Saudi Advanced Industries Co. announces its Annual financial results for the year ended December 31, 2019
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 44.16 | 44.54 | -0.853 | ||
| Gross Profit (Loss) | 44.16 | 44.54 | -0.853 | ||
| Operational Profit (Loss) | 34.33 | 37.93 | -9.491 | ||
| Net Profit (Loss) after Zakat and Tax | 28.52 | 36.93 | -22.772 | ||
| Total Comprehensive Income | 12.42 | 47.87 | -74.054 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 799.32 | 786.9 | 1.578 | ||
| Profit (Loss) per Share | 0.57 | 0.74 | |||
| 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 reasons for the decrease in the net profit for the current year compared with the previous year are:
-decrease in revenue due to decrease in company shares from subsidiaries profits, although there is increase in General and administrative expenses, Financial costs, and write off dividends due from one of the company’s investments, although there is increase in dividends distribution gained ,unrealized gains on financial assets at fair value through profit or loss and other revenues , and decrease in Zakat expenses during current year compared with the previous year |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures for the previous year have been reclassified, classified and adjusted to conform with the presentation used for the current year. For more information, refer to Note 27 attached to the annual financial statements for the year 2019 |
| Additional Information | Total shareholders ' equity (no minority interest) as at the end of the current year amount 799.32 million riyals compared to 786.90 million riyals at the end of the previous year, with an increase of 1.58%.
The company has adopted IFRS 16 as of January 1, 2019, in which no major impact has recorded from this adoption. |
Comments