Current year compared with the previous year The company confirmed that the total revenues for the quarter ended June 30, 2018 reached SAR 104.67 million, with a decrease of 23.06% (SAR 31.36 million) compared same period last year where the total revenues were SAR 136.03 million. This decrease is due to decrease in the Consumer services by 20.25% (SAR 10.56 million) as a result of decline of stock in the new 4G technologies (LTE 4G) also obsolete of WIMAX technology, in spite of increase of Business to Business revenues by 10.85% (SAR 4.61 million) as a result of a growing number of corporate customers, also decrease in the interconnection revenue by 61.55% (SAR 25.41 million) as a result of a decrease in the local and international carriers traffic. Other income The other income decreased by 86.44% (SAR 97.05 million) as a result of sale of towers and the increase in the marketing support fund for same period of last year. Shareholders Equity The total equity (no minority interest) of SAR 252.58 million as of 30 June 2018 decreased by 11.05% (SAR 31.37 million) compared with SAR 283.95 as of 31 March 2018 as a result of accumulated losses. The total equity as of 30 June 2018 decreased by 32.83% (SAR 123.44 million) compared with the SAR 376.02 million as of 30 June 2017. The accumulated losses of SAR 219.92 million as of 30 June 2018 represents 46.54% of the Company’s share capital. Subsequent to 31 December 2017, the Companys Board of Directors during their meeting held on 17 January 2018, has recommended to reduce the Companys share capital by SAR 157.5 million, in order to comply with the Article 150 and 224 of the new companies’ regulation. The company’s management associated with the reduction of the share capital, called for an extra ordinary general assembly meeting to be held on 13th February 2018 to obtain the shareholders’ approval to reduce the companys share capital as proposed by the Board of Directors. Accordingly, the company’s share capital reduced to SAR 472.5 million and the accumulated losses reduced below 50% of the share capital. According to the extraordinary general assembly meeting approval of the capital reduction dated 13 February 2018. Loss per share Loss / earnings per share is computed by dividing the loss / earnings attributable to the ordinary shareholders of the Company for the period ended 30 June 2018 and 30 June 2017, by the weighted average number of shares outstanding during the period. The weighted average number of shares for the periods ended 30 June 2018 and 30 June 2017 have been arrived at by taking the effect of reduction in the share capital from the beginning of the earliest period presented, in order to comply with the requirements of IAS 33. Number of issued shares on 1 April 2016: 157,500,000 Number of shares cancelled: (110,250,000) Weighted average number of shares on 1 April 2016: 47,250,000 The extraordinary general assembly meeting approved the capital reduction on 13 February 2018. For the three months period ended ___________________________________________ 30 June 2018 _____30 June 2017 Net (loss) / profit for the period__________________ (21,870,223)______55,423,931 Weighted average number of shares for the period____47,250,000_______47,250,000 (Loss) / earnings per share - basic and diluted_________(0.46)____________1.17 |
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