Asharqiyah Development 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) | -4,663,582 | -5,697,559 | 18.15 | -3,867,492 | -20.58 |
| Gross profit (loss) | -989,007 | -1,396,587 | 29.18 | -2,041,407 | 51.55 |
| Operational profit (loss) | -2,128,510 | -2,406,975 | 11.57 | -2,894,381 | 26.46 |
| All figures are in Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -12,130,195 | -11,759,618 | -3.15 |
| Gross profit (loss) | -5,067,855 | -5,822,101 | 12.95 |
| Operational profit (loss) | -8,107,297 | -9,209,297 | 11.97 |
| Earning or loss per share, Riyals | -1.62 | -1.57 | - |
| All figures are in Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reasons for the decrease in net losses during the current quarter compared to the same quarter of last year is due to: First The decrease in operating costs from SR 2.4 million to SR 2.12 million (12% decrease) from the same quarter of last year due to the liquidation of of the dairy business line during the quarter. Second The decrease in selling and distribution costs for this quarter compared to the same quarter of last year as a result from liquidating the dairy businessline. Third The company recorded a capital loss of SR 2.86 million as a result of selling the cow herd compared to extraordinary losses of SR 3.98 loss of the same period of last year incurred from the main warehouse fire. |
| Reasons of increase (decrease) for period compared with same period last year | The reasons for the increase in net losses during the current period compared to the same period of the previous year: First Sales decreased from SR 6.05 million to SR 1.07 million (82% decrease) due to the sale of the cow herd. Second Decrease in General expenses from SR 11.87 million to SR 6.14 million (48% decrease). However the company achieved operating losses of SR 8.1 million compared to operating loss of SR 9.2 million for the same period last year constituting a decrease of 13%. Third The company achieved a net loss of SR 12.13 million compared to a net loss of SR 11.76 million for the same period last year equivalent to an increase of 3% due to the capital losses of SR 5.6 million resulted from selling the cow herd this period. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reasons for the increase in net losses during the current quarter compared to the previous quarter is: First The reduction in sales from SR 0.40 million to SR 0.22 million equivalent to a 47% decline. Second The increase in administration costs from SR 0.85 million to SR 1.14 million for the current quarter which is equivalent to an increase of 34% due to the Saudization of some managerial jobs. Third the company incurred an increase in capital losses from SR 1.66 million for current quarter comapared to SR 2.68 million from the previous quarter due to the selling of remaining cow herd which caused an increase in the net losses from SR 3.87 million to SR 4.66 million which is an increase of 21%. |
| Other notes | Total revenues for the current quarter amounted to SR 0.21 million compared to SR 2.3 million for the same quarter of last year (90% decrease). Total revenues for the current period amounted to SR 1.07 million compared to the total revenues of SR 6.2 million for the same period of last year (82% decrease). The shareholders' equity (no minority interest) at the end of the current period amounted to SR 223.89 million compared to SR 28.44 million of the same period of the previous year (787% increase). The net comprehensive losses for the current quarter amounted to SR 4.66 million compared to SR 5.7 million for the same quarter of the previous year (18% decrease). The net comprehensive losses during the current period amounted to SR 12.1 million compared to losses of SR 11.7 million of the same period of last year (3.1% increase). The net comprehensive losses during the current quarter amounted to SR 4.66 million compared to losees of SR 3.86 million of the previous quarter (20% increase) Finally, the company converted its accounting standards to the IFRS starting January 1st, 2017. |
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