All figures are in (Thousands) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Sales/Revenue
341,152
356,089
-4.194
Total Profit (Loss)
80,169
94,376
-15.053
Profit (Loss) Operational
52,342
70,459
-25.712
Net Profit (Loss) after Zakat and Tax
47,416
71,602
-33.778
Total Comprehensive Income
46,498
70,264
-33.823
Total Share Holders Equity (after deducting minority equity)
1,771,416
1,765,061
0.36
Profit (Loss) per Share
0.46
0.7
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 increase in net income during the current quarter compared with the same quarter of previous year was resulted from improved revenues of some of the Company real estate properties in Riyadh city due to the entrance of new units into operation. Also, the net income of the current quarter was affected by the increase in G&A costs due to the adjustment of accounting treatment to some cost elements in accordance with the IFRS requirements, in addition to the increase in financing costs as a result of recording the financial costs pertaining to the completed projects in the Profit & Loss Statement instead of capitalizing them on those projects.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The increase in net income during the current quarter compared with the previous quarter was resulted from the success in the overall controlling efforts towards the operating and other expenses.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year
The decrease in net income during the current period compared with the same period of previous year was resulted from the decreased revenues of some of the Company hotel properties in Riyadh city especially during the first and second quarters of 2018 due to the effect of declining demand from the business segment resulting from the continuous rise of keys in the hospitality market, in addition to the occurrence of partial closure to some hotel properties in Riyadh city due to renovation works carried on to face the increased competition in the hospitality market.
On the other hand, the current period was affected by the adjustment of the accounting treatment regarding the financing costs related to the completed projects instead of capitalizing them on those projects, in addition to the adjustment of the accounting treatment to some cost elements in accordance with the IFRS requirements. Also, it is worth mentioning that the same period of previous year was positively affected by the recorded profit from the sale of one of the company lands in Riyadh city amounted to SAR (3) million.
Type of the external auditor's opinion
Unmodified opinion
Reclassifications in quarter financial result
Certain comparative figures have been reclassified to conform to the presentation in the current period.
Comments