All figures are in (Millions) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss)
437.45
581.67
-24.79
Gross profit (loss)
696.98
760.58
-8.36
Operational profit (loss)
428.48
579.21
-26.02
Earning or loss per share, Riyals
2.33
3.09
-
All figures are in (Millions) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year
The net profit compared to last year same quarter has declined by SAR 33.7 million because of a decrease in revenue by SAR 44 million due to changes/revision in certain service charges and an increase in general and administrative expense by SAR 8.2 million (mainly from increase in provisions compared to last year same quarter). Also, Finance income has reduced by SAR 2.6 million.The impact of the reduction in revenue and the increase in general and administration expenses has been offset by the reduction in operating cost by SAR 20.5 million.
Reasons of increase (decrease) for period compared with same period last year
The net profit compared to last year same period has declined by SAR 144.2 million because of a decrease in revenue by SAR 119.2 million due to changes/revision in certain service charges and an increase in general and administrative expense by SAR 87.1 million (mainly due to increase in provisions for the period). There is a decrease in operating cost by SAR 55.6 million due to release of excess accruals based on settlement and also reduction in some other operational expenses. Further, finance income increased by SAR 4.2 million for the period.
Reasons of increase (decrease) for quarter compared with previous quarter
The net profit compared to previous quarter has increased by SAR 37.8 million mainly due to the increase in revenue by SAR 38 million (which includes revenue from hajj). Although the general and administrative expense has decreased by SAR 57.6 million as the previous quarter included additional provisions, the operating cost has increased by SAR 56.8 million due the release of excess accruals in the previous quarter and also due to Haj expenses in the current quarter.
Reclassifications in quarterly financial results
Items, elements and notes of the comparatives Condensed Interim Financial Statements have been re-displayed, regrouped and reclassified 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 14 (Explanation of Transition to IFRS standards adoption) in the Interim Condensed Financial Statements for the period ended in 30 September 2017.
Other notes
Total revenue for the current quarter amounted to SAR 697.3 million compared to SAR 741.3 million for the same quarter of the previous year which is a decrease of 5.9%. The revenue for the current period amounted to SAR 2,000.3 million compared to SAR 2,119.5 million for the last year same period which is a decrease of 5.62%. The comprehensive income for the current quarter is SAR 160 million compared to SAR 193.7 million for the same quarter last year which is a decline of 17.38% and compared to previous quarter comprehensive income of SAR 122.3 million there is a increase of 30.9%. The comprehensive income for the current period amounts to SAR 437.4 million compared to SAR 581.7 million for the same period last year which is a decrease of 24.8%. The Company has no minority interest with total shareholders' equity reaching to SAR 2,925.4 million for the current period compared to SAR 2,976.7 million for the same period of the previous year which is a decrease of 1.72%
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