| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
14.26
|
-
|
-
|
-
|
-
|
| Gross profit (loss) |
25.1
|
14.82
|
69.37
|
36.89
|
-
|
| Operational profit (loss) |
-
|
-
|
17.91
|
-
|
-
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
-
|
-
|
- |
| Gross profit (loss) |
57.16
|
65.41
|
- |
| Operational profit (loss) |
-
|
-
|
- |
| 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 | higher margins and gain on sales of assets. |
| Reasons of increase (decrease) for period compared with same period last year | lower share of profit from associate and lower other income |
| Reasons of increase (decrease) for quarter compared with previous quarter | gain on sales of assets. |
| External auditor's report containing reservation | A.We draw attention to note 3 to the accompanying interim consolidated financial statements, which describe the basis on which these consolidated financial statements have been prepared. For the nine-months period ended September 30, 2016 the Group has suffered a net loss of SR 53.67 million (September 30, 2015: SR 9.91 million)and its accumulated losses have reached to SR 355.89 million (September 30, 2015: SR 377.25 million), representing 46.83 % of the share capital (September 30, 2015: 49.64%). As explained in note 11, on February 23, 2016; the Group finalized the restructuring plan (Restructuring Framework Agreement)with its four main lenders (the Participating Banks) for deferring overdue debt amounting to SR 789 million over next 7 years, subject to the fulfillment of various condition precedents (CPs) and achieving certain performance milestones over two years.On July 20, 2016, the Participating Banks issued a C. P. confirmation acknowledging that all the terms of initial agreement, stay valid. The Group is also required to comply with other requirements of the Restructuring agreement (note 11). These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Company and the Group ability to continue as a going concern.Management has internal plans to support Groups ability to achieve its operational goals, provide sufficient resources for continuing the business for the foreseeable future, service its debt obligations and meet its working capital requirements and financial commitments as and when they fall due. The cash flow forecast is subject to the Group fulfilling the requirements of the restructuring framework agreement, including rights issue of the Company shares, significant repayment of debt in 2017, and maintaining financial covenants. The Group interim consolidated financial statements and notes thereto do not sufficiently disclose the implications on the group financial position if the Group were to breach any of the requirements of the restructuring framework agreement. B.We were unable to obtain sufficient appropriate evidence in respect of the recoverability of unbilled revenues up to SR 39.35 million (September 30, 2015: SR 69.9 million) that is overdue for more than one year. This relates to one of the subsidiaries and represents revenue earned but not yet billed at September 30, 2016. C.We were unable to obtain sufficient appropriate evidence in respect of the recoverability of development costs amounting to SR 57.13 million, in the absence of commercial and financial feasibility of specialized cables and accessories (September 30, 2015: SR 60.68 million). |
| Reclassifications in quarterly financial results | Certain comparative amounts have been reclassified to conform to the current period presentation. |
| Other notes | Revenue and Equity variances are as follows: A.Total revenue during the third quarter amounts to SR 348.48 million as against total revenue of SR 491.63 million for the same quarter of last year, a decrease of 29.12%. B.Total revenue during the nine months amounts to SR 1,209.98 million as against total revenue of SR 1,465.68 million for the same period of last year, a decrease of 17.45%. C.Equity attributable to shareholders (Before Non-controlling Interest) reached SAR 388.41 million as at September, 30th 2016 compared to 416.88 million as at September, 30th 2015, which represents a decrease of 6.83%. Transactions carried out with related parties during the nine months of the year 2016 are as follows: A.Contract with Xeca, an associate company, amounting to SR 1.94 million for the IT services and SAP implementation. B.Purchase contract for aluminum from an associate company, Midal Cables, amounting to SR 13.80 million. C.Shared Expenses at cost, paid to Xenel, amounting to SR 2.01 million, which are expenses incurred by Xenel on behalf of Saudi Cable Company, pertaining to fees for consultants/advisors and other business expenses. |
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.