| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
2.62
|
0.08
|
3,175
|
-
|
-
|
| Gross profit (loss) |
31.42
|
22.74
|
38.17
|
40.48
|
-
|
| Operational profit (loss) |
14.9
|
9.13
|
63.2
|
6.79
|
119.44
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
-
|
-
|
89.08 |
| Gross profit (loss) |
71.9
|
41.03
|
75.24 |
| Operational profit (loss) |
21.73
|
-
|
- |
| Earning or loss per share, Riyals |
-
|
-
|
- |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The Company achieved profits during the current quarter, before deduction of Zakat, as compared to the similar quarter of the last year is due to improvement in sale prices, improvement in operating expenses, the continued implementation of the fruitful cost reduction program adopted by the Company, the injection of US$ 5.5 million into the Company account (recorded under other income) as a result of the amicable settlement agreement of the Liquidation of the Performance Bank Guarantee concluded with one of the Marketers of the Company products as announced on Tadawul website on 16 July 2017 as well as decrease in depreciation as a result of change in useful life of Fixed Assets. Noting the increase in cost of financing and prices of energy products, decrease in the sales volume of one of the Company major products due to dumping practices and decline in public expenditure on construction sector. |
| Reasons of increase (decrease) for period compared with same period last year | The Decrease in Company losses during the current period, before deduction of Zakat, as compared to the similar period of the last year is due to improvement in sale prices, improvement in operating expenses, the continued implementation of the fruitful cost reduction program, the amicable settlement agreement concluded with one of the Marketers of the Company products as well as decrease in depreciation as a result of change in useful life of Fixed Assets. Noting the increase in cost of financing and prices of energy products, decrease in the sales volume of one of the Company major products due to dumping practices and decline in public expenditure on construction sector. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The Company achieved profits during the current quarter, before deduction of Zakat, as compared to the previous quarter is due to the amicable settlement agreement concluded with one of the Marketers of the Company products notwithstanding the decrease in the sales volume of one of the Company major products due to dumping practices and decline in public expenditure on construction sector. |
| Reclassifications in quarterly financial results | Comparative figures have been reclassified to conform to the current period presentation. |
| Other notes | Total sales for the current quarter amounted to about SAR 175.8 million compared to about SAR 170.7 for the similar quarter of the last year, an increase of 3% due to increase in the prices of Company major products Sales for the current period amounted to about SAR 355.2 million compared to about SAR 337.96 for the similar period of the last year, an increase of 5% due to increase in the prices of Company major products. Gross profit for the current quarter amounted to SAR 31.4 compared to SAR 22.7 for the similar quarter of the last year, an increase of 38%. Operational profit for the current quarter amounted to SAR 14.9 compared to SAR 9.1 for the similar quarter of the last year, an increase of 63%. Total comprehensive income for the current quarter amounted to about SAR 2.6 million compared to about SAR 0.08 for the similar quarter of the last year, an increase of 3178%, and about SAR (5.6) million compared to the previous quarter Total comprehensive income for the current period amounted to about SAR (2.9) million compared to about SAR (27.4) for the similar period of the last year, a decrease of 89 %. Shareholders equity for the current period amounted to SAR 1.11 billion compared to SAR 1.19 billion for the similar period of the last year, a decrease of (6) % due to the implementation of IFRS for the first time (no minority interest). Accumulated losses by the end of the current period amounted to SAR ( 211.6) which represents (18) % of the capital. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.