Sales/Revenue

988,129

964,856

2.412

Gross Profit (Loss)

333,517

300,566

10.962

Operational Profit (Loss)

230,161

211,381

8.884

Net Profit (Loss) after Zakat and Tax

219,912

202,445

8.628

Total Comprehensive Income

215,208

200,546

7.311

Total Share Holders Equity (after Deducting Minority Equity)

1,598,449

1,514,921

5.513

Profit (Loss) per Share

3.09

2.84

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 profit is primarily attributed to an increase in the short rental revenue as a result of improved utilization and the higher number of vehicles sold in 2021 compared to 2020.

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

With reference to note 34 to the Consolidated Financial Statements for the year ended 31 December 2021, the Group has reconsidered prior years accounting treatments. As a result, the Group corrected the carrying values of property and equipment (vehicles), inventory held for sale (vehicles), and the resulting depreciation expense on property and equipment (vehicles) and cost of sales of vehicles by restating each of the affected financial statement line items for the prior periods. The restatement arose as the estimates relating to the useful economic lives and residual values of vehicles have not been accurately reassessed and the depreciation charge for the prior years has not been accounted for in accordance with the requirements of the applicable financial reporting framework.

The net impact of restatements resulted in an increase of equity by 225.74 million Saudi riyals in 2019 and with an additional impact of 14.6 million Saudi riyals in the year 2020, it has reached 240.34 million Saudi riyals.

The above restatements have resulted in an increase in net profit and profit per share reported for the year ended 31 December 2020 by 14.6 million Saudi riyals and 0.2 Saudi riyals respectively.