Aseer Trading, Tourism and Manufacturing Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

06 August 2019 03:22 PM

SINAD HOLDING 4080 29.80% 13.24 3.04

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	414.6	424.8	-2.401	471.9	-12.142
Gross Profit (Loss)	105	121.9	-13.863	137.7	-23.747
Operational Profit (Loss)	-1	19.1	-	31.3	-
Net Profit (Loss) after Zakat and Tax	18.6	-2	-	5.3	250.943
Total Comprehensive Income	15.1	-65	-	79.8	-81.077
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	886.5	874	1.43
Gross Profit (Loss)	242.7	261.1	-7.047
Operational Profit (Loss)	30.3	58.8	-48.469
Net Profit (Loss) after Zakat and Tax	23.9	9.7	146.391
Total Comprehensive Income	94.9	-46.8	-
Total Share Holders Equity (after Deducting Minority Equity)	1,517.9	1,709.1	-11.187
Profit (Loss) per Share	0.19	0.08
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	The generation of net profit compared to net loss during same quarter of the previous year is due to decrease in selling and distribution expenses, increase in other income, and decrease in loss from discontinued operations.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The increase in net profit is due to decrease in selling and distribution expenses, increase in other income, and decrease in income tax.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to	The increase in net profit is due to decrease in selling and distribution expenses, increase in other income, in addition to decrease in zakat expense, and decrease in loss from discontinued operations.
Basis of the External Auditor's Opinion	Emphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	We draw your attention to note 16 accompanying the condensed consolidated interim financial statements. It states that during the period ended on 30 June 2019, the title deed of the investment property with cost of Saudi Riyal 219,739,441 was cancelled based on the decision of the Court of Appeal. Our conclusion is not qualified in this matter.
Additional Information	1- During the period, the Company disposed of one of its investment properties (north Riyadh land – Al Khair district) following the cancellation of the land title deed by the Court of Appeal. The resulting financial impact on the income statement is recording a sum of SR 38.2 million under other income. For further details, please refer to notes 16 and 17 in the condensed consolidated interim financial statements for the period ended 30 June 2019. 2- The Company has adopted International Financial Reporting Standard No. 16, effective 1 January 2019. For further details, please refer to note 3 (new standards, interpretations and amendments adopted by the Group) in the notes to the interim consolidated financial statements for the period ended 30 June 2019.

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