| Reasons of annual financial results |
The main reasons for a decrease in the net profit are mainly due to net gain on the claim for expropriated land and premises amounted to SR 91.96 million recorded in same period last year and the decrease in fair value of derivative financial instruments. , however, the impact of above is partially offset by the increase in both gross and operating profits along with decrease in finance cost because of reduction in average borrowings level and average borrowings rates in the current period. |
| Reclassifications in annual financial results |
Certain numbers and elements for the comparative period 2016 was adjusted and re-classified to meet with the applied accounting policies for the current period 2017 which have been prepared according to the International Financial Reporting Standards (IFRS) as endorsed by SOCPA in the Kingdom of Saudi Arabia. For more details, please see the note 4 (First-time adoption of IFRS) in the Consolidated Financial Statements for the year ended December 31, 2017, as well as Condensed Consolidated Interim Financial Statement for the Three Months period ended March 31, 2017. |
| Other notes |
1-Sales revenues for the Period amounted to SR 771.01 Million compared to SAR 634.41 Million for the same period last year, with an increase of 22%2-Total comprehensive income for the Period amounted to SR 66.41 Million as compared to SR 93.51 Million for the same period last year, a decrease of 29%. The decrease in total comprehensive income for the current period compared to the same period of the previous year is due to the recording of a non-recurring profit of SAR 91.96 Million resulting from expropriation land and premises.3-The total shareholders' equity during the current period amounted to SR 722.38 Million compared to SR 693.47 Million for the same period last year, an increase of 4.17% (there are no minority rights). 4-The Company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Company's financial statements has been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the International Financial Reporting Standards as adopted in the Kingdom of Saudi Arabia. |
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