Saudi Company for Hardware announces its Annual Financial Results for the Period Ending on 2019-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,457.75 | 1,390.47 | 4.838 | ||
| Gross Profit (Loss) | 258.95 | 249.91 | 3.617 | ||
| Operational Profit (Loss) | 107.05 | 112.36 | -4.725 | ||
| Net Profit (Loss) after Zakat and Tax | 61.63 | 97.88 | -37.035 | ||
| Total Comprehensive Income | 61.63 | 97.88 | -37.035 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 540.86 | 634.83 | -14.802 | ||
| Profit (Loss) per Share | 1.71 | 2.72 | |||
| 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 decrease in net profit for the current year compared to the last year was due to:
- Increase in the S&M expenses - Increase in the G&A Expenses - Increase in the finance cost due to the adoption of IFRS 16 |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Non |
| Reclassification of Comparison Items | Comparative period figures have been reclassified to conform with current period classification and the IFRS requirements |
| Additional Information | Medscan's sales for the current period amounted to SAR 21.18 million compared to SAR 23.65 million for the same period last year with a decrease of 10.4%. The net profit for the current period was SAR 5.04 million compared to SAR 4.52 million for the same period last year with an increase of 11.5%
The adoption of IFRS 16 had a negative impact on the financial results during the period ended 31 December 2019 compared with the same period of last year, resulting in a decrease in net profit (loss) after Zakat, tax and the total Comprehensive Income by an amount of SAR 12.337 million compared to the adoption of IAS 17, which was effective during the last year.
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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