Sinad Holding Co. — Earnings Release 2018

Mar 31, 2019

Aseer Trading, Tourism and Manufacturing Co. announces its Annual financial results for the period ending on 2018-12-31

4080 · 31/03/2019 15:36:08 · Announcement #54107 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces its Annual financial results for the period ending on 2018-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	1,818	1,888	-3.707
Total Profit (Loss)	421	269	56.505
Profit (Loss) Operational	4	-204	-
Net Profit (Loss) after Zakat and Tax	-104	-324	-67.901
Total Comprehensive Income	-353	-427	-17.33
Total Share Holders Equity (after deducting minority equity)	1,423	1,789	-20.458
Profit (Loss) per Share	-0.82	-2.56
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current year compared to last year	The decrease in net loss is attributable to the increase in gross income and generation of income from operations during the year against losses from operations in the previous year. This improvement is mainly due to the decrease in the loss from investments and the decrease in selling and distribution expenses, in addition to the increase in other operating income and other income and the decrease in Zakat.
Type of the external auditor's opinion	Unmodified opinion
Additional Information	1- Revenue from sales amounted to SR 1818.5 million for the current year compared to SR 1887.8 million for the previous year representing a decrease of 3.7%.

2- The comprehensive income attributable to the shareholders of the company amounted to a loss of SR 353.2 million for the year, compared to a loss of SR 427.5 million for the previous year representing a decrease of 17.4%.

3- Shareholders equity excluding non-controlling interest, amounted to SR 1,423.1 million as of December 31, 2018, compared to SR 1,788.5 million as of December 31, 2017 representing a decrease of 20.4%.

4- The cumulative losses of the company amounted to SR 94.1 million, representing 7.5% of the Company's share capital amounting to SR 1263.9 million.

5- The Company has reduced the statutory reserve on October 7, 2018 (corresponding to 27 Muharram 1440H) to 32.1% of the capital by transferring the excess reserve of SR 226,167,255 to cover the accumulated losses of SR 210.2 million at 30 September 2018. Please refer to Note 26 (Statutory Reserve) in the notes to the consolidated financial statements for the period ended 31 December 2018 for further details.

6- The Company has adopted IFRS 9 and IFRS 15 effective 1 January 2018. Accordingly, some changes have been made to the Company's financial statements on a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the requirements of the International Financial Reporting Standards as applied in Saudi Arabia. For further details see Note 2.3 (New Standards, Interpretations and Amendments Applied by the Group) in the notes to the consolidated financial statements for the year ended 31 December 2018.

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.