Najran Cement Co. — Interim / Quarterly Report 2017

Oct 31, 2017

Najran Cement Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

3002 · 31/10/2017 08:25:42 · Announcement #48372 · View on Saudi Exchange

Najran Cement Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	-	15,623	-	-	-
Gross profit (loss)	-	29,624	-	13,311	-
Operational profit (loss)	-	20,940	-	3,893	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	-	110,828	-
Gross profit (loss)	40,092	172,683	-
Operational profit (loss)	11,733	138,163	-
Earning or loss per share, Riyals	-	0.65	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The net loss is mainly attributable to lower average sales price and the decrease in sales volume as a result of subdued market demand for cement, fierce competition, increase in production cost due to low production capacity utilization and the decrease in other income despite the decrease in finance expenses and zakat provision.
Reasons of increase (decrease) for period compared with same period last year	The net loss is mainly attributable to lower average sales price and the decrease in sales volume as a result of subdued market demand for cement, fierce competition, increase in production cost due to low production capacity utilization and the decrease in other income despite the decrease in selling and distribution, general and administrative, and finance exppenses and the decrease in zakat provision.
Reasons of increase (decrease) for quarter compared with previous quarter	Increase in net loss is mainly attributable to the decrease in sales volume due to low cement demand and the increase in production cost.
Reclassifications in quarterly financial results	Items, elements and notes of the comparatives condensed interim financial statements have been restated, reclassified and regrouped to reflect applicable accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) endorsed in the Kingdom of Saudi Arabia as approved by Saudi Organization of Certified Public Accountants (SOCPA).
Other notes	Total net revenue during the current quarter reached to SAR 59 million compared to SAR 120 million for the same quarter of the previous year decreasing by 51 %. The net revenue decreased to SAR 249 million during the nine months ended 30 September 2017 compared to SAR 506 million in the corresponding period, thus decreasing by 51%. For the third quarter, total comprehensive loss reached to SAR 17 million compared to total comprehensive income of the corresponding quarter of the last year SAR 16 million and compared to the total comprehensive loss of previous quarter SAR 4 million. Total comprehensive loss for the nine months ended September 2017 amounted SAR 10 million as compared to the total comprehensive profit of SAR 111 million of the corresponding period. Total shareholders' equity (there are no non-controlling Interests) as at 30 September 2017 amounted to SAR 2,050 million as compared to SAR 2,061 million as at 31 December 2016, a decrease of 0.53%.

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