The National Company for Glass Industries announces its Annual Financial Results for the Period Ending on 2019-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 76.3 | 98.7 | -22.695 | ||
| Gross Profit (Loss) | 5.6 | 29.7 | -81.144 | ||
| Operational Profit (Loss) | -8.8 | 14.6 | - | ||
| Net Profit (Loss) after Zakat and Tax | -30.6 | 30.6 | - | ||
| Total Comprehensive Income | -30.6 | 30.6 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 593.9 | 652.5 | -8.98 | ||
| Profit (Loss) per Share | -0.93 | 0.93 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | The reason for the net loss is due to:
(1) Operating Loss for glass containers due to lower Sales.
(2) Decrease in the Associated company Profit share operating in Float glass due to lower Sales and maintenance works.
(3) Current year includes Associated company (SANLEC) receivable write off SAR 20.3 Million.
(3) (4) Current year includes Inventory write off SAR 6.6 Million. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Comparative period figures re-classified to match with current year. |
| Additional Information | The company has adopted IFRS 16 – Leases effective from 1st of January 2019 and have no material impact on the financial results. |
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