Saudi Company for Hardware announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 343.83 | 343.03 | 0.233 | 370.24 | -7.133 |
| Total Profit (Loss) | 64.84 | 54.93 | 18.041 | 63.85 | 1.55 |
| Profit (Loss) Operational | 32.88 | 24.14 | 36.205 | 29.86 | 10.113 |
| Net Profit (Loss) after Zakat and Tax | 21.69 | 20.38 | 6.427 | 19.24 | 12.733 |
| Total Comprehensive Income | 21.69 | 20.38 | 6.427 | 19.24 | 12.733 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 714.07 | 664.69 | 7.429 |
| Total Profit (Loss) | 128.69 | 108.75 | 18.335 |
| Profit (Loss) Operational | 62.74 | 41.69 | 50.491 |
| Net Profit (Loss) after Zakat and Tax | 40.93 | 34.97 | 17.043 |
| Total Comprehensive Income | 40.93 | 34.97 | 17.043 |
| Total Share Holders Equity (after deducting minority equity) | 556.16 | 595.92 | -6.672 |
| Profit (Loss) per Share | 1.14 | 0.97 | |
| 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 to the increase of the gross profit - The decrease in the S&M Expenses - The increase in the Other Income |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The Increase in net profit for the quarter compared with the previous quarter was due to:
-The enhancement of gross profit due to the seasonality of sales - The decrease in the S&M expenses - The increase in the Other Income - The decrease in Zakat Expenses |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The increase in net profit is due to:
- Increase in revenues in the year that caused increase in the gross profit. -Decrease in the G&A expenses - The increase in the 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 | 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 24 million 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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