Saudi Industrial Export 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) -3.3 -1.6 -106.25 -2.5 -32
Gross profit (loss) 0.2 0.8 -75 0.01 1,900
Operational profit (loss) -1.2 -0.3 -300 -2.6 53.85
Earning or loss per share, Riyals -0.17 -0.04 - - -

*All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in net loss is attributed to the increase in administrative expenses related to the export of medium and small-scale export services and the marketing of trademarks, as well as the increase in other development and licensing expenses for the export of SARA products.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the decline in profits is due to the delay in approving the company's file with Saudi industrial companies according to the company's export plans.
Reclassifications in quarterly financial results 2016 comparative figures have been restated to comply with the implementation of IFRS reporting.
Other notes Revenues amounted to SAR 229,977 in current quarter compared with 1,301,000 in the same quarter of previous year, representing a decline by -82%. And compared with SAR 72,9666 in the previous quarter, representing an increase by 215% Comprehensive Income amounted to SAR -3,312,657 in current quarter compared with SAR -1,569,777 in the same quarter of previous year, representing an increase by111%. And compared with SAR -2,486,122 in the previous quarter, representing an increase by 33,24% The total shareholders' equity to shareholders as of March 31, 2017 up to 109,887,120 riyals, compared to SAR 112,808,140 as of 31 March 2016, a decrease of -2,5%.