| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
174.28
|
151.55
|
15
|
110.82
|
57.26
|
| Gross profit (loss) |
224.24
|
198.45
|
13
|
156.14
|
43.61
|
| Operational profit (loss) |
178.34
|
156.82
|
13.72
|
107.4
|
66.05
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
285.11
|
151.55
|
88.13 |
| Gross profit (loss) |
380.38
|
198.45
|
91.68 |
| Operational profit (loss) |
285.74
|
156.82
|
82.21 |
| Earning or loss per share, Riyals |
1.52
|
0.81
|
- |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The Company from its limited liability status converted to a closed joint stock company on the 17th April 2014. The financial results disclosed in the quarter two for 2015 has three months for the current period commencing from 1st April 2015 to 30th June 2015 whereas the previous quarter information has the period commencing from 17th April 2014 to 30th June 2014. This is in conformity of the financial results of the company in its current legal status as a closed joint stock company. The net result of the company as compared to the current quarter and same quarter for previous year has a rise of 15%. The reason for the increase in the net results of the company is due to results of mixed elements of increase in revenue and expenses. The revenue has increased due to increase in the number of flights for the current quarter however with the following expenses the companys operating cost has increased marginally reducing the profit for the current quarter to represent a 15% increase:1.Introduction of International passenger terminal fee by GACA in the current year 2015 2.Increase in Medical cost contract by 33% per annum due to increased premium for additional coverage as required by ministry of health. |
| Reasons of increase (decrease) for period compared with same period last year | The Company from its limited liability status converted to a closed joint stock company on the 17th April 2014. The financial results disclosed in the quarter two for 2015 has six months for the current period commencing from 1st January 2015 to 30th June 2015 whereas the comparative information has the period commencing from 17th April 2014 to 30th June 2014. This is in conformity of the financial results of the company in its current legal status as a closed joint stock company. The current period recorded an increase in the business volume with the number of flights increasing when compared to previous period for last year. However, the company had to incur an extraordinary expense in the form of special bonus under royal decree in the current period for 2015. Further the current period has been effected by a 33% per annum increase in medical cost when compared to previous period. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The net result has increased by 57% as compared to the previous quarter in the same year. This is mainly due to the special bonus declared under Royal decree amounting to SAR 98 million paid in the month of February this has curtailed the first quarter profits. The company has a decline in the revenue in the current quarter as compared to the previous quarter mainly due to temporary closure and reduction in volume from its customers such as Libyan Airlines, Iran Air etc. |
| Reclassifications in quarterly financial results | Some prior period comparatives have been regrouped to conform to current period classification. This classification did not affect either the net profit or shareholders' equity of the period of comparison. |
| Other notes | 1.The Company has paid dividends of SAR 95 million up to the six month period as compared to SAR 106 million for the previous six months period. 2.Total net profit is increased as compared to current six months with previous period this after considering the special bonus under royal decree introduction of international passenger terminal fee and increase in medical cost for the current period. |
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.