Seera Group Holding — Interim / Quarterly Report 2016

Apr 20, 2016

Altayyar Travel Group Holding announces the interim financial results for the period ending on 31-03-2016 (Three Months)

1810 · 20/04/2016 17:17:23 · Announcement #42289 · View on Saudi Exchange

Altayyar Travel Group Holding 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)	194	286	-	215	-
Gross profit (loss)	377	441	-	421	-
Operational profit (loss)	205	300	-	227	-
Earning or loss per share, Riyals	0.97	1.43	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The Company revenues decreased during the current quarter as compared with the same quarter of last year by 9% mainly due to a decrease in sales of the traditional travel industry and domestic tourism especially travel to the government sector and government sector related companies as well as lower ticket prices during the first quarter of this year and the ticket tax, It should be noted here that the Group online sales have increased by 1000% compared with last year for the same quarter (of SR 6 million to SR 66 million) this sector enjoyed rapid growth from the Group's strategy to focus on electronic sales sector The net profit for the current quarter has decreased by 33% as compared to last year due to decrease in sales by 9% and slight drop in gross profit margin in addition to impairment loss recorded on investment in associates and impairment loss recorded on intangible assets. Excluding the impact of impairment losses recorded on equity accounted investment SR 6 million and impairment loss recorded for intangible assets SR 24 million the net profit of the Company has decreased by 22% as compared to same quarter last year.
Reasons of increase (decrease) for quarter compared with previous quarter	Revenue of the company during the current quarter as compared to previous quarter has decreased by 10% mainly due to seasonality difference and slight slowdown in the travel market. The net profit for the current quarter has decreased by 10% as compared to last year due to decrease in sales by 10%. Excluding the impact of impairment losses recorded on equity accounted investment SR 6 million and impairment loss recorded for intangible assets SR 24 million during the 1st Q 2016 and impairment loss of SR 37 million recorded in the previous quarter the net profit of the Company has decreased by 11% as compared to previous quarter.
Other notes	Earnings / (loss) per share from operating income, other income / (expense) and net income for the current and comparative period has been calculated by using the number of ordinary shares outstanding as at 31 March 2016 of 200 million shares (2015: 200 million shares).

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