Sinad Holding Co. — Interim / Quarterly Report 2016

Jul 27, 2016

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

4080 · 27/07/2016 09:07:51 · Announcement #43336 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	15.1	64.9	-	-	-
Gross profit (loss)	169.2	228.8	-	147.7	14.56
Operational profit (loss)	35	96.8	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	-	125.3	-
Gross profit (loss)	299.5	461.9	-
Operational profit (loss)	29.4	194.7	-
Earning or loss per share, Riyals	-	0.99	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The decrease in net profit is due to decrease in gross income and in income from main operations resulting mainly from the decrease in gross income from sales in subsidiaries, decrease in the revenues from investments, increase in selling and distribution expenses of subsidiaries, in addition to the increase in financial charges. Moreover, the same quarter from last year included income from discontinued operations that was sold and is no longer consolidated.
Reasons of increase (decrease) for period compared with same period last year	The net loss is due to decrease in gross income and in income from main operations resulting mainly from the decrease in gross income from sales in subsidiaries, loss in the revenues from investments, increase in general and administrative expenses, in addition to increase in other expenses and in the financial charges. Moreover, the same period from last year included income from discontinued operations that was sold and is no longer consolidated.
Reasons of increase (decrease) for quarter compared with previous quarter	The net profit is due to increase in gross income and in income from main operations resulting mainly from the increase in the revenues from investments, decrease in general and administrative expenses, in addition to increase in other income.
Reclassifications in quarterly financial results	Certain comparative figures have been reclassified to conform to the current quarter presentation.
Other notes	A. The company wishes to clarify the main reasons that have resulted in losses during the current period: 1- A decrease in the gross income from sales in subsidiaries amounting to SR 23.3 million compared to the corresponding period of last year. 2- The company share of net loss of an associate company of SR 11 million compared to a profit of SR 59.8 million in the corresponding period. 3- A decrease in income from investments and financial assets of SR 8.6 million against the corresponding period. 4- Booking of SR 37.4 million in impairment resulting from non-temporary decline in the value of investments and financial assets compared to none for the corresponding period of last year. 5- No gains on sale of investments and financial assets in the current period compared to SR 22.2 million gains on sale of investments and financial assets for the corresponding period of last year. 6- Increase in other expenses and financial charges of SR 13 million versus the corresponding period of last year. 7- No income before zakat from discontinued operations during the current period, compared to SR 9.1 million during the corresponding period. B. The company wishes to clarify the exclusion of the financial figures relating to National Packing Products Company Limited (a previously owned subsidiary), in accordance with generally accepted accounting principles, from the consolidation process in the same quarter and in the same period of last year, as the company sold its complete share of 50.4 % on 28/10/2015.

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