Saudi Industrial Export Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

ELEMENT

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

% CHANGE CURRENT

PREVIOUS QUARTER

% CHANGE PREVIOUS

Net profit (loss)

-13.2

-0.46

-2,782.1

-1.8

-633.33

Gross profit (loss)

0.09

0.12

-25.42

0.15

-41.72

Operational profit (loss)

-3

-1.8

-66.67

-1.2

-150

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

Net profit (loss)

-15

-0.93

-1,516.38

Gross profit (loss)

0.24

0.96

-75.13

Operational profit (loss)

-4.5

-2

-125

Earning or loss per share, Riyals

-1.39

-0.09

-

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

Net profit (loss)

-15

-0.93

-1,516.38

Gross profit (loss)

0.24

0.96

-75.13

Operational profit (loss)

-4.5

-2

-125

Earning or loss per share, Riyals

-1.39

-0.09

-

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT

EXPLAINATION

Reasons of increase (decrease) for quarter compared with same quarter last year

The net loss was due to the decrease in sales and profits to the restructuring of the company's business activity as well as the increase in the administrative expenses of the company related to the service of medium and small enterprises and the development of Sara Medical Appliances Factory despite the increase in other revenues

Reasons of increase (decrease) for period compared with same period last year

The increase in the net loss resulted from the decrease in sales and profits to the restructuring of the company and its business as well as the increase in administrative expenses related to the launching of export services for small and medium enterprises and the marketing of trademarks, as well as to increase the other expenses related to the development and issuance of licenses to export the products of Sara Medical Supplies Factory Increase in other income.

Reasons of increase (decrease) for quarter compared with previous quarter

The net increase in the second quarter compared to the previous quarter is due to the sale of part of the company's investment portfolio, which led to higher losses despite the increase in other income.

External auditor's report containing reservation

The Company managed the purchase of SARA Medical Appliances Factory during the year ended 31 December 2016 at SR 10,587,400 during the same year at a cost of SAR 3,467,416. The difference from the valuation of 7, SR 119,984 (6) on 18 October 2016 on the purchase of lists in return. Thoth's People of the Health of the Health of the Health of the Health.

Accounts receivable and other debit balances include amounts outstanding since 2014, 2015 amounting to SR 64,611,420. The Company's management has not made provision for doubtful debts for these amounts, which affects the assessment of accounts receivable and other receivables and the preliminary condensed statement of comprehensive income.

Reclassifications in quarterly financial results

The comparative figures have been restated and reclassified in 2016 as well as the first quarter of the current year to comply with International Financial Reporting Standards and as a result of the adoption of International Financial Reporting Standards, some of the current and comparative period figures have been reclassified and reclassified in the statement of financial position,

Other notes

The total revenues for the current quarter amounted to SR 327,214 compared to SR 216,407 for the same quarter last year, an increase of 52%. Compared to SAR 229,977 for the preceding quarter, an increase of 43%. The total loss during the current quarter amounted to SR 3,384,720, compared to a comprehensive loss of SAR -729,246 for the same quarter last year, an increase of -365%. The total equity attributable to equity holders of the Company (non-controlling interests) as at 30 June 2017 amounted to SR 106,537,288 compared to SR 117,707,715 as at 30 June 2016, a decrease of -9.4% %