Riyadh – Mubasher: Rawasi Albina Investment Company issued a corrective disclosure regarding its annual financial results for the period ending 31 December 2025, amending a previous announcement dated 7 May.
The company clarified that its external auditor issued a qualified opinion, rather than the previously stated unmodified opinion.
The auditor’s qualification cited concerns over capital projects under construction valued at SAR 20.30M located in Yanbu.
While management valued the assets at SAR 18.50 million, the auditor noted the equipment was in the possession of a third party, preventing verification of potential impairment.
Additionally, the auditor questioned the recoverability of a SAR 13.80 million lease-to-own property investment. The property, valued at SAR 17.10 million, faced regulatory closure by the Ministry of Tourism and had been subject to multiple mortgages.
The report further highlighted material uncertainty related to going concern. Rawasi Albina reported a net loss of SAR 23.80 million for 2025, as revenues declined from SAR 132.80 million in 2024 to SAR 129.30 million.
The group also recorded negative operating cash flows of SAR 17 million, compared to SAR 24.60 million in the previous year. Management maintains that its liquidity improvement plans will support future operations.
In July, the company began nominations for membership of the Board of Directors for its upcoming three-year term, scheduled to commence on 13 September 2026 and conclude on 12 September 2029.
