| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 195.31 | 177.14 | 10.257 | 186.29 | 4.841 |
| Total Profit (Loss) | 12.53 | 16.8 | -25.416 | -6.61 | - |
| Profit (Loss) Operational | 2.61 | 6.55 | -60.152 | -21.05 | - |
| Net Profit (Loss) after Zakat and Tax | 0.32 | -5.04 | - | -102.64 | - |
| Total Comprehensive Income | 0.32 | -5.04 | - | -103.95 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after deducting minority equity) | 559.77 | 724.27 | -22.712 |
| Profit (Loss) per Share | 0.01 | -0.1 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 126,469,085 | 510,000,000 | 24.8 |
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | Net profit of SR 0.32 million for Q1 2019 compared to a net loss of SR 5.04 million for Q1 2018 is due to the following main reasons: |
(a) Share of profit in associate company (Global Pipe Company) for current quarter amounting to SR 3.1 million compared to share of loss for the same quarter last year amounting to SR 8.2 million.
(b) Reversal of impairment for receivables amounting to SR 0.63 million compared to a charge for the same quarter last year of SR 0.24 million.
(c) Zakat and income tax charge for current quarter of SR 0.16 million, compared to SR 0.82 million, a decrease of 80%, for the same quarter last year.
Despite revenue growing to SR 195.31 million in Q1 2019, a growth of 10.26% from Q1 2018, gross profits declined to SR 12.53 million, mainly due to change in sales mix, compared to SR 16.8 million for the same quarter last year. Moreover, borrowing charges for Q1 2019 increased to SR 5.2 million, an increase of 103.2% from the same quarter last year.
(a) Impairment charges for fixed assets of SR 51.99 million accounted for in Q4 2018.
(b) Provision against guarantee provided to an investee company of SR 30 million accounted for in Q4 2018.
(c) Gross profit increasing to SR 12.53 million in Q1 2019, due to higher sales volume and change in sales mix, compared to a gross loss of SR 6.61 million for the previous quarter.
(d) Reversal of impairment for receivables amounting to SR 0.63 million compared to a charge for the previous quarter of SR 2 million.
Net profit for current quarter was partially offset by the decrease in share of profit in associate company (Global Pipe Company) to SR 3.1 million for current quarter compared to SR 5.3 million for the previous quarter.
From January 1, 2019, the Company has adopted IFRS 16 for Leases with no material impact on the results of its interim financial statements.
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