| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year |
Key reason for improvement in Net Profit is due to the higher container volume handled by Ports Segment. Business at water segment has marginally slowed down due to the temporary pipeline damage which led to the suspension of service for several days. Despite higher operating expenses as well as finance charges due to increasing SAIBOR rates, the net profit is still higher due to the better performance of associate companies and cost rationalization in all subsidiaries during the third quarter. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter |
Key reason for the marginal decrease in Net Profit as compared with the previous quarter was due to decrease in revenue in Logistics and Water segments. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year |
Key reasons for decline in Net Profit as compared to same period of last year are as under:- Revenue is lower by about SR 23 million mainly due to decrease in inspection tariff by the port authority. Business activity in logistics segment has also slowed down.- Higher direct costs due to additional depreciation of port expansion completed at the end of 2017 and increase in government levies. Financial charges this year are higher and there was a one-off income of SR 11 million last year. |
| Type of the external auditor's opinion |
Unmodified opinion |
| Reclassifications in quarter financial result |
Financial Statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom. |
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