Saudi Company for Hardware announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 370.24 | 321.67 | 15.099 | 385.61 | -3.985 |
| Total Profit (Loss) | 63.85 | 53.81 | 18.658 | 76.72 | -16.775 |
| Profit (Loss) Operational | 29.86 | 17.55 | 70.142 | 42.87 | -30.347 |
| Net Profit (Loss) after Zakat and Tax | 19.24 | 14.59 | 31.871 | 38.48 | -50 |
| Total Comprehensive Income | 19.24 | 14.59 | 31.871 | 38.48 | -50 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after deducting minority equity) | 570.47 | 575.54 | -0.88 |
| Profit (Loss) per Share | 0.53 | 0.41 | |
| 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 increase in net profit was due to:
- The increase in sales which mainly driven by the increase in the number of stores from 29 to 32 stores; resulting in the increase of the gross profit - The decrease in the G&A Expenses - The increase in the Other Income |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decrease in net profit for the period compared with the previous period was due to:
-The decrease in revenue due to the seasonality of sales which resulted in the decrease of the gross profit - The increase in the S&M expenses - The increase in the finance cost - The decrease in Other Income |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None |
| Reclassifications in quarter financial result | comparative period figures has been reclassified to conform with current period classification numbers and the implementation of IFRS |
| Additional Information | Medscan's sales for the current quarter amounted to SAR 6.05 million compared to SAR 5.59 million for the same quarter last year with an increase of 8.23%. The net profit for the current quarter was SAR 1.17 million compared to SAR 0.73 million for the same quarter last year with an increase of 60.27%
Earnings per Share for the previous year has been modified after the approval of capital increase in the extraordinary General Assembly meeting held on December 17, 2018 that increased the number of shares from 24million Shares to 36 million Shares
"Effective January 1, 2019, the Company adopted IFRS 16, under which the majority of these leases became on-balance sheet liabilities with underlying right-of-use assets. The Company applied the modified retrospective approach, which requires the recognition of the cumulative effect of initially applying IFRS 16, as of January 1, 2019, to the retained earnings and not restate prior years which had previously been presented under the principles of IAS 17 Leases" |
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