| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
29.5
|
97.2
|
-
|
35.5
|
-
|
| Gross profit (loss) |
55.4
|
100.8
|
-
|
53
|
4.53
|
| Operational profit (loss) |
43
|
87.9
|
-
|
35.2
|
22.16
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
165.7
|
463.8
|
- |
| Gross profit (loss) |
222.3
|
485.9
|
- |
| Operational profit (loss) |
177
|
440.1
|
- |
| Earning or loss per share, Riyals |
1.66
|
4.64
|
- |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decrease in net income for current quarter compared to same quarter last year is mainly due to : Decrease in gross profit by SR 45.4 Million as a result of decrease in sales volume and prices, decrease in group share of results in associated companies and dividends received from investment securities available for sale by SR 7.3 Million, decrease in net other income and evaluation of non-effective portion of financial derivatives for hedging purpose by SR 4.4 Million, increase in finance expenses by SR 8.3 Million |
| Reasons of increase (decrease) for period compared with same period last year | The decrease in net income for current period compared to same period last year is mainly due to : Decrease in gross profit by SR 263.6 Million as a result of decrease in sales volume and prices, decrease in net other income and evaluation of non-effective portion of financial derivatives for hedging purpose by SR 24.2 Million whereas results of same period prior year included insurance claim of SR 17 Million for business interruption related to cement mill number 3 fire accident occurred in year 2012, decrease in group share of results in associated companies and dividends received from investment securities available for sale by SR 12.2 Million, increase in finance expenses by SR 5.2 Million, while minority/non-controlling interest in the results of subsidiary company had decreased by SR 6.5 Million |
| Reasons of increase (decrease) for quarter compared with previous quarter | The decrease in net income for current quarter compared to previous quarter is mainly due to : Increase in finance expenses by SR 9 Million, increase in subsidiary company income tax in Jordan by SR 2 Million, increase in minority/non-controlling interest in the results of subsidiary company by SR 4.2 Million , While gross profit had increased by SR 2.4 Million as a result of performance improvement of the subsidiary company in Jordan, in addition to decrease in general & administrative expenses by circa SR 5.5 Million |
| Reclassifications in quarterly financial results | The company had restated the presentation of the consolidated financial statements for the period ended 30/09/2016 to be in accordance with IFRS requirements |
| Other notes | a) Sales Revenue for the current quarter amounted to SR 163 Million, compared to SR 248.9 Million for the same quarter of previous year, a decline of 34.5% and compared to SR 222.4 Million for previous quarter, a decline of 26.7%. Sales Revenue for the current period amounted to SR 657.5 Million, compared to SR 1016.8 Million for the same period of previous year, a decline of 35.3%. b) Other comprehensive income for the current quarter amounted to SR 22.3 Million, compared to SR 70.8 Million for the same quarter of previous year, a decline of 68.5% and compared to SR 16.8 Million for previous quarter, a growth of 32.7%. Other comprehensive income for the current period amounted to SR 96.5 Million, compared to SR 450.5 Million for the same period of previous year, a decline of 78.6%. c) Total shareholders' equity (excluding minority interest) for the current period amounted to SR 3,047.6 Million, compared to SR 3,184.9 Million for the same period of previous year, a growth of 4.3%. d) The company had completed first time adoption of IFRS starting 31 January 2017 to comply with capital market authority instructions, no significant changes to the financial results previously reported for the nine months ended 30 September 2016 or year ended 31 December 2016 were concluded as a result of first time adoption except for the inclusion of annual board of directors remuneration as part of general and administrative expenses whereas previously was treated as direct appropriation from retained earnings without impacting net income. Interim financial statements for the period ended 30 September 2017 were presented in accordance with IAS 34 and IAS 1 that differs from presentation aspects and details of disclosure notes compared to previously issued financial statements. |
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.