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Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 29,418 25,224 16.63 24,492 20.11
Gross profit (loss) 86,550 82,572 4.82 77,895 11.11
Operational profit (loss) 51,261 50,078 2.36 42,328 21.1
All figures are in (Thousands) Saudi Arabia, Riyals

 

Element Current period Similar period for previous year % Change
Net profit (loss) 53,911 43,691 23.39
Gross profit (loss) 164,445 156,734 4.92
Operational profit (loss) 93,589 85,668 9.25
Earning or loss per share, Riyals 0.79 0.64 -
All figures are in (Thousands) Saudi Arabia, Riyals

 

Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Improvement in Net Profit results is mainly due to the better performance of Port development and operations business. Also, the improvement in Net profit is due to share of results of associated companies by SR 1 million and lower Zakat by SR 1.4 million. Results of other segments were similar to same quarter last year.
Reasons of increase (decrease) for period compared with same period last year Due to improvement in operating results and performance of Water desalination and distribution business and results from associated companies. In Water segment, other income is higher as the group received remaining portion of the SR 2.5 million as final settlement of a claim from 2013. Also, 2015 had included a provision for operations in Yemen which is not there in the same period in 2016.
Reasons of increase (decrease) for quarter compared with previous quarter Improvement in operating results is mainly due to better performance of Port development and operations business due to seasonal demand.
Reclassifications in quarterly financial results Certain comparative figures have been reclassified to conform to the presentation in the current period.



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