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Saudi Industrial Services Co. announces the annual financial results for the period ending on 31-12-2016

Element Current year Previous year % Change
Net profit (loss) 92,092 90,509 1.75
Earning or loss per share, Riyals 1.35 1.33 -
Gross profit (loss) 297,436 295,808 0.55
Operational profit (loss) 161,420 172,145 -6.23
 

 

Element EXPLAINATION
Reasons of annual financial results 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.
Reclassifications in annual financial results Certain comparative figures have been reclassified to conform to the presentation in the current period.
Other notes 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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