Saudi Real Estate Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

18 January 2017 03:28 PM

ALAKARIA 4020 -0.50% 11.90 -0.06

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	26.09	29.42	-11.32	19.84	31.5
Gross profit (loss)	60.72	52.37	15.94	51.75	17.33
Operational profit (loss)	53.59	42.01	27.56	33.08	62
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	91.54	147.62	-37.99
Gross profit (loss)	216.86	194.91	11.26
Operational profit (loss)	174.55	165.72	5.33
Earning or loss per share, Riyals	0.76	1.23	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The decline in net profit due to increase in financing fees of SAR 12.3 million. The increase in gross profit and operating profit due to increase in rental income of SAR 6 million and sale of land with realizing a net profit of SAR 9.4 million.
Reasons of increase (decrease) for period compared with same period last year	The decline in net profit is due to increase financing fees of SAR 74.6 million. The increase in gross profit and operating profit is due to increase rental income of SAR 24 million and sale of land with realizing a net profit of SAR 9.4 million.
Reasons of increase (decrease) for quarter compared with previous quarter	The net profit increase due to sale of land with realized a net profit of SAR 9.4 million. Also due to recognize provision of doubtful debts is SAR 8.6 million in the previous quarter.
Other notes	The total revenue of last quarter December 31, 2016 of SAR 89.51 million, an increase equivalent to 24% of sales revenues compare to the same quarter of last year, which totaled SAR 72.30 million. Sales revenue for the period ended at December 31, 2016 amounted to SAR 314.47 million, an increase equivalent to 13% compared to revenues of sales for the same period last year, which totaled SAR 278.89 million. Total Shareholders equity (There are no minority interests) as at December 31 2016 SAR 3,407 million compared to Shareholders equity (There are no minority interests) amounting to SAR 3,425 million as at December 31, 2015, a decreased of 1%.

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