Saudi Industrial Services Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

 

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 22.1 24.2 -8.68 21.2 4.25
Gross profit (loss) 75.2 76.9 -2.21 71.4 5.32
Operational profit (loss) 39.6 44.6 -11.21 34.3 15.45
Earning or loss per share, Riyals 0.33 0.36 - - -                                                                        

 

 

Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The Gross Profit decreased mainly due to decrease in the revenue from Water desalination and distribution segment, as well as increase in the provision for slow moving inventories. Last year's operating profit also included one-off compensation of SAR 2.5 million, which is not there this year.
Reasons of increase (decrease) for quarter compared with previous quarter Operational results are marginally below for all segments. However, since the last quarter also included a one-off provision of 4.1 million, the overall net profit in current quarter is better
Reclassifications in quarterly 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 IFRS accounting policies as adopted in the Kingdom.
Other notes Total revenue for the current quarter ending March 31, 2017 amounted to 172.0 million riyals compared to 171.7 million riyals for the same quarter last year, an increase of 0.2%. Earning per share reduced to SAR 0.33 compared to SAR 0.36 same quarter last year. Total shareholders' equity (after minority interests) as at March 31, 2017 amounted to 1,035 million riyals, compared to 984.9 million riyals for the same quarter last year, an increase of 5.0%. Total Comprehensive income attributable to shareholders' of parent company amounted to SAR 22.7 million compared to SAR 22.4 million in same quarter of 2016, an increase of 1.5%. and compared with SAR 19.3 million in the previous quarter, an increase of 17.7%.



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