management did not apply the requirements of corporate governance According to the decision issued by the Capital Market Authority No. 1 - 212-2006 on 11/12/2006 (continued).
And the report of the External Auditor drew attention paragraph as follows:
1 - It is no doubt about the continuity of the company because it supports the continuation of the company's success about to engage in new projects or open new areas of work as well as on its success in reducing the capital to avoid exceeding their accumulated losses of 75% of current capital has thus exposed to the application of Article 148 of system Companies in the Kingdom of Saudi Arabia in spite of the stoppage of most activities of the company and the low volume of business activities over the four previous years as well and as described in note 19 of notes to the financial statements the board of directors decided the company's cancellation of MoUs with some companies, which was previously announced on site circulation as well as to cancel the contract with the bright and well and as described in note No. 16/2 of the notes has made the company's management at the request of the General Authority of the financial market by reducing the capital of the company and the company introduced a plan of action with a request to reduce its capital has issued statements assuming the continuity of the company.
2-As set out in note No. 16/2 of the notes to the financial statements have recommended the Board of Directors reduced the company's capital of 150 million Saudi riyals (one hundred and fifty million Saudi riyals) to 48 million Saudi riyals (forty-eight million Saudi riyals) and thus reduce the number of shares of the company 15000000 shares (fifteen million shares) to 4,800,000 shares (four million eight hundred thousand shares) and did not get the company until the date of issuance of the report the approval of the Public Market on the reduction.
3 - as described in note numbers 14 to 18 / d, the company has to prepare a study value recoverable amount of fixed assets through one of the specialized offices has been shown from this study and a decrease in the recoverable amount of fixed assets on the net book value at 12/31/2011 M amount 1,361,028 Real has reached the decline in the recoverable amount for the year 2010 amounted to 2,529,499 rials.
Budget have been reclassified to conform to current period with the comparison year.
Al Baha Investment and Development Company announces annual financial results ended 31/12/2011: -
1 - Net loss amounted to 5,720,025 riyals compared to net loss of SR 6,428,794 for the previous year, a decrease of 11%.
2 - Loss per share against a loss of SR 0.38 compared to 0.43 riyals for the period last year .
3 - the total loss amounted to 1,375,149 riyals compared to the total loss of
SR 1,121,727 for the previous year an increase of 22.6%.
4 - Operating loss amounted to 9,815,338 rials against a loss of 8,516,564 rials for the previous year, an increase of 15.25%.
5 - The reasons for loss to the formation of an ad hoc projects under construction and dedicated to the stock stagnant for the factory lather with an increase in general and administrative expenses with the decline in the value of assets as a result re-evaluation and reduced net loss for the previous year due to the increase in investment income note that we received the report of the External Auditor paragraph reservation as follows:
1 - the company's management did not apply the requirements of corporate governance According to the decision issued by the Capital Market Authority No. 1 - 212-2006 on 11/12/2006 (continued).
And the report of the External Auditor drew attention paragraph as follows:
1 - It is no doubt about the continuity of the company because it supports the continuation of the company's success about to engage in new projects or open new areas of work as well as on its success in reducing the capital to avoid exceeding their accumulated losses of 75% of current capital has thus exposed to the application of Article 148 of system Companies in the Kingdom of Saudi Arabia in spite of the stoppage of most activities of the company and the low volume of business activities over the four previous years as well and as described in note 19 of notes to the financial statements the board of directors decided the company's cancellation of MoUs with some companies, which was previously announced on site circulation as well as to cancel the contract with the bright and well and as described in note No. 16/2 of the notes has made the company's management at the request of the General Authority of the financial market by reducing the capital of the company and the company introduced a plan of action with a request to reduce its capital has issued statements assuming the continuity of the company.
2-As set out in note No. 16/2 of the notes to the financial statements have recommended the Board of Directors reduced the company's capital of 150 million Saudi riyals (one hundred and fifty million Saudi riyals) to 48 million Saudi riyals (forty-eight million Saudi riyals) and thus reduce the number of shares of the company 15000000 shares (fifteen million shares) to 4,800,000 shares (four million eight hundred thousand shares) and did not get the company until the date of issuance of the report the approval of the Public Market on the reduction.
3 - as described in note numbers 14 to 18 / d, the company has to prepare a study value recoverable amount of fixed assets through one of the specialized offices has been shown from this study and a decrease in the recoverable amount of fixed assets on the net book value at 12/31/2011 M amount 1,361,028 Real has reached the decline in the recoverable amount for the year 2010 amounted to 2,529,499 rials.
Budget have been reclassified to conform to current period with the comparison year.
© Tadawul 2012
