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Eastern Province Cement Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

EPCCO 3080 -3.81% 35.35 -1.40
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 19 35 -45.71 17 11.76
Gross profit (loss) 38 41 -7.32 32 18.75
Operational profit (loss) 21 28 -25 17 23.53
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 35 86 -59.3
Gross profit (loss) 70 101 -30.69
Operational profit (loss) 38 68 -44.12
Earning or loss per share, Riyals 0.41 1 -
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 operating profit is due to the decrease in the quantity and value of sales of precast concrete as a result to decrease demand in the local market and increase of general and administrative expenses, while the decrease in net profit is due to decrease operating profit, decrease other income and increase provision of Zakat.
Reasons of increase (decrease) for period compared with same period last year The decrease in operating profit is due to the decrease in the quantity and value of sales of cement and precast concrete as a result of the decrease in demand in the local market and the intensity of competition. The decrease in net profit is due to the decrease in operating profit, the decrease in other income, the increase in other expenses, decrease the results of associated company, and increase provision of Zakat.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in operating profit is due to an improvement in sales of the quantity of precast concrete, the increase in net profit as a result to increase operating profit and decrease other expenses.
Reclassifications in quarterly financial results Some comparative figures relating to the transition to IFRS 15 have been reclassified to conform to current period presentation (note 5A.1)
Other notes 1. Sales of the current quarter amounted to SAR 152 million, compared to SAR 159 million for the corresponding quarter of the previous year, a decrease of 4.4% and compared to SAR 139 million for the previous quarter, an increase of 9.3%

2. Sales of the current period amounted to SAR 290 million compared to SAR 362 million for the same period of the previous year, a decrease of 19.9%

3. Total comprehensive income of the current quarter amounted to SAR 35 million, compared to SAR 33 million for the corresponding quarter of the previous year, an increase of 6% and compared to SAR 28 million for the previous quarter, an increase of 25%

4. Total comprehensive income of the current period amounted to SAR 63 million compared to SAR 87 million for the corresponding period of the previous year, a decrease of 27.6%

5. Total shareholders' equity (Minority interests are not available) at the end of the current period amounted to SAR 2,191 million, compared to SAR 2,194 million for the same period of previous year, a decrease of 0.1% and compared to SAR 2,214 million for the period ended 31 December 2017

6. The Company has adopted International Financial Reporting Standards (IFRS) No. 9 and No. 15 effictive of 1 January 2018

7. The External Auditor examined the preliminary financial statements and issued an unmodified conclusion examination report.

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