Tabuk Cement Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | -36.08 | 1.29 | - | -11.23 | -221.28 |
| Gross profit (loss) | -3.53 | 6.98 | - | -1.59 | -122.01 |
| Operational profit (loss) | -28.31 | 2.31 | - | -5.86 | -383.11 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -47.3 | 9.97 | - |
| Gross profit (loss) | -5.11 | 21.65 | - |
| Operational profit (loss) | -34.17 | 12.32 | - |
| Earning or loss per share, Riyals | -0.53 | 0.11 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The loss in the current quarter compared to a profit in the same quarter last year is due to the low selling price which related to competition strength although the quantities of sales increased and the high cost of sales which related to increase in depreciation and increase in financing costs in addition to a decrease of SR 12 million in clinker stocks as a result of re-evaluation and a decrease of SR 7.4 million in intangible assets. |
| Reasons of increase (decrease) for period compared with same period last year | The loss in the current period compared to a profit in the same period last year is due to the low selling price which related to competition strength although the quantities of sales increased and the high cost of sales which related to increase in depreciation and increase in financing costs in addition to a decrease of SR 12 million in clinker stocks as a result of re-evaluation and a decrease of SR 7.4 million in intangible assets. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The loss in the current quarter compared to a profit in the previous quarter this year is due to the low selling price which related to competition strength although the quantities of sales increased and the high cost of sales which related to increase in depreciation and increase in financing costs in addition to a decrease of SR 12 million in clinker stocks as a result of re-evaluation and a decrease of SR 7.4 million in intangible assets. |
| External auditor's report containing reservation | Type of Report of the External Auditor : Conclusion Qualified Opinion (As stated in Note 7, the Company discontinued the first production line when operating the new line. On June 30, 2018, the carrying amount of the first line of production in the statement of financial position amounted to SR 124 million and the spare parts of machinery and equipment item SR 25 million. The Company has prepared a study of impairment testing and recoverable value of the first production line, but it is not sufficient to determine whether there are any necessary adjustments to the carrying amount of this line and spare parts.The management of the company is currently preparing a new study taking into account all developments in the market if any such impairment is required in these interim condensed consolidated financial statements). |
| Reclassifications in quarterly financial results | Certain comparative figures have been adjusted to conform the presentation with current period. |
| Other notes | 1. Sales / revenues during the current quarter reached SAR 41.27 million compared to SAR 39.04 million for the same quarter last year, an increase of 5.72%. 2.Total comprehensive loss for the current quarter is SAR 36.08 million, compared to profit SAR 1.29 million for the same quarter last year and compared to a comprehensive loss of SAR 11.23 million for the preceding quarter. 3. Sales / revenues during the current period reached SAR 88.00 millioncompared to SAR 96.50 million for the same quarter of the previous year, a decrease of 8.80%. 4. Total comprehensive loss during the current period amounted to SAR 47.30 million, compared to profit of SAR 9.97 million for the same period last year. 5. Loss per share during the current period amounted to SAR 0.53, compared to profit of SAR 0.11 for the same period last year. 6. Total shareholders' equity (non-minority interest) as at the end of the current period reached SAR 1103.77 million, compared to SAR 1182.94 million for the same period of the previous year, a decrease of 6.69% and compared to SAR 1151.08 million for the end of the previous year31-12-2017, a decrease of 4.11%. 7. The accumulated losses amounted to SAR 18.82 million at the end of the period until 30 June 2018 rated 2.09% of the capital. |
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