Saudi Industrial Services Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

ElementCurrent quarterSimilar quarter for previous year% Change currentPrevious quarter% Change previous
Net profit (loss) 21,891 22,027 -0.62 16,291 34.37
Gross profit (loss) 72,384 78,606 -7.92 68,565 5.57
Operational profit (loss) 34,057 43,498 -21.7 33,773 0.84
All figures are in (Thousands) Saudi Arabia, Riyals

 

ElementCurrent periodSimilar period for previous year% Change
Net profit (loss) 92,092 90,509 1.75
Gross profit (loss) 305,395 306,574 -0.38
Operational profit (loss) 161,420 172,145 -6.23
Earning or loss per share, Riyals 1.35 1.33 -
All figures are in (Thousands) Saudi Arabia, Riyals

 

ElementEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Increase in revenue of SAR 8 million was over-shadowed by increases in energy prices, provision for additional warehouse rentals, and higher repair maintenance costs, decreasing the gross profit by SAR 6 million. Operating Profit decreased mainly due to further increase in payroll related expenses. Share of results from equity accounted associates decreased due to provision of SAR 4 million in one of the associated companies. Other income has increased mainly due to reversal of a provision, which is no longer required.
Reasons of increase (decrease) for period compared with same period last year Increase in revenue of SAR 24 million, mainly from Ports segment, was off-set by increases in energy prices, provision for additional warehouse rentals, and higher repair maintenance costs decreasing the gross profit marginally. Operating Profit decreased mainly due to increase in payroll related expenses. Despite the provision of SAR 4 million for one of the associates, the overall performance of equity accounted associates has improved as compared to last year. Other income has increased mainly due to reversal of a provision, which is no longer required based and compensation of SAR 2.5 million received against claims from prior years.
Reasons of increase (decrease) for quarter compared with previous quarter Increase in Revenue of SAR 8 million mainly Ports and Logistics segments were partially off-set by increase in G&A expenses on account of higher payroll costs. Performance of associated companies suffered due to one-off provision of SAR 4 million in one of the companies, but there were gains in other income due to reversal of a provision, which is no longer required.
Reclassifications in quarterly financial results Certain comparative figures have been reclassified to conform to the presentation in the current period.
Other notes Total revenue for the current quarter ending December 31, 2016 amounted to SAR 160.3 million compared to SAR 152.1 million for the same quarter last year, a increase of 5.4%. Total revenue for the year December 31, 2016 amounted to SAR 640.3 million, compared with SAR 616.1 million for the same period last year, an increase of 3.9%. Total shareholders' equity (after minority interests) as at December 31, 2016 amounted to SAR 1,024 million, compared to SAR 972 million riyals last year, an increase of 5.3%.
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