Aseer Trading, Tourism and 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) | 4.4 | -48.1 | - | 3.7 | 18.92 |
| Gross profit (loss) | 153.3 | 124.9 | 22.74 | 139.5 | 9.89 |
| Operational profit (loss) | 38.7 | -16.2 | - | 25.1 | 54.18 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 28.7 | -83.1 | - |
| Gross profit (loss) | 461.8 | 426.1 | 8.38 |
| Operational profit (loss) | 116.7 | 7.8 | 1,396.15 |
| Earning or loss per share, Riyals | 0.23 | -0.66 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The generation of net income is due to the increase in gross income and the generation of income from operations resulting mainly from the decrease in loss from investments, in addition to decrease in selling and distribution expenses, decrease in general and administrative expenses, and decrease in zakat and income tax. |
| Reasons of increase (decrease) for period compared with same period last year | The generation of net income is due to the increase in gross income and income from operations resulting mainly from generation of income from investments, decrease in selling and distribution expenses, decrease in general and administrative expenses, in addition to generation of other income, generation of income from Murabaha and decrease in zakat and income tax. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increase in net income is due to the increase in gross income and income from operations resulting mainly from the increase in gross profit from sales in subsidiaries, decrease in general and administrative expenses, in addition to the decrease in financing cost. |
| Other notes | 1- Revenue from sales amounted to SR 504.2 million during the quarter compared to SR 519.2 million for the same quarter of the previous year representing a decrease of 2.9% 2- Revenue from sales amounted to SR 1391.5 million during the period compared to SR 1577.8 million for the same period of the previous year representing a decrease of 11.8% 3- The comprehensive loss attributable to the shareholders of the company amounted to SR 40.4 million, compared to a comprehensive loss of SR 129 million for the same quarter of the previous year representing in decrease in loss of 68.7%, and a comprehensive loss of SR 39.4 million for the previous quarter representing an increase in loss of 2.5% 4- The comprehensive loss attributable to the shareholders of the company amounted to SR 72.5 million for the period, compared to a comprehensive loss of SR 95.7 million for the same period of the previous year representing a decrease in loss of 24.2% 5- Shareholders equity excluding non-controlling interest, amounted to SR 2144.2 million for the current period, compared to SR 2,343.0 million as of December 31, 2016 representing a decrease of 8.5%, and SR 2,284.5 million for the same period of the previous year representing a decrease of 6.1% 6- The comparative figures have been reclassified to conform to the international financial reporting standards as the company has applied international financial reporting standards from January 1, 2017. Accordingly some changes have been made to the financial statements of the company on a number of items related to the measurement, recognition, presentation and disclosure method for the current period and the comparative period in compliance with the accounting policies adopted as per the requirements of the international financial reporting standards as adopted in the Kingdom of Saudi Arabia. Additional details can be found in disclosure 4.2 (First-time Adoption of International Financial Reporting Standards) in the accompanying disclosures to the preliminary condensed consolidated financial statements for the period ended September 30, 2017 |
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