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Saudi Industrial Services Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

ElementCurrent quarterSimilar quarter for previous year% Change currentPrevious quarter% Change previous
Net profit (loss) 0.6 22.1 -97.29 6.9 -91.3
Gross profit (loss) 37.1 75.2 -50.66 22.2 67.12
Operational profit (loss) 4.1 39.6 -89.65 9 -54.44
Earning or loss per share, Riyals 0.01 0.27 - - -

 

ElementEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Gross profit is decreased due to the lower volume and revenue in all operating segments compared to same period last year due to slowdown of the local consumption and capitalization of assets and inventories which were not there in same period last year. Increase in finance charges further decreased the net profit despite slight increase in share of results from associate companies.
Reasons of increase (decrease) for quarter compared with previous quarter The Gross profit is improved due to cost rationalization initiatives and major provisions were taken in last quarter previous year. Despite increase in share of results from associate companies, net profit is reduced due to positive one off item in other income of SR 6 million for disposal of Companys investment in Stork Saudi and reversal of old provision SAR 6.8 million in previous quarter which is not there in current quarter.
Reclassifications in quarterly financial results Financial Statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia 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 31 March 2018 amounted to 117.9 million riyals compared to 171.9 million riyals for the same quarter last year, a decrease of 31% and with increase of 0.1% compared to previous quarter. Earnings per share reduced to SAR 0.01 compared to SAR 0.27 same quarter last year. Total shareholders equity (after minority interests) as at 31 March 2018 amounted to 1,068 million riyals, compared to 1,034 million riyals for the same quarter last year, an increase of 3.2% and with increase of 0.1% compared to previous quarter . Total Comprehensive income attributable to shareholders of parent company amounted to SAR 0.7 million compared to SAR 22.7 million in same quarter of 2017, a decrease of 97% and with a decrease of 84% compared to previous quarter.

 




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