Al Hassan Ghazi Ibrahim Shaker Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )
Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
---|---|---|---|---|---|
Sales/Revenue | 173,980 | 202,885 | -14.246 | 212,361 | -18.073 |
Total Profit (Loss) | 27,292 | 27,343 | -0.186 | 41,063 | -33.536 |
Profit (Loss) Operational | -31,188 | -38,664 | -19.335 | -29,764 | 4.784 |
Net Profit (Loss) after Zakat and Tax | -44,919 | -49,172 | -8.649 | -36,647 | 22.572 |
Total Comprehensive Income | -44,919 | -49,172 | -8.649 | -36,647 | 22.572 |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Sales/Revenue | 601,211 | 826,332 | -27.243 |
Total Profit (Loss) | 121,124 | 154,415 | -21.559 |
Profit (Loss) Operational | -67,826 | -76,347 | -11.16 |
Net Profit (Loss) after Zakat and Tax | -102,120 | -85,156 | 19.921 |
Total Comprehensive Income | -102,120 | -85,156 | 19.921 |
Total Share Holders Equity (after deducting minority equity) | 772.2 | 959.03 | -19.481 |
Profit (Loss) per Share | -1.62 | -1.35 | |
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 | Net losses for the current quarter decreased compared to the corresponding quarter in 2017, as a result of improvements to the Groups gross margin and the successful delivery of reduced operating expenses. This shows that initiatives for reducing operating expenses in line with managements business optimization program are already taking effect. General and administrative expenses were reduced by SAR 1.6 million, resulting from the achievement of lower employee costs. Costs were further reduced by SAR 0.7 million decrease in financing expenses as compared with the same quarter in 2017. In the current quarter there losses have increased by SAR 6.4 million in the share of results from associates compared to the corresponding quarter of last year. |
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | On a quarterly basis, the increased in net loss resulted from decreased sales, which fell by 18.1% compared to the previous quarter. The pressure on sales is explained by muted customer demand and a stagnant real estate and construction sector. In line with managements ongoing program for achieving improved operating efficiencies, general and administrative expenses decreased by SAR 7.3 million, with selling and distribution expenses decreasing by SAR 6.5 million compared with the previous quarter. |
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | Net losses for the period increased compared to the same period in 2017. This was mainly due to a decrease in sales of 27.2%, resulting from sustained market headwinds that include increased competition, reduced customer demand, and reduced spending on real estate and construction projects in Saudi Arabia. The Company was successful in reducing general and administrative expenses by 11.4% for the nine-month period ended 30 September 2018, as compared to the corresponding period in 2017. Selling and distribution expenses decreased by 12.8%, while other expenses decreased by SAR 14.2 million. |
Type of the external auditor's opinion | Unmodified opinion |
Reclassifications in quarter financial result | The comparative figures for 2017 of the Condensed Consolidated Interim Financial Statements have been reclassified to meet the current year classification according to International Financial Reporting Standards (IFRS), which are endorsed in the Kingdom of Saudi Arabia. |
Additional Information | The Company applied IFRS 15 and IFRS 9, starting from 1 January 2018, and there is no material impact on the Company’s financial statements as a result of these changes. The Company has delivered an improvement in control of its expenses and has improved working capital. |
Comments