All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Sales/Revenue
1,982,388
2,000,300
-0.895
Total Profit (Loss)
536,740
696,976
-22.99
Profit (Loss) Operational
304,380
428,477
-28.962
Net Profit (Loss) after Zakat and Tax
312,056
437,446
-28.664
Total Comprehensive Income
312,056
437,446
-28.664
Total Share Holders Equity (after deducting minority equity)
2,817,521
2,872,065
-1.899
Profit (Loss) per Share
1.66
2.33
All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year
The net profit for the current quarter decreased by SAR 67.4 million despite an increase in the revenue by SAR 3.4 million. This is because the operating cost has increased by SAR 64.7 million due to the introduction of the cost of living allowance, increase in regulatory expenses (i.e. increase in labour office fee and implementation of ministry of labour requirements, compliance with royal decree), increase in fuel and utilities and other operating expenses. The G&A has increased by SAR 12.3 million due to increase in provisions and consultancy expenses. Further zakat expenses has decreased by SAR 5 million and other income has improved by SAR 1 million.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The net profit for the current quarter has declined by SAR 20 million compared to previous quarter despite an increase in the revenue by SAR 40.8 million due to Hajj season. However, the operating cost increased by SAR 63.7 million due to seasonal expenses, increase in regulatory expenses and other operating costs. G&A has increased by SAR 3.5 million due to increase in provisions. Moreover Zakat expenses have declined by SAR 5.3 million and other income has improved by SAR 1.1 million.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year
The net profit for the current period has declined by SAR 125.4 million compared to similar period of the previous year. This is because revenue declined by SAR 17.9 million due to price reduction and increase in the operating cost by SAR 142.3 million due to the cost of living allowance provided to staff, increase in regulatory expenses (i.e. increase in labour office fee and implementation of ministry of labour requirements, compliance with royal decree), increase in fuel and utilities and other operating expenses. G&A expenses has reduced by SAR 36.1 million due to the reduction in the provisions compared to previous year corresponding period. Further Zakat expenses and share of income from equity accounted investee has dropped by SAR 6 million and SAR 7.6 million respectively .
Type of the external auditor's opinion
Unmodified opinion
External auditor's report containing reservation
The external auditors have reviewed the condensed interim financial statements and their opinion is unmodified
Reclassifications in quarter financial result
Certain comparative figures for the previous period have been reclassified to be consistent with the presentation of the current period
Comments