Saudi Paper Manufacturing Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | -3.1 | -21.5 | 85.58 | -3.8 | 18.42 |
| Gross profit (loss) | 31.2 | 16.7 | 86.83 | 30.9 | 0.97 |
| Operational profit (loss) | 6.3 | -11.6 | - | 5.2 | 21.15 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -13.3 | -36.1 | 63.16 |
| Gross profit (loss) | 89.7 | 76.4 | 17.41 |
| Operational profit (loss) | 13.7 | -9.4 | - |
| Earning or loss per share, Riyals | -0.31 | -0.81 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Net loss decrease by 85% compared with same quarter of last year due to higher gross margin in value and percentage and decrease in administrative and general expenses and other Expenses. |
| Reasons of increase (decrease) for period compared with same period last year | Net loss decrease by 63% compared with same period of last year due to higher gross margin in value and percentage, in addition to decrease in administrative and general expenses. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Net loss decrease by 17% compared with previous quarter is mainly due to decrease in administrative and general expenses, financial charges and other expenses, which was offseted by decrease in share of profit of an associates. |
| Reclassifications in quarterly financial results | Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 13 (Effect of IFRS standards adoption) in the Interim Consolidated Financial Statements for the period ended in 30 September 2017. |
| Other notes | Sales increased by 37% to SAR 138.4 MM in quarter 3 compared to SAR 100.7 MM in the same quarter of last year and sales YTD increased by 5% to SAR 388.4 MM in the current period compared to SAR 371.1 MM for the same period of last year as a result of significant increase in sales of jumbo tissue rolls and enhancing the efficiency of productivity, in addition to reduction in administrative and general expenses. Total owners comprehensive loss in Quarter 3 is SAR 6.7 MM, compared to loss of SAR 3.5 MM in Quarter 2 of this year and compared to loss of SAR 20.2 MM in same quarter of last year which improved by 66.8%, and total owners comprehensive loss for the period is SAR 10.6 B5MM compared to loss of SAR 35.0 MM for the same period of last year with a decrease of 69.7%. Total shareholders equity (after excluding minority interest) as at September 2017 decreased by 14% to SAR 325 MM compared to SAR 376 MM in same period of last year. Loss per share decreased to SAR 0.31 compared to SAR 0.81 in previous period. Accumulated losses at end of this period amounted to SAR 165.5 MM, which represent 36.7% of share capital as a result of the financial impact from the application of IFRS in addition to the operating losses for the year 2016 and the period of 2017. The company developed the necessary plans to reduce these losses gradually and return to profitability by increasing sales, reducing expenses, and increasing operational efficiency. Accordingly, the company followed the procedures and instructions issued by the Capital market Authority related to the public companies listed on the market, which have accumulated losses over 35% of its capital as stipulated by the Board of the Capital Market Authority, Resolution No. 1-130-2016 dated 24/10/2016. |
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