| Reasons of increase (decrease) for quarter compared with same quarter last year |
Net loss attributable to Shareholders of the Company for the current quarter has increased as compared Net loss in same quarter last year, due to decrease in gross profit from 14.9% in same quarter last year to 11.4% in current quarter and also drop in rental revenues by 17.1% and paint revenues by 16.2%. However, the Company has implemented cost control measures resulting in a reduction in selling & marketing expenses by 19.4% and General & Administrative expenses by 20.4% as compared to same quarter last year primarily as a result of reduction in employee cost. The finance cost has increased by 19%. |
| Reasons of increase (decrease) for period compared with same period last year |
There was a Net loss of SAR 25.2M for six month period attributable to Shareholders of the Company as compared to Net profit of SAR 3M for the same period last year, due to decrease in gross profit from 17.6% in same period last year to 10.5% in current period and also drop in rental revenues by 20.2%, building revenues by 16.9% and paint revenues by 15.9%. However, the Company has implemented cost control measures resulting in a reduction in selling and marketing expenses by 22.5% and General and Administrative expenses by 12.8% primarily as result of reduction in employee cost. The finance cost has increased by 11.5% |
| Reasons of increase (decrease) for quarter compared with previous quarter |
Net loss attributable to Shareholders of the Company in the current quarter has decreased by 36% as compared to the Net loss in the previous quarter primarily due to increase in gross profit from 9.3% in previous quarter to 11.4% in current quarter, which has primarily resulted from increase in overall revenues by 36.2%. Total selling, marketing and administrative expenses have reduced by 1.6%. |
| External auditor's report containing reservation |
The external auditor has reviewed the consolidated interim financial statements and issued unmodified review report. |
| Other notes |
The sales revenue for the current quarter ended June 30, 2018 is SAR 201.2 million as compared to SAR 198.8 million during the same quarter last year, which represents a increase of 1.2%. Compared to sales revenues of SAR 147.7 million during the previous quarter, there was a increase of 36.2%.
The Comprehensive loss for the period attributable to Shareholders of the Company for the current quarter is SAR 10.6 million as compared to SAR 3.7 million for the same quarter of last year, which represents a increase in loss of 186.5%. Compared to SAR 15.5 million comprehensive loss for the previous quarter, there was a decrease in loss of 31.6%.
The Net Shareholders' Equity (excluding minority interest) as at June 30, 2018 is SAR 776.7 million as compared to SAR 894.1 million as at June 30, 2017, which represents an decrease of 13.1%. Compared to Net shareholders' Equity of SAR 789.0 million, there was decrease of 1.6%. |
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