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Saudi Transport & Investment Company (Mubarrad). announces the annual consolidated financial results for the period ending on 31-12-2016 (Twelve Months)

BATIC 4110 33.70% 2.42 0.61
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -17,342,234 12,612,844 - 6,293,214 -
Gross profit (loss) 16,921,534 21,274,610 -20.46 17,435,404 -2.95
Operational profit (loss) -2,287,797 15,202,372 - 8,588,043 -
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 14,455,883 51,313,754 -71.83
Gross profit (loss) 73,934,653 86,972,384 -14.99
Operational profit (loss) 27,830,453 65,338,756 -57.41
Earning or loss per share, Riyals 0.6 2.85 -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The main reason in decline in net income is due to the following: Decrease in the gross profit amounted to SR 4.4 million due mainly the decline in the operating revenue and increase in operating cost. the latter is due mainly to the increasein diesel price during the year 2016. Increase in general and administration expenses in amount of SR 13.1 million related to organizational restructuring charges across the group and the subsidiary company. The recognition of non temporary losses in securities & funds investments, amounted to SR 11.1 million.
Reasons of increase (decrease) for period compared with same period last year The decrease is mainly attributed to a decline in gross profits of 13 million as the comparable period included 17.7 million in profits booked from Real Estate operations. In addition, the decline can be further attributed to an increase in general and adminsistraiton expenses of 24.4 million related to organizational restructuring charges across the group and the subsidiary company during the year 2016.
Reasons of increase (decrease) for quarter compared with previous quarter The main reason in decline in net income is due to the following: Increase in general and administration expenses of SR 10.4 million due to organizational restructuring at the group and subsidiary levels The recognition of non temporary losses in securities & funds investments amounted to SR 11.1 million. Accumulation of the provision for lower value of property and equipment (Operating units) amounted to SR 1.8 million.
Reclassifications in quarterly financial results Certain prior period figures have been re-classified to conform with the presentation in the current period.
Other notes Revenue for the quarter ended December 31st 2016, amounted to SR 110 million compared to SR 118.3 for the same quarter of the last year, decrease equivalent to 7% revenue for the period ended at december 31st 2016, amounted to SR 442.1 million compared to SR 374.1 million for the same period of the last year, increase equivalent to 18.2% Total shareholders' equity (after exclusion of minority rights) as at December 31st 2016, SR 306.2 million compared to shareholders' equity as at December 31st 2015, SR 279.4 million, increase equivalent to 9.6% It is worth mentioning that the financial results in profit & loss statement for the year 2015 include the consolidation of the financial results of the subsidiary company (AMNCO) for the acquisition date in May 2015 with 95%. With respect to the increase in general and administration expenses due to the restructuring process at the organization and subsidiary during the year 2016, we would like to note that most of these expenses are considered as infrequent and will not continue in the future periods. Some items that had negatively affected the profitability in the fourth quarter are the recognition of non-temporary losses in securities & funds investments as well as the accumulation of provisions. Such items are considered as infrequent and will not continue in future periods. The profit per share has been counted based on 18 million shares for the year 2015 and 24 million shares for the year 2016 due to the increase in capital during the year 2016.

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