BAAN Holding Group Co. — Earnings Release 2016

Mar 8, 2017

Abdulmohsen Alhokair Group for Tourism and Development announces the annual financial results for the period ending on 31-12-2016

1820 · 08/03/2017 15:18:35 · Announcement #45865 · View on Saudi Exchange

Abdulmohsen Alhokair Group for Tourism and Development announces the annual financial results for the period ending on 31-12-2016

Element	Current year	Previous year	% Change
Net profit (loss)	147.6	189.8	-22.23
Earning or loss per share, Riyals	2.68	3.45	-
Gross profit (loss)	390.2	421.8	-7.49
Operational profit (loss)	141.1	170.9	-17.44

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The decrease in the gross profit, operational profit and net profit in this period as compared with the same period of the last year is due to the decline in demand from corporate sector and individuals on hotels in addition to the decline in the current Omrah season. The decline in demand from individuals sector on entertainment centers during the first and second quarter of this year compared with the same period of previous year which was positively and remarkably impacted by the honorable gesture of the Custodian of the two Holy Mosques. The decline is also due to the decrease in profit from associate companies in this period as compared to the same period of last year as well as the increase in finance charges because of the major increase in SIBOR as compared with the same period of last year. It is worth noting that the company achieved a growth in gross revenue by 2% as compared to the same period of last year. It is worth noting that the company was able to obtain rent discount on a number of hotels and entertainment locations which positively impacted the results of 2016.
Reclassifications in annual financial results	Certain comparative figures have been reclassified to conform to the presentation in the current period.
Other notes	Total revenues during current period amounted SR 1,174 million compared with SR 1,146 million for same period of last year with increase of 2.4%. Gross Profit during current period amounted SR 390.2 million compared with SR 421.8 million for same period of last year with decrease of 7.5%. Operational Profit during current period amounted SR 141.1 million compared with SR 170.9 million for same period of last year with decrease of 17.4%. Net Profit during current period amounted SR 147.6 million compared with SR 189.8 million for same period of last year with decrease of 22.2%. Total Shareholders Equity (Minority interests are not available) amounted SR 804 million by end of this period compared with SR762 million as at the end of same period last year with increase of 5.5%.

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