Saudi Industrial Exports Company announces its financial results for the year ended 31/12/2016

ELEMENT CURRENT YEAR PREVIOUS YEAR  
Net profit (loss)
-6.4
1.8
-
Earning or loss per share, Riyals
-0.59
0.16
-
Gross profit (loss)
0.3
7.3
-95.89
Operational profit (loss)
-6.1
2.5
-
All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT EXPLAINATION
Reasons of annual financial results Reasons of losses situation Drop in sales in case we don’t have any contracts till now, also the contribution with the Asian market with new import for Saudi market without any Guarantees and studies for import cases.
Also, the cost of a deal to buy Sara medical factory by the Former Directors Board In addition to the high cost of running operation compared to a decrease revenue.
Other notes The total sales during the current period to 623,392 riyals compared to 589,014,537 riyals during the same period last year, a decrease of 99,89%. The total shareholders' equity to shareholders as of December 31, 2016 up to 112,944,888 riyals, compared to SAR 123,592,475, as of 31 December 2015, a decrease of 8,61%.