Sinad Holding Co. — Interim / Quarterly Report 2018

Nov 7, 2018

Aseer Trading, Tourism and Manufacturing Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

4080 · 07/11/2018 15:14:00 · Announcement #52571 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	484	503.2	-3.815	424.8	13.935
Total Profit (Loss)	131.7	153.5	-14.201	121.9	8.039
Profit (Loss) Operational	29.5	38.6	-23.575	19.1	54.45
Net Profit (Loss) after Zakat and Tax	-4.5	4.4	-	-2	125
Total Comprehensive Income	-109.4	-40.4	170.792	-65	68.307
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	1,357.9	1,388.6	-2.21
Total Profit (Loss)	392.7	461.5	-14.907
Profit (Loss) Operational	88.4	117.8	-24.957
Net Profit (Loss) after Zakat and Tax	5.3	28.7	-81.533
Total Comprehensive Income	-156.2	-72.5	115.448
Total Share Holders Equity (after deducting minority equity)	1,620	1,788.5	-9.421
Profit (Loss) per Share	0.04	0.23
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	-210.3	1,263.9	-16.6

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	The net loss is attributable to the decrease in gross income and income from operations resulting mainly from decrease in gross income from sales, and increase in loss from investments.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The increase in net loss is attributable to the increase in loss from investments.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year	The decrease in net profit is due to the decrease in gross income and income from operations resulting mainly from decrease in gross income from sales, and loss from investments.
Type of the external auditor's opinion	Unmodified opinion
Reclassifications in quarter financial result	Certain figures from previous period have been reclassified to conform to the presentation for the current period due to:

1- The Company has excluded a subsidiary from the consolidation of the financial statements and its financial results have been classified in the income statement under income from discontinued operations (as disclosed in the financial statements for the year ended 31 December 2017).

2- 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 interim consolidated financial statements for the period ended 30 September 2018. Additional Information At the Ordinary General Assembly held on October 7, 2018 (corresponding to 27 Muharram 1440H) subsequent to the financial period ended 30 September 2018, the shareholders decided to reduce the statutory reserve to 32.1% of the capital by transferring the excess reserve of SAR 226,167,255 to cover the accumulated losses. Furthermore, they decided to continue with the cessation of allocating the specified percentage of net profit to the statutory reserve. For further details please refer to Note 14 (Subsequent Events) in the notes to the interim condensed consolidated financial statements for the period ended 30 September 2018.

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