| Reasons of increase (decrease) for quarter compared with same quarter last year |
The decrease in net profit due of revenue mainly from short rentals in addition to increase of cost of revenue. Even though the lease revenue has partly compensated the loss of short rental revenue. Also the number of vehicles sold along with net gain on sale is low due to vehicles sales volume and mix. |
| Reasons of increase (decrease) for quarter compared with previous quarter |
The net profit for the quarter is higher compared to preceding quarter mainly due to high net gain on sale of vehicles by almost SR 5 Million. In addition the bad debts provision for this quarter is just SR 600,000 compared to SR 3.6 M in preceding quarter along with better cost control in all the other indirect expenses. |
| Reclassifications in quarterly financial results |
Certain comparative figures have been reclassified to conform to the current period's presentation according to International Financial Reporting Standards (IFRS). |
| Other notes |
1-The revenue of the current quarter is SR 299 million compared to SR 300 million for the same quarter last year with decrease of 0.33%. 2-The Total Comprehensive Income during the current Quarter is SR 42.47 million compared to SR 48.79 million for same quarter last year with decrease of 13% and compared to SR 32.19 million for previous quarter with increase of 32%. 3-The shareholders equity (minatory Interests are not available for current period) for the current period is SR 1037 Million compared to SR 950 Million (minatory Interests are not available for current period) for same period last year with increase of 9%. 4-The decrease of Gross profit in current quarter compared to same quarter last year was mainly due to the decrease of revenue from short rentals in addition to increase of cost of revenue. Even though the lease revenue has partly compensated the loss of short rental revenue. Also the number of vehicles sold along with net gain on sale is low due to vehicles sales volume and mix. 5-The decrease of Income from operation in current quarter compared to same quarter last year was mainly due to comparatively reduction in other income by 3.4M for the quarter along with increase in utility and other general and admin expenses. 6-The increase of income from operation for the quarter is higher compared to preceding quarter mainly due to high net gain on sale of vehicles by almost SR 5 Million. In addition the bad debts provision for this quarter is just SR 600,000 compared to SR 3.6 M in preceding quarter along with better cost control in all the other indirect expenses. 7- These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard, Interim Financial Reporting (IAS 34) as endorsed in KSA. These are also the Groups first interim condensed consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for part of the period covered by the first annual financial statements prepared in accordance with IFRS as endorsed in KSA and other standards and pronouncements that are issued by the Saudi Organization for Certified Public Accountants (SOCPA), and accordingly International Financial Reporting Standard, First-time Adoption of International Financial Reporting Standards (IFRS 1) as endorsed in KSA has been applied. Refer to note 5 for information on the first time adoption of IFRS as endorsed in KSA, by the Group. The interim condensed consolidated financial statements do not include all the information and disclosures required in annual consolidated financial statements to be prepared in accordance with IFRS as endorsed in KSA and other standards and pronouncements that are issued by the SOCPA, which would be produced for year ending 31 December 2017. In addition, results for the interim period ended 31 March 2017 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2017. 8- Earnings per share for the three months period ended 31/3/2017, 31/3/2016 have been computed by dividing the net income for the period by 61 million shares (including bonus shares) according to previous approval from EGM dated 5-5-2016 |
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