Sinad Holding Co. — Interim / Quarterly Report 2016

Jan 18, 2017

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

4080 · 18/01/2017 16:04:26 · Announcement #45149 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	-	12.5	-	-	-
Gross profit (loss)	91.1	144.5	-	124.7	-
Operational profit (loss)	-	24.9	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	-	160.3	-
Gross profit (loss)	515.3	816.9	-
Operational profit (loss)	-	284.1	-
Earning or loss per share, Riyals	-	1.27	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The net loss is due to decrease in gross income and loss from main operations resulting mainly from the decrease in gross income from sales in subsidiaries, increase in loss from investments, increase in sales and distribution expenses, in addition to the increase in other expenses, increase in financial charges, and increase in loss from exchange differences from a subsidiary. 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 loss from main operations resulting mainly from the decrease in gross income from sales in subsidiaries, loss from investments, increase in sales and distribution expenses, increase in general and administrative expenses, in addition to the decrease in other revenues, increase in the financial charges, and increase in loss from exchange differences from a subsidiary. 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 loss is due to decrease in gross income and increase in loss from main operations resulting mainly from increase in loss from investments, increase in sales and distribution expenses, increase in other expenses, and increase in loss from exchange differences from a subsidiary.
Reclassifications in quarterly financial results	Certain comparative figures have been reclassified to conform to the presentation for the current period. In addition, the results of the fourth quarter and twelve-month period of the previous year have been reclassified to conform to the presentation in the audited financial statements instead of the limited review for the year 2015.
Other notes	A. 1- Revenue from sales amounted to SR 509.7 million during the quarter compared to SR 444.0 million for the same quarter of the previous year, representing an increase of 14.8%. 2- Revenue from sales amounted to SR 2087.5 million during the period compared to SR 2339.5 million for the same period last year, representing a decrease of 10.8%. 3- Shareholders equity excluding non-controlling interest, amounted to SR 2356.0 million for the current period, compared to SR 2521.8 million for the same period of the previous year, a decrease of 6.6%. B. The company wishes to clarify the main reasons that have resulted in losses during the current period: 1- Decrease in the gross income from sales in subsidiaries amounting to SR 70.5 million compared to the corresponding period of last year. 2- The company share of net loss of an associate company of SR 41.2 million compared to a profit of SR 28.6 million in the corresponding period. 3- No gains on sale of investments and financial assets in the current period compared to SR 59.2 million gains on sale of investments and financial assets for the corresponding period of last year. 4- Increase of SR 112.6 million in impairment resulting from non-temporary decline in the value of investments and financial assets compared to the corresponding period of last year. 5- Increase of SR 14.6 million in sales and distribution expenses compared to the corresponding period of last year. 6- Increase of SR 4.3 million in general and administrative expenses compared to the corresponding period of last year. 7- Decrease of SR 16.6 million in other revenues during the current period compared to the corresponding period of last year. 8- Increase in financial charges of SR 15.6 million compared to the corresponding period of last year. 9- Increase of SR 68.8 in loss from exchange differences from a subsidiary compared to the corresponding period of last year. 10- No income before zakat from discontinued operations during the current period, compared to SR 15.9 million during the corresponding period. C. The company wishes to clarify the exclusion of the financial figures relating to 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, and the classification of the results of its operations in the income statement under income from discontinued operations.

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