| Reasons of annual financial results |
The increase in net profit is due to the increase in sales of most of the departments as a result of the increase in the number of stores from 26 to 29 in addition to Medscan revenues. |
| Reclassifications in annual financial results |
comparative period figures has been reclassified to conform with current period classification numbers. |
| Other notes |
Sales and revenues during the current period amounted to SR 1455.93 million compared to SAR 1324.09 million for the same period last year with an increase of 9.96% Gross Comprehensive income for the current period amounted to SR 134.90 million compared to SAR 128.97 million for the same period last year with an increase of 4.60%. Medscan's sales for the current period amounted to SR 17.79 million compared to SAR 1.9 million for the same period last year with an increase of 836.32% and its net profit for the same period was SAR 4.59 million compared to SR 181 thousand for the same period last year with and increase of 2435.91% Saco had acquired Medescan on 24/11/2016 as part of the company's expansion plan to diversify sources of income. It is worth to mention that the comparative numbers of medscan for year 2016 representing the result of medscan from the acquistition date till the end of year 2016. 4 new showrooms were opened as follow: 1- Saco Al Kharj on 12/02/2017. 2- Saco World King Abdullah replacing Woroud store on 10/05/2017. 3- Saco Hafr Al Baten on 17/09/2017. 4- Saco World Dammam on 6/12/2017. Bringing the total number of Saco stores to 29 by the end of year 2017. Total shareholders 'equity (no minority interest) as at 31 December 2017 amounted to SR 599.50 million against total shareholders' equity (no minority interest) amounting to SR 506.60 million as at 31 December 2016, an increase of 18.34% The Company has adopted the International Financial Reporting Standards as of January 1, 2017. Accordingly, changes have been made to the Company's financial statements on a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the accounting policies adopted in accordance with the standards International Financial Report approved in Saudi Arabia. The consolidated financial statements of 2017 are the first annual consolidated financial statements prepared in accordance with IFRS as endorsed in the Kingdom. |
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