| Reasons of increase (decrease) for quarter compared with same quarter last year |
The increase in gross profit and operating profit are mainly due to the increase in the quantity and value of sales, increase in the average selling prices, the lower cost of sales per ton, decrease in selling and distribution expenses, general and administrative expenses, and the increase in other income, despite the decline in the fair value of derivative financial instruments.Further, the operating loss for same quarter of previous year (previously year reported numbers) is changed to operating profit mainly due to the reclassification of fair value gain on derivative financial instruments and other expenses, net (which was earlier classified in SOCPA after operating profit) as well as some IFRS adjustments. |
| Reasons of increase (decrease) for period compared with same period last year |
The decline in the net profit was due to a non-recurring profit recorded in the same period of 2016 amounting to SR 91.96 Million on claim for expropriated land and premises, as well as higher financing expenses, despite decrease in zakat expenses.The increase in the operating profit are mainly due to the decrease in the selling and distribution expenses, general and administrative expenses and increase in other income, despite a decline in the fair value of derivatives. |
| Reasons of increase (decrease) for quarter compared with previous quarter |
The reasons for the increase in net profit, gross profit and operating profit are the increase in the value of sales due to the increase in average selling prices, lower sales and distribution expenses and increase in other revenues. Despite the increase cost of sales per ton, as well as, general and administrative expenses. |
| Reclassifications in quarterly financial results |
Certain comparative figures were reclassified to conform to the presentation for the current period as a result of the transition to IFRS. |
| Other notes |
Sales revenues for the quarter reached SR 186.72 Million compared to SAR 164.82 Million for the same quarter last year, an increase of 13.20% compared to 166.50 for the previous quarter, an increase of 12.17%. Sales revenues for the current period amounting to SR 353.22 Million compared to SAR 341.36 Million for the corresponding period, an increase of 3.47%. Total comprehensive income for the quarter reached to SR 18.18 Million as compared to SR 87.96 Million for the same quarter last year, a decrease of 79.34% compared to a total comprehensive income of SAR 3.25 Million for the previous quarter, an increase of 459%, total comprehensive income for the current period is SR 21.43 Million compared to SR 104.39 Million for the same period last year, a decrease of 79.47%. The decrease in total comprehensive income for the current quarter and the current period compared to the same quarter of the previous year and the same period of the previous year is due to the recording of a non-recurring profit of SAR 91.96 Million resulting from expropriation land and premises. The total shareholders' equity during the current period amounting to SR 677.39 Million compared to SR 704.35 Million for the same period last year, a decrease of 3.83% (there are no minority rights). The Company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Company's financial statements has been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the International Financial Reporting Standards as adopted in the Kingdom of Saudi Arabia |
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