Logo ofAnaam International Holding Group
Anaam International Holding Group‘s CEO Hassaan Saad Al-Yamani said that the external auditor’s report regarding the group’s continuity is inaccurate, as there is an amount of about SAR 102 million as Zakah provision, which was set aside in 2019. 
In a phone call with Argaam, Al-Yamani indicated that the problem with the external auditor is that he is selective, as the basis is commitment to the Zakat provision with the Zakat, Tax and Customs Authority (ZATCA), which took multiple stages for more than five years, adding that the Authority’s bylaw allows the amount to be paid in installments over the assessment period of up to 16 years, and by distributing the total amount over this period, the amount becomes about SAR 5 million annually, saying: “This matter was not addressed by the external auditor, and this is in the worst case scenario when the case is lost”.
He continued: “I am surprised by the auditor’s decision regarding the company’s ability to continue its business. It owns a building on one of the most important streets in Jeddah, which is Prince Sultan Street, which was purchased for SAR 325 million and is fully rented and generates an annual income of SAR 23 million. This building, whose market value exceeds SAR 380 million, can be sold to cover all obligations in the worst cases”.
The increase in Anaam’s profit came thanks to investments over the past three years, including the purchase of Anaam building on Prince Sultan Street in Jeddah, and the acquisition of a majority stake in Wasit Factory for producing indoor and outdoor toys for children in Sudair City. The acquisition process took time to restructure the company and attract technical cadres, and now the results are beginning to emerge, with expectations that there will be steady growth in sales and quarterly and annual profit, said the CEO.
He pointed out that the profit achieved from discontinuous operations amounted to around SAR 2 million.
As for the 75% capital increase, Al-Yamani considered that this increase is one of the most important ones in the company’s history because it aims to reduce Alinma Bank’s loan by SAR 75 million, which will add about SAR 5 million to profit annually, representing a 50% increase compared to 2023.
The other goal of the increase process is to acquire existing activities that contribute to boosting sales and profit, as well as developing the logistics sector, as the company owns lands in the Al-Khomrah area, in Jeddah by building a refrigerator to serve the sector, the CEO stated.
He pointed out that the company had expected, in the capital increase memorandum, to generate SAR 9 million in 2023, and by the end of the year it had already achieved about SAR 11 million, saying that Anaam had overcome the stage of challenges and entered the stage of growth.
According to Argaam‘s data, Anaam’s profit rose to SAR 4.6 million by the end of Q1 2024, up 38%, compared to SAR 3.3 million in the same period a year ago.
Logo ofAnaam International Holding Group
Anaam International Holding Group‘s CEO Hassaan Saad Al-Yamani said that the external auditor’s report regarding the group’s continuity is inaccurate, as there is an amount of about SAR 102 million as Zakah provision, which was set aside in 2019.
In a phone call with Argaam, Al-Yamani indicated that the problem with the external auditor is that he is selective, as the basis is commitment to the Zakat provision with the Zakat, Tax and Customs Authority (ZATCA), which took multiple stages for more than five years, adding that the Authority’s bylaw allows the amount to be paid in installments over the assessment period of up to 16 years, and by distributing the total amount over this period, the amount becomes about SAR 5 million annually, saying: “This matter was not addressed by the external auditor, and this is in the worst case scenario when the case is lost”.
He continued: “I am surprised by the auditor’s decision regarding the company’s ability to continue its business. It owns a building on one of the most important streets in Jeddah, which is Prince Sultan Street, which was purchased for SAR 325 million and is fully rented and generates an annual income of SAR 23 million. This building, whose market value exceeds SAR 380 million, can be sold to cover all obligations in the worst cases”.
The increase in Anaam’s profit came thanks to investments over the past three years, including the purchase of Anaam building on Prince Sultan Street in Jeddah, and the acquisition of a majority stake in Wasit Factory for producing indoor and outdoor toys for children in Sudair City. The acquisition process took time to restructure the company and attract technical cadres, and now the results are beginning to emerge, with expectations that there will be steady growth in sales and quarterly and annual profit, said the CEO.
He pointed out that the profit achieved from discontinuous operations amounted to around SAR 2 million.
As for the 75% capital increase, Al-Yamani considered that this increase is one of the most important ones in the company’s history because it aims to reduce Alinma Bank’s loan by SAR 75 million, which will add about SAR 5 million to profit annually, representing a 50% increase compared to 2023.
The other goal of the increase process is to acquire existing activities that contribute to boosting sales and profit, as well as developing the logistics sector, as the company owns lands in the Al-Khomrah area, in Jeddah by building a refrigerator to serve the sector, the CEO stated.
He pointed out that the company had expected, in the capital increase memorandum, to generate SAR 9 million in 2023, and by the end of the year it had already achieved about SAR 11 million, saying that Anaam had overcome the stage of challenges and entered the stage of growth.
According to Argaam‘s data, Anaam’s profit rose to SAR 4.6 million by the end of Q1 2024, up 38%, compared to SAR 3.3 million in the same period a year ago.
