The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as of 31 December 2018G, 2019G and 2020G and the nine-month period ended 30 September 2020G and 2021G.
The following tables summarize the financial information of the subsidiaries as included in their financial statements:
A- Tadbeir Company Ltd
The following table summarizes the financial information of Tadbeir Company as included in its financial statements.
The table also shows the summarized financial information with the company’s share in the book value of Tabeir.
2019G 2020G
SAR
Total assets 15,373,717 25,307,313
Total liabilities (13,320,473) (25,199,842)
Shareholders’ equity 2,053,244 107,471
The following is a summary of the statement of profit or loss and other comprehensive income for Tadbeir Company for the year ended 31 December 2019G and 2020G:
2019G 2020G
SAR
Revenue 28,941,803 31,015,531
(Loss) profit for the year 872,703 (1,596,266)
Total (loss) comprehensive income 752,279 (1,945,773)
Total company’s share (comprehensive
loss) comprehensive income 752,279 (1,945,773)
B- Nesaj Urban Development Company
The following table summarizes the financial information of Nesaj Company as included in its financial statements.
The table also shows the summarized financial information with the company’s share in the book value of Nesaj.
2019G 2020G
SAR
Total assets 26,958,876 10,501,640
Total liabilities (15,225,833) (3,727,563)
Shareholders’ equity 11,733,043 6,774,077
2019G 2020G
SAR
Revenue 33,032,765 17,043,434
(Loss) profit for the year (5,463,951) 5,090,692
Total (loss) comprehensive income (6,535,701) (49,645)
Total company’s share (comprehensive
loss) comprehensive income (6,535,701) 5,041,047
C- Building Construction Company
Building Construction Company is a limited liability company registered in the Kingdom of Saudi Arabia under Commercial Registration No. 2051023581 issued in Al-Khobar on Jumada II 1420H (corresponding to September 25, 1999G). The Development and Construction Company’s registered address is P.O. Box 30730, Prince Turki Bin Abdulaziz Street, Al Khobar 31952, Kingdom of Saudi Arabia.
The main activity of the Construction and Development Company is general contracting for buildings (repair, demolition, and restoration), road works, dams, tunnels, water, and sewage works, air conditioning and refrigeration, in addition to contracting electrical and mechanical works, excavation and backfill works. In addition to managing and operating factories, industrial projects, commercial complexes, and infrastructure contracting.
The other partner waived his right in the investee company in favor of Retal Urban Development Company. The company obtained the assignment letter and agreed to the percentage of the stake that was transferred.
The following table summarizes the financial information of the Construction and Development Company as included in its financial statements. The table also shows the summarized financial information with the book value of the Group’s stake in the construction and development company.
2019G 2020G
SAR
Total assets 63,411,780 198,926,545
Total liabilities (41,534,732) (166,663,424)
Goodwill 3,088,189 3,088,189
Shareholders’ equity 24,965,237 35,351,310
The following is a summary of the statement of profit or loss and other comprehensive income of the Construction and Development Company for the year ended 31 December 2019G and 2020G:
2019G 2020G SAR
Revenue 158,976,631 288,215,902
Income for the year 6,623,255 10,864,230
Total (loss) comprehensive income 6,216,080 (478,097)
The Group’s share of total comprehensive
income 6,216,080 10,386,133
D- Wejha United Real Estate Company
The following table summarizes the financial information of Wejha United Real Estate Company as included in its financial statements. The table also shows the summarized financial information with the book value of the Group’s stake in Wejha United Real Estate Company during the fiscal year 2020G. Wejha does not have any revenues and has not incurred any expenses.
2019G 2020G
SAR
Total assets - 135,581,004
Total liabilities - (135,531,004)
Shareholders’ equity - 50,000
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group directly or indirectly has:
■ Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
■ Exposure, or rights, to variable returns from its involvement with the investee
■ The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
■ Any contractual arrangement(s) with the other vote holders of the investee
■ Rights arising from other contractual arrangements
■ The Group’s voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the shareholders of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non- controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any