| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
60.15
|
46.62
|
29.02
|
95.5
|
-
|
| Gross profit (loss) |
320.13
|
265.48
|
20.59
|
362.66
|
-
|
| Operational profit (loss) |
64.44
|
50.11
|
28.6
|
105.82
|
-
|
| Earning or loss per share, Riyals |
1.34
|
1.04
|
-
|
-
|
-
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | 1. Consolidated net income increased by 29.02% due to growth in sales of existing branches and the expansion in opening new branches by 16.78%, in addition to improvement in subsidiaries and associates performance as a result of stopping some non-profitable activities. Taking into consideration that the results of the corresponding quarter includes a fire incident loss occurred at one of the manufacturing facilities of a subsidiary, the financial impact of which amounting SR 8.6 million. in addition, the results of this quarter includes a fire incident loss occurred at one of the branches amounting SR 3.5 million. The loss is fully covered by insurance and the claim to reimburse losses from insurance company is in progress. 2. Gross profit increased by 20.59% due to growth in sales of existing branches and the expansion in opening new branches and improvement in profit margin ratio. 3. Operating income increased by 28.60% due to growth in sales of existing branches and the expansion in opening new branches. |
| Reasons of increase (decrease) for quarter compared with previous quarter | 1. Consolidated net income decreased by 37.02% as compared with the previous quarter due to the drop in gross profit, which is mainly attributable to recognizing the annual targets incentives at the end of the fiscal year in addition to decrease in rent revenues, while the performance of the subsidiaries and associates improved as compared with the previous quarter as a result of stopping some non-profitable activities. 2. Gross profit decreased by 11.73% due to recognizing the annual targets incentives last quarter. 3. Operating income decreased by 39.10% due to the decrease in gross profit as a result of recognizing the annual targets incentives last quarter and decrease in rent revenues. |
| Reclassifications in quarterly financial results | Comparative figures have been restated to be consistent with the presentation of the current period in accordance with IFRS adopted in the Kingdom of Saudi Arabia along with the other standards and releases adopted by the (SOCPA). |
| Other notes | 1. Total sales for the year is SR 1,875.7 million against SR 1,606.2 million for last year with a growth of 16.78%. 2. Total shareholders' equity (net of non-controlling interest) as at the end of the current period is SR 1,292.95 million against SR 1,054.85 million at the same date last year with a growth of 22.57%. 3. Total comprehensive income for the quarter ended 31st March, 2017 amounted to SR59.60m an increase of 34% compared to the same quarter last year SR 44.48 m, and decrease of 36.7% compared to the previous quarter SR 94.10 m. |
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