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BAAN Holding Group Co. — Earnings Release 2015
Feb 24, 2016
53278_rns_2016-02-24_22081622-7b8e-45d7-9fe3-a8af3f4bce63.html
Earnings Release
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Abdulmohsen Alhokair group for Tourism and Development Co announces the annual financial results for the period ending on 31-12-2015
1820 · 24/02/2016 16:04:53 · Announcement #41386 · View on Saudi Exchange
Abdulmohsen Alhokair group for Tourism and Development Co announces the annual financial results for the period ending on 31-12-2015
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 189.8 | 196.5 | -3.41 |
| Earning or loss per share, Riyals | 3.45 | 3.57 | - |
| Gross profit (loss) | 421.8 | 356.3 | 18.38 |
| Operational profit (loss) | 170.9 | 182.2 | -6.2 |
*All figures are in (Millions) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The increase in the gross profit in this period as compared with the same period of the last year is due to the opening of 8 new entertainment centers and 4 new hotels during 2015. The decrease in the operational profit and net profit in this period as compared with the same period of last year is due to the following: 1.The expensing of pre-operating expenses related to the opening of new hotels in this period in accordance with applicable accounting standards. These expenses are exceptional and nonrecurring in the period that precedes the opening of the 4 new hotels that have been announced on Tadawul (during 2015) 2. Increase in the general and administrative expenses associated with the opening of the 4 new hotels that have been announced on Tadawul (during 2015). Some of these hotels are still in the early stage of operation and would usually experience a gradual growth in the occupancy rates similar to the rates of any new hotel. |
| Reclassifications in annual financial results | Certain prior year figures have been reclassified to conform to the presentation in the current year |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.