Halwani Bros. Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 20.4 | 13.7 | 48.91 | -15 | - |
| Gross profit (loss) | 71.1 | 91.2 | -22.04 | 76.6 | -7.18 |
| Operational profit (loss) | 30.5 | 42.6 | -28.4 | 27.4 | 11.31 |
| Earning or loss per share, Riyals | 0.71 | 0.48 | - | - | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | increase in net profit of current quarter compared to same quarter in last year is derived from: 1- decrease in general and administrative expenses in addition to sales and distribution expenses due to the impact of currency translation from Egyptian Pounds to Saudi Riyal despite the increase in financing expenses as a result of finishing the construction phase that was including financing expenses in first quarter of last year also the increase in Islamic Murabaha compared to first quarter in last year 2-Decrease in Forex losses in current quarter compared to same quarter in last year with value of 23.9 Million riyals as a result of devaluation Egyptian pounds versus foreign currencies in same quarter of last year also the decline in local sales and decline of sales in subsidiary company as a result of the impact o currency translation from Egyptian pound to Saudi Riyal despite the increase in subsidiary company sales in Egyptian pounds in current quarter regardless of the increase of depreciation expenses compared to same quarter of last year including non-recurring gains of 2.3 Million Riyal. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Achieved net profit of current quarter compared to previous quarter is derived from 1-Decrease in foreign currency losses in current quarter compared to previous quarter with value of 56.2 Million Riyal as a result of devaluation of Egyptian pounds versus US dollar during previous quarter also the decrease in local sales and decrease of subsidiary company sales due from the foreign currency translation from Egyptian Pound to Saudi Riyal despite the increase in subsidiary company sales in Egyptian pound during current quarter 2-Reverse of Tax expense in subsidiary company in previous quarter that was calculated in previous period in last year as a result of losses realization in Egyptian pounds in the subsidiary company |
| Reclassifications in quarterly financial results | An adjustment, re-issuance, presentation and classification of items , sections and clarifications of initial consolidation financial statements for comparative period to comply with accounting principles applied in issuance, presentation and clarifications of initial consolidated financial statements was done as per the international financial reporting standards accredited in Kingdom of Saudi Arabia in addition to other issuance and standards approved by the Saudi association of public accountants and for more information regarding the subject please refer to clarification no 4-2 ( compliance to international standards for the first issued financial report) in the notes attached to the initial consolidated financial statements for the period ended March 31st 2017 |
| Other notes | 1- Net sales in current quarter reached 203.5 Million riyal compared to 277.8 Million Riyal in same quarter of last year with a decline of 26.7% because of decrease in local sales and currency translation in subsidiary 2-Owners Equity (no minority interest) as of 31/03/2017 reached 550.8 Million Riyal compared to 592.5 Million Riyal as of 31/03/2016 with a decline of 7% 3-Comprehensive income belongs to company shareholders for current quarter reached 20.1 Million Riyal compared to 7.7 Million riyal in same quarter in last year with increase of 161% versus -108.2 Million Riyal in previous quarter |
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