Abdullah Al Othaim Markets Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 71.21 | 49.76 | 43.11 | 60.15 | 18.39 |
| Gross profit (loss) | 356.88 | 312.31 | 14.27 | 320.13 | 11.48 |
| Operational profit (loss) | 63.03 | 44.78 | 40.75 | 64.28 | -1.94 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 131.36 | 96.38 | 36.29 |
| Gross profit (loss) | 677.01 | 577.78 | 17.17 |
| Operational profit (loss) | 127.31 | 94.9 | 34.15 |
| Earning or loss per share, Riyals | 2.92 | 2.14 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Consolidated net income increased by 43.11% compared with the same quarter of the previous year due to growth in sales of existing and new branches by 9.56% and improvement in gross margin, as well as the increase in rent revenues due to adding new leasable spaces from real estate activities and operating Hail mall before completing the sale process pursuant to the GA resolution. In addition, subsidiaries and associates performance has improved because of stopping some loss making activities. |
| Reasons of increase (decrease) for period compared with same period last year | Consolidated net income increased by 36.29% for the first half of 2017, compared with the corresponding period of the previous year, due to growth in sales of existing and new branches by 12.80% and improvement in gross margin, as well as the increase in real estate revenues due to adding new leasable spaces and operating Hail Mall before completing the sale process pursuant to the GA resolution . In addition, subsidiaries and associates performance has improved because of stopping some loss making activities. The results of the corresponding period included includes a fire incident loss occurred at one of the manufacturing facilities of an associate, the financial impact of which amounting SR 8.6 million. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Consolidated net income increased by 18.39% compared with the first quarter of the current year due to sales increase by 15.44%, as a result of the occurrence of Ramadan season in the second quarter, in addition to the increase in real estate revenues as a result of adding new leasable spaces and operating Hail mall before completing the sale process pursuant to the GA resolution. Also, the results of the first quarter included a fire incident loss occurred at one of the branches at a sum of SR 3.5 million. The claim to reimburse the damages was submitted to the insurance company and is under review. |
| Reclassifications in quarterly financial results | Comparative figures have been restated to be consistent with the presentation of the current period in accordance with IFRS adopted in the Kingdom of Saudi Arabia along with the other standards and releases adopted by SOCPA. The adoption of IFRS has resulted in a decrease in the net income of the corresponding period by SR 923,949 and a decrease in shareholders equity by SR 5,188,815. These changes are mainly attributable to the application of IAS 19 - Employee Benefits, as well as the discontinuance of consolidating the financial statements of a subsidiary with the Group's consolidated financial statements, where the control terms over the subsidiary were not fulfilled in accordance with IFRS 10. |
| Other notes | 1. Total sales for the current quarter is SR 2,165.24 million against SR 1,976.23 million for the same quarter last year with a growth of 9.56% and against SR 1,875.71 million for the previous quarter with a growth of 15.44%. 2. Total sales for the current period is SR 4,040.95 million against SR 3,582.38 million for the same period last year with a growth of 12.80%. 3. Total comprehensive income for the current quarter is SR 70.13 million against SR 50.25 million for the same quarter last year with an increase of 39.56% and against SR 59.60 million for the previous quarter with an increase of 17.67%. 4. Total comprehensive income for the current period is SR 129.73 million against SR 94.73 million for the same period last year with an increase of 36.95%. 5. Total shareholders' equity -net of non-controlling interest- as at the end of the current period is SR 1,273.08 million against SR 1,105.10 million at the same date last year with a growth of 15.20%. |
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