Sinad Holding Co. — Interim / Quarterly Report 2015

Jan 21, 2016

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 31-12-2015 (Twelve Months)

4080 · 21/01/2016 08:22:52 · Announcement #40935 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 31-12-2015 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	36.9	36.2	1.93	22.5	64
Gross profit (loss)	167.1	213.1	-	192.4	-
Operational profit (loss)	48.8	70.7	-	55.1	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	184.7	184.8	-
Gross profit (loss)	839.6	874.2	-
Operational profit (loss)	308	328.3	-
Earning or loss per share, Riyals	1.46	1.46	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	due to the generation of capital gains arising from the sale of a subsidiary (National Packing Products Company Limited) , decrease in selling and distribution expenses in subsidiaries, increase in other income, decrease in cost of funding and zakat and income tax. It is to be noted that the decrease in gross income and in income from main operations resulted primarily from the decrease in gross income from sales of subsidiaries, especially that the results of the current quarter did not include the gross income from sales of National Packing Products Company Limited, which was sold, compared to the previous quarter which included those figures, in addition to decrease in income from investments.
Reasons of increase (decrease) for period compared with same period last year	due mainly to decrease in gross income and in income from main operations resulting from the decrease in gross income from sales of subsidiaries, decrease in income from investments, and increase in general and administrative expenses. The exclusion of gross income from sales of National Packing Products Company Limited during the period (from the beginning of the current year to the date of sale that took place on 28/10/2015) has had a fundamental impact on the decrease in gross income from sales and gross income from main operations during the current period compared to the previous period, which included it.
Reasons of increase (decrease) for quarter compared with previous quarter	due to the generation of capital gains arising from the sale of a subsidiary ( National Packing Products Company Limited) and decrease in total expenses, in addition to increase in other income and decrease in cost of funding . The decrease in gross income and income from main operations resulted primarily from the decrease in gross income from sales of subsidiaries, as the results for the current quarter did not include the gross income from sales of National Packing Products Company Limited, which was sold, compared to the previous quarter, in addition to the decrease in income from investments.
Other notes	The company wishes to bring to your attention that, in accordance with accounting standards and due to the selling of its full share of 50.4 % of the capital of National Packing Products Company Limited (WatanPac) on 28/10/2015 for the amount 81.0 million Saudi riyals, the financial statements of WatanPac have not been consolidated within the financial statements of the Company for the twelve -month period (from the beginning of the year 2015 and until the date of sale). For the same period, the financial results of WatanPac is presented in the income statement of the Company under discontinued operations, which includes 7.5 million Saudi riyals in income from the sale of discontinued operations, a capital gains that was generated on the date of sale, and 8.4 million Saudi riyals, the company's share of the net income of WatanPac from the beginning of the year until the date of sale (which has already been included in the company's results from the beginning of the year until the third quarter, in addition to the amount of 990 thousand Saudi riyals company's share of earnings of WatanPac from the beginning of the fourth quarter of this year and to the date of sale). The accounting impact of the sale of WatanPac on the interim financial statements of the Company as of 31/12 / 2015 is clarified in the financial statements under Basis of Consolidation (Note 3f) and under Discontinued Operations (Note 9).

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