Sinad Holding Co. — Interim / Quarterly Report 2018

Aug 7, 2018

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

4080 · 07/08/2018 15:17:03 · Announcement #51839 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	-	3.7	-	11.7	-
Gross profit (loss)	121.9	139.5	-	139.1	-
Operational profit (loss)	19.1	25.2	-	39.7	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	9.7	24.4	-
Gross profit (loss)	261.1	308.1	-
Operational profit (loss)	58.8	79.1	-
Earning or loss per share, Riyals	0.08	0.19	-
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 attributable to the decrease in gross income and income from operations resulting mainly from decrease in gross income from sales, loss from investments and decrease in other operating income.
Reasons of increase (decrease) for period compared with same period last 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, decrease in profits from investments and decrease in other operating income.
Reasons of increase (decrease) for quarter compared with previous quarter	The net loss is attributable to the decrease in gross income and income from operations resulting mainly from decrease in gross income from sales, loss from investments, increase in sales and distribution expenses, increase in general and administrative expenses, and increase in financing expenses.
Reclassifications in quarterly financial results	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 June 2018
Other notes	1- Revenue from sales amounted to SR 424.8 million for the quarter compared to SR 428.7 million for the same quarter of the previous year representing a decrease of 0.9%2- Revenue from sales amounted to SR 874 million for the current period compared to SR 885.4 million for the same period of the previous year representing a decrease of 1.3%3- The comprehensive income attributable to the shareholders of the company amounted to a loss of SR 65 million, compared to a loss of SR 39.4 million for the same quarter of the previous year representing an increase of 65%, and compared to a comprehensive profit attributable to the shareholders of the company of SR 18.2 million for the previous quarter4- The comprehensive income attributable to the shareholders of the company amounted to a loss of SR 46.8 million for the current period, compared to a loss of SR 32 million for the same period of the previous year representing an increase of 46.3%5- Shareholders equity excluding non-controlling interest, amounted to SR 1,709.1 million for the current period, compared to SR 1,788.5 million as of December 31, 2017 representing a decrease of 4.4%, and SR 2,184 million for the same period of the previous year representing a decrease of 18.1%6- The cumulative losses of the company amounted to SR 226.2 million, representing 17.9% of the Company's share capital amounting to SR 1263.9 million compared to cumulative losses of SR 203.2 million as of December 31, 2017 representing an increase of 11.3%, compared to profits of SR 146.6 million for the same period of the previous yearThe External Auditor has reviewed the financial statements and issued an unqualified conclusion review report.

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