All figures are in (Millions) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Sales/Revenue
64,064
50,685
26.396
Total Profit (Loss)
5,909
6,690
-11.674
Profit (Loss) Operational
6,042
10,005
-39.61
Net Profit (Loss) after Zakat and Tax
1,785
6,908
-74.16
Total Comprehensive Income
2,392
7,134
-66.47
Total Share Holders Equity (after deducting minority equity)
73,706
72,309
1.931
Profit (Loss) per Share
0.43
1.66
All figures are in (Millions) 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 decrease in net losses for the current quarter compared to the same prior year quarter is attributed mainly to the inclusion of a non-recurring costs related to the human resources productivity program in the same prior year quarter. Improved operational efficiency alleviated the impact of application of IFRS 15, higher financing costs and energy consumption rationalization during the current quarter.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter
The decrease in net profit during the current quarter compared with the previous quarter is attributed mainly to lower operating revenues because of sales seasonality
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year
The decrease in net profit for the current period compared with the same prior year period is mainly due to the inclusion of the prior year results of a non-recurring income resulted from a reversal of cancelled municipalities fees, which was partially offset by non-recurring costs related to the human resources productivity program. In addition, the current period results was impacted by IFRS 15 application, higher financing charges and energy consumption rationalization, This is despite of improved operational efficiency that resulted in lower fuel, operations and maintenance costs and general and administrative expenses.
Type of the external auditor's opinion
Unmodified opinion
Reclassifications in quarter financial result
Some comparative figures have been reclassified
Additional Information
With reference to the above-mentioned impact of IFRS 15 application on operating revenues, the decline in revenues is attributed to the change in the accounting treatment of electricity connection tariff revenues by amortizing it over longer periods than previously, this is in accordance with the new international standard applied as of 2018 beginning. The impact resulted in a decrease in the current period revenues by an amount of SAR 1.34 billion, this is as mentioned in the notes of the financial statements.
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