Al Hassan Ghazi Ibrahim Shaker Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | -20,554 | -14,890 | -38.04 | -85,883 | 76.07 |
| Gross profit (loss) | 52,769 | 58,806 | -10.27 | 5,322 | 891.53 |
| Operational profit (loss) | -6,874 | -22,674 | 69.68 | -77,125 | 91.09 |
| Earning or loss per share, Riyals | -0.33 | -0.24 | - | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Net losses for the current quarter increased compared to the previous corresponding period due mainly to the sharp drop in sales by 25.5%. The drop in sales was due to the reduction in demand specifically for AC and Home Appliances also reduced share of results from associates by SR 16.2 Million. Given the decrease in sales, gross profit for the current quarter went down by 10.3% compared to the corresponding previous quarter from last year. Due to the decrease in operating and other expenses compared to the corresponding previous quarter, operating loss also decreased. The corresponding quarter of last year contained a SR 5.1 million provision for doubtful debts. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The decrease in the current quarterly loss for net and operating level and increase in gross profit are mainly due to the following: 1) increase in sales by 3.5%. 2) decreases noted in cost of goods specially that previous quarter contained inventory provision by SR 15.4 million. 3) operating and other expenses decreased by 27.7%, company made in previous quarter provisions for doubtful debts by SR 27.2 million. 4) an improvement in share of Associate loss by SR 2.5 Million in comparison to the previous quarter. |
| Reclassifications in quarterly financial results | The comparative figures 2017 of the Condensed Consolidated Interim Financial Statements have been reclassified to meet the current year classification according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. |
| Other notes | Total revenue for the current quarter amounted to SR 214.8 Million as compared to SR 288.3 Million for the same quarter of the previous year, with a decrease of 25.5%. Total shareholders equity (excluding minority interests) as of March 31, 2018 amounted to SR 853.8 Million, compared to SR 1,029 Million as of March 31, 2017, with a decrease of 17 %. Total comprehensive loss attributable to owners of the Company for the current quarter amounted to SR 20.5 Million as compared to SR 14.9 M for the same quarter of last year an increase of 37.5%. The total comprehensive loss attributable to owners of the company for quarter 4 amounted to SR 84.6 Million in comparison to total comprehensive loss attributable to owners of the Company for quarter 1 2018 SR 20.5 Million which is drop in losses by 75.8% from quarter 4 2017 to quarter 1 2018. The company applied IFRS 15 and IFRS 9 starting from 1 January 2018 there is no material impact on the Company financial statements as a result of these changes. the company has shown improvement in control of expenses and has improved the working capital. |
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