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Al Hassan Ghazi Ibrahim Shaker Co. announces the annual financial results for the period ending on 31-12-2016

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Element Current year Previous year % Change
Net profit (loss) 47,524 136,536 -65.19
Earning or loss per share, Riyals 0.75 2.17 -
Gross profit (loss) 397,964 434,857 -8.48
Operational profit (loss) 49,747 91,454 -45.6
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The decrease in current period net, Operational and Gross profits is due to the drop in sales by approximately 13 %, and increase in sales and distribution expenses by 7.7 Million to stimulate sales and to maintain the Company market share. In addition, there is decline in the income from share of results in associates by SR 34 million and an increase in the financial charges by SR 13.6 million despite an increase in other incomes by 4.4 million from sales of fully depreciated assets and reversal in provisions.
Other notes Due to reclassification made in the audited consolidated statement of income for the year ended 31 December 2016 as compared to reviewed consolidated statement of income for Q4 2016, Selling and distribution expenses decreased by SR 215K whereas the general and administration expenses increased by the same amount without impacting having impact on the net income. Due to reclassification made in the audited consolidated balance sheet for the year ended 31 December 2016 as compared to reviewed consolidated balance sheet for Q4 2016, total assets decreased by SR 1M whereas the total liabilities decreased by the same amount without impacting total equity. Total sales for the current period amounted SR 1,642.7 Million as compared to SR 1,886.5 Million for the same period last year, a decrease of approximately 13%. Total shareholders' equity as of December 31, 2016 amounted SR 1,071 Million, compared to SR 1,074 Million As of December 31, 2015, a decrease of 0.3 %.

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