Sustained Infrastructure Holding Co. — Earnings Release 2018

Mar 28, 2018

Saudi Industrial Services Co. announces the annual financial results for the period ending on 31-12-2017

2190 · 28/03/2018 15:22:17 · Announcement #49917 · View on Saudi Exchange

Saudi Industrial Services Co. announces the annual financial results for the period ending on 31-12-2017

Element	Current year	Previous year	% Change
Net profit (loss)	58.8	90.3	-34.88
Earning or loss per share, Riyals	0.72	1.11	-
Gross profit (loss)	198.7	292.7	-32.11
Operational profit (loss)	101.5	168.3	-39.69

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	Decrease in net profit is due to the lower revenue in all operating segments compared to last year due to slowdown of the local consumption. An increase in the provision for accounts receivables by SAR 3.8 million further resulted in decrease in operating profit. Despite increase in share of results from associated companies and a positive one off item of SAR 11 million in other income due to a claim from prior years, SR 6 million for disposal of Companys investment in Stork Saudi and reversal of old provision SAR 6.8 million,
Reclassifications in annual financial results	On January 1, 2017 the company has adopted IFRS and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with the requirements of the International Financial Reporting Standards (IFRS) as adopted in Saudi Arabia by the Saudi Organization for Certified Public Accountants . Specific adjustments and reclassifications are linked to the IFRS implementation whereby the net income for the year ended 31 December 2016 was restated from net income of SAR 92.09 million as per SOCPA accounting standards to a net income of SAR90.25 million, whereas the equity attributable to shareholders of parent company as of 31 December 2016 was restated from SAR 1,024.0 million to SAR1,008.3 as of the same date.
Other notes	Total revenue for the year ending 31 December 2017 amounted to 562.4 million riyals compared to 690.8 million riyals for the same period last year, a decrease of 19%. Earnings per share reduced to SAR 0.72 compared to SAR 1.11 same period last year. The company increased its share capital by issuing 1 bonus share for each five shares as approved by its shareholders' extraordinary General Assembly meeting held on 16 April 2017 during the year. Equity attributable to shareholders of parent company (after minority interests) as at 31 December 2017 amounted to 1,067 million riyals, compared to 1,008.3 million riyals for the same period last year, an increase of 6%. Total Comprehensive income attributable to shareholders' of parent company for year amounted to SAR 58.9 million as compared to SAR 87.7 million in the same period last year, a decrease of 33%.

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