| Reasons of annual financial results |
The reason for the increase in net loss for the year 2017 compared with last year 2016 is due to the decrease in the sales numbers and the increase in cost of sales due to the increase in raw material prices, in addition to the increase in selling and distribution expenses due to the creation of additional provisions, despite the decrease in the financial charges and the general and administrative expenses. |
| Reclassifications in annual financial results |
Certain figures have been reclassified to comply with the current period presentation of the financial statements. Also, Certain figures have been modified to meet IFRS standards. |
| Other notes |
The sales for the year 2017 amounted to SAR 1248.4 million compared to SAR 1415.5 million of the year 2016, a decrease of 11.8%. The total comprehensive loss for the year 2017 amounted to SAR 173.1 million while the total comprehensive loss was SAR 104.1 million for the same quarter last year, an increase of 66.3%. The accumulated losses for the year 2017 amounted to SAR 186.2 million, representing 19.6% of the company's share capital. The total shareholders' equity for the year 2017 amounted to SAR 739.7 million compared to SAR 912.9 million for the year 2016, a decrease of 18.9%. The calculation of the loss per share was calculated based on the increase in capital share that was approved by the Extra Ordinary General Assembly Meeting conducted on 21/9/2016 from 35 million shares to 95 million shares. The loss per share for the year 2017 was calculated by dividing the net loss 168235000 on the weight average number of shares 95,000,000. The implementation process of the IFRS approved by SOCPA was into force since 1/1/2017. |
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