Tabuk Cement 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 | 25.86 | 28.45 | -9.103 | 41.27 | -37.339 |
| Total Profit (Loss) | -8.72 | -6.6 | 32.121 | -3.53 | 147.025 |
| Profit (Loss) Operational | -13.31 | -5.99 | 122.203 | -28.31 | -52.984 |
| Net Profit (Loss) after Zakat and Tax | -19.19 | -12.2 | 57.295 | -36.08 | -46.812 |
| Total Comprehensive Income | -19.19 | -12.2 | 57.295 | -36.08 | -46.812 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 113.87 | 124.95 | -8.867 |
| Total Profit (Loss) | -13.83 | 15.05 | - |
| Profit (Loss) Operational | -47.48 | 6.33 | - |
| Net Profit (Loss) after Zakat and Tax | -66.49 | -2.23 | 2,881.614 |
| Total Comprehensive Income | -66.49 | -2.23 | 2,881.614 |
| Total Share Holders Equity (after deducting minority equity) | 1,084.59 | 1,170.74 | -7.358 |
| Profit (Loss) per Share | -0.74 | -0.02 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 38,003,001 | 900,000,000 | -4.22 |
| 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 Loss during the current quarter compared to the same quarter of the previous year is due to: 1.Decrease in selling price which related to competition strength although the quantities of sales increase for the current quarter compared to the same quarter of the previous year by 7.18%. 2. The increase in the cost of sales which is related to increase of quantities. 3. Increase in Selling & Marketing expenses. 4. No dividend for investment. 5. No other revenues. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decrease of the current quarter's Net Loss compared to the previous quarter's loss this year is due to: 1. The previous quarter of this year charged by a decrease of SR 12 million as a result of a revaluation of clinker stocks. 2. The previous quarter of this year charged a decline of SAR 7.4 million in intangible assets. 3. Lower in financing charges. 4.Increase in revenues of deposits. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The increase in Net Loss during the current period compared to the similar period of the previous year is due to: 1. Decrease in selling price which related to competition strength although the quantities of sales quantities has increased compared to the same period pervious year by 17.46 %. 2. The high cost of sales which related to increase in depreciation (the current period has charged by depreciation expenses of the second line for a period of nine months compared to the same period of the previous year which charged by depreciation expenses of the second line for three months and ten days only). 3. Increase in general and administration expenses. 4. The current period is charged by SAR 12 million as a result of a revaluation of clinker stocks. 5. The current period is charged by SAR 7.4 million as a decline in intangible assets. 6. Increase in financing charges. |
| Type of the external auditor's opinion | Qualified opinion |
| 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 September 30, 2018, the carrying amount of the first line of production in the statement of financial position amounted to SR 113.6 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 quarter financial result | Certain comparative figures have been adjusted to conform the presentation with current period. |
| Additional Information | The Company has contracted with one of the specialized and accredited offices to study the impairment testing of the tangible assets of the first and second production lines and associated spare parts. |
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