Sales/Revenue

977,205

1,043,494

-6.352

Gross Profit (Loss)

298,316

297,360

0.321

Operational Profit (Loss)

196,782

189,178

4.019

Net Profit (Loss) after Zakat and Tax

187,846

178,619

5.165

Total Comprehensive Income

185,947

175,777

5.785

Total Share Holders Equity (after Deducting Minority Equity)

1,274,579

1,159,799

9.896

Profit (Loss) per Share

2.64

2.51

All figures are in (Thousands) Saudi Arabia, Riyals

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

The increase in the net profit is due to increase in the net gain on the sale of the vehicles, as more vehicles were sold with improved margin in the second half of the year. The better gain on sale has compensated the reduction of lease and rental revenue loss due to covid-19.

Statement of the type of external auditor's report

Unmodified opinion

Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion

None

Reclassification of Comparison Items

Certain comparative figures have been reclassified to conform to the current period’s presentation.

Additional Information

1- The decline in the revenue compared to last year is due to the outbreak of COVID-19, which disrupted business and economic activities, impacting the company's operations, which led to the reduction of rental and lease revenue. However, the decline in the revenue from the short and long rental is partly compensated by the significant increase in the vehicle sale proceed as a greater number of vehicles were sold in 2020 compared to last year.

2- The increase in total profit for the current year compared to last year is mainly due to higher profit from the gain on disposal of used cars as a result of strategic sale of specific vehicles.

3- The increase in the operational profit for the current year compared to the previous year is mainly due to the gain on disposal of used vehicles.

4- The Company has started to recover the Impact of COVID-19 on rental and leasing business. As the situation is rapidly evolving with future uncertainties, the group management will continue to assess the impact based on prospective developments.