Taiba Holding Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)
ELEMENT |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
% CHANGE CURRENT |
PREVIOUS QUARTER |
% CHANGE PREVIOUS |
Net profit (loss) |
68.5 |
57 |
20.18 |
49.5 |
38.38 |
Gross profit (loss) |
71.9 |
64 |
12.34 |
70.5 |
1.99 |
Operational profit (loss) |
61.7 |
54 |
14.26 |
53.1 |
16.2 |
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT |
CURRENT PERIOD |
SIMILAR PERIOD FOR PREVIOUS YEAR |
% CHANGE |
Net profit (loss) |
118.1 |
259.3 |
-54.45 |
Gross profit (loss) |
142.4 |
137.9 |
3.26 |
Operational profit (loss) |
114.8 |
116.2 |
-1.2 |
Earning or loss per share, Riyals |
0.79 |
1.73 |
- |
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT |
EXPLAINATION |
Reasons of increase (decrease) for quarter compared with same quarter last year |
Main reason for the increase in net income compared to the same quarter last year was due to the improvement in both, operating revenues of hotels and commercial centers, and from returns of investments. |
Reasons of increase (decrease) for period compared with same period last year |
The main reason for the decrease in net income this period was due to the capital gain from the sale of Bakkah Arac hotel (owned by Arac - a subsidiary), and receipt of compensations for lands owned by Arac, expropriated in favor of the expansion of Prophet's Holy Masjid included in the results of the same quarter last year; in addition to the increase - in the current period - in cost of revenue and general & admin expenses, and the decrease in returns from long term investments due to declaration of distributions - and thus recording - of those returns in the first quarter 2015. |
Reasons of increase (decrease) for quarter compared with previous quarter |
Main reason for the increase in net income in the current quarter in comparison to the last quarter this year was due to the improvement in operating revenues of the hotels and commercial centers, the decrease in general & admin expenses, and the increase in returns from investments. |
External auditor's report containing reservation |
The Company would like to point out that the external auditor have made an observation in their audit report that reads: The Company owns long term equity investments in listed companies, the market values of some of which have declined as disclosed in note 3. The Company is regularly evaluating whether this decline is not temporary. Note 3 clarifies as follows: (These unrealized losses are recorded in the shareholders' equity, and the Company believes that the period of the decline is not long enough to give comfort that the decline is not temporary. Thus, the Company is reguraly evaluating this decline and will make the necessary adjustment if any when there is a clear evidence that the decline is not temporary). |
Reclassifications in quarterly financial results |
Some figures of the corresponding year 2015 were reclassified to facilitate comparisons with the current year 2016. |
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