Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 5.7 15.7 -63.69 24.1 -76.35
Gross profit (loss) 39.4 67.6 -41.72 61.9 -36.35
Operational profit (loss) 10.3 32.8 -68.6 42.5 -75.76
 

 

Element Current period Similar period for previous year % Change
Net profit (loss) 51.9 68.9 -24.67
Gross profit (loss) 176.5 230.1 -23.29
Operational profit (loss) 92.4 128.5 -28.09
Earning or loss per share, Riyals 0.64 0.84 -
 

 

Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The decrease in net profit is due to decrease in revenue from Ports and Water segments as sales volumes have been lower than last year due to consolidation among the shipping lines. An increase in the provision for slow moving inventories and accounts receivables also resulted in decrease in operating profit.
Reasons of increase (decrease) for period compared with same period last year The decrease in net profit is due to decrease in revenue in all three operating segments. An increase in the provision for slow moving inventories and accounts receivables 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, the net profit of the company is less than the same period last year.
Reasons of increase (decrease) for quarter compared with previous quarter The decrease in gross profit is mainly due to decrease in the revenues from Ports and Water segments. Gross profit and Operating profit further reduced by provision for slow moving inventories and account receivables respectively. Last quarter also included other income of SAR 11 million due to settlement of a claim from prior years.
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 September 30, 2017 amounted to 123.3 million riyals compared to 163.8 million riyals for the same quarter last year, a decrease of 25%. Total revenue for the period ending September 30, 2017 amounted to SAR 444.5 million compared to SAR 517.9 million same period last year, a decrease of 14%. Earnings per share reduced to SAR 0.07 compared to SAR 0.19 same quarter last year and earning per share for the period is reduced to SAR 0.64 compared to SAR 0.84 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 period. Total shareholders' equity (after minority interests) as at September 30, 2017 amounted to 1,066 million riyals, compared to 993.2 million riyals for the same period last year, an increase of 7%. Total Comprehensive income attributable to shareholders' of parent company amounted to SAR 5.8 million compared to SAR 15.6 million in same quarter of 2016, a decrease of 63%, and compared with SAR 25.8 million in the previous quarter, a decrease of 78%. Total Comprehensive income attributable to shareholders' of parent company for current period amounted to SAR 54.4 million as compared to SAR 69.3 million in the same period last year, a decrease of 21%.
 



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