Saudi Company for Hardware announces the interim financial results for the period ending on 31-03-2018 (Three Months)

09 May 2018 04:13 AM

SACO 4008 34.34% 35.60 9.10

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	14.59	30.76	-52.57	40.99	-64.41
Gross profit (loss)	53.81	62.01	-13.22	84.88	-36.6
Operational profit (loss)	17.55	33.38	-47.42	45.62	-61.53
Earning or loss per share, Riyals	0.61	1.28	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The decrease in net profit is due to: - Decrease in revenues - Increase in the Cost of Revenue that reduced the gross profit. - Increase in the G&A expenses - Increase in the Zakat Expenses
Reasons of increase (decrease) for quarter compared with previous quarter	the decrease in current quarter revenues compared to previous quarter is due to: -seasonality of sales -Increase in the G&A Expenses -Decrease in the other income
Reclassifications in quarterly financial results	comparative period figures has been reclassified to conform with current period classification numbers.
Other notes	Sales and revenues during the current quarter amounted to SAR 321.67 million compared to SAR 326.29 million for the same quarter last year with a decrease of 1.42% and SAR 429.85 million for the previous quarter with a decrease of 25.17% Gross Comprehensive income for the current quarter amounted to SR 14.59 million compared to SAR 30.76 million for the same quarter last year with a decrease of 52.57% and SAR 40.99million with a decrease of 64.41% Medscan's sales for the current quarter amounted to SR 5.59 million compared to SAR 3.36 million for the same quarter last year with an increase of 66.87% and its net profit for the current quarter was SAR 0.73 million compared to SR 0.79 million for the same quarter last year with a decrease of 7.59% Total shareholders 'equity (no minority interest) as at 31 March 2018 amounted to SR 575.54 million against total shareholders' equity (no minority interest) amounting to SR 537.36 million as at 31 March 2017, an increase of 7.11% 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.

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