Reasons of increase (decrease) for quarter compared with same quarter last year |
The decrease in net income this quarter compared to the same quarter last year was due to the decrease in operating revenues of the hotels & resorts, commercials centers, maintenance services,and returns from short-term investments, in addition to the decrease in returns from long term investments as a result of timing difference in dividend declarations, decline in rates of distributions, and recognition of Taiba share of losses from some investee companies. |
Reasons of increase (decrease) for period compared with same period last year |
The decrease in net income this period compared to the same period last year was due to the decrease in operating revenues of the hotels & resorts, commercials centers, maintenance services, and returns from short-term investments, in addition to the decrease in returns from long term investments due to timing difference in dividend declarations, decline in rates of distributions, and recognition of Tahiba share of losses from some investee companies, though other income increased as a result of reversal of collected doutful receivables. |
Reasons of increase (decrease) for quarter compared with previous quarter |
The increase in net income this quarter compared to the previous quarter this year was mainly due to the improvement in operating revenues of the hotels and residential centers, in addition to the recognition of returns from long term investments in this quarter compared to the previous quarter this year. |
Reclassifications in quarterly financial results |
The Company has adopted the international accounting standards as approved by SOCPA effective 1/1/2017. Accordingly, the presentation of the financials statements has changed and certain comparative figures has been reclassified for comparability. |
Other notes |
Sales revenue for the current quarter was SR. 131.39 million compared to SR. 138.80 million for the comparative quarter last year with a decrease of 5.34%, and compared to SR 118.25 million in the last quarter this year with an increase of 11.11%. Sales revenue for the current period was SR. 355.85 million compared to SR. 413.14 million for the comparative period last year with a decrease of 13.87%. Total comprehensive income for the quarter was SR.24.35 million compared to SR. 115.69 million for the same quarter last year with an decrease of 78.95% and compared to SR3.18 million in previous quarter this year with an increase of 665.72%. Total comprehensive income for the period was SR 53 million compared to 60.76 million for the same period last year with a decrease of 12.76%. Shareholders equity (Excluding non-controlling interests) at the end of the period was SR. 3.61 billion compared to SR. 3.59 billion at the end of the comparative period last year with an increase of 0.56% |
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