BAAN Holding Group Co. — Earnings Release 2016

Apr 18, 2016

Abdulmohsen Alhokair group for Tourism and Development Co announces the interim financial results for the period ending on 31-03-2016 (Three Months)

1820 · 18/04/2016 09:24:49 · Announcement #42130 · View on Saudi Exchange

Abdulmohsen Alhokair group for Tourism and Development Co announces the interim financial results for the period ending on 31-03-2016 (Three Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	50.2	57.6	-	31.9	57.37
Gross profit (loss)	106.6	113.5	-	91.4	16.63
Operational profit (loss)	46.4	55.2	-	27.5	68.73
Earning or loss per share, Riyals	0.91	1.04	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The financial results of this quarter have witnessed a decline in the net profit, gross profit and operating profit mainly due to the decline in the revenue of a number of existing hotels and entertainment locations as compared to the results of the first quarter of previous year, the decline in the revenue of existing locations was due to the decrease in demand and spending on business visits and events. In addition to that, the results of first quarter of previous year was positively impacted by the honorable gesture of the Custodian of the two Holy Mosques. The revenues of the current quarter have increased by 7% due to the opening of new entertainment and hotel locations which were previously announced on Tadawul (during 2015), the revenue of these locations contributed in the growth of overall revenue of the company in this quarter.
Reasons of increase (decrease) for quarter compared with previous quarter	The increase in net profit, gross profit and operating profit was due to the seasonality in the companys operations which positively impacted the revenues and profits of this quarter as compared to the previous quarter. In addition to that, the company achieved a growth in revenue resulting from the opening of new entertainment and hotel locations which were previously announced on Tadawul (during 2015).

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