07-08-2017 15-11-1438
|
ELEMENT |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
% CHANGE CURRENT |
PREVIOUS QUARTER |
% CHANGE PREVIOUS |
|
Net profit (loss) |
212 |
297 |
-28.62 |
137 |
54.74 |
|
Gross profit (loss) |
435 |
525 |
-17.14 |
347 |
25.36 |
|
Operational profit (loss) |
255 |
320 |
-20.31 |
165 |
54.55 |
|
ELEMENT
|
CURRENT PERIOD |
SIMILAR PERIOD FOR PREVIOUS YEAR |
% CHANGE |
|
Net profit (loss)
|
349 |
488 |
-28.48 |
|
Gross profit (loss)
|
782 |
928 |
-15.73 |
|
Operational profit (loss)
|
420 |
524 |
-19.85 |
|
Earning or loss per Share, RIYALS |
1.66 |
2.33 |
– |
All figures are in (Millions) Saudi Arabia, Riyals
|
ELEMENT
|
EXPLAINATION |
|
Reasons of increase (decrease) for quarter compared with same quarter last year |
The Company revenues as classified according to International Financial Reporting Standards decreased during the current quarter as compared with the same quarter of last year by 8% mainly due to decline in the average commission or revenue of the traditional travel sector. It should be noted here that the Groups online bookings through its online platform have increased by 123% compared with last year for the same quarter from SR 174 million to SR 389 million this sector enjoyed rapid growth from the Groups strategy to focus on online sector. The net profit for the current quarter has decreased by 29% as compared to same quarter of previous year due to decrease in revenue by 8% and due to decrease in margins for some services in order to protect and increase the market share and due to change in product mix with variable margins primarily due to online sales and travel services in United Kingdom due to addition of Portman Group acquired during end of 2016. Additionally Groups selling and administrative expenses have also increased by 15% as compared to same quarter of last year due to addition of selling and administrative expenses of Portman Group that was acquired during end of 2016 |
|
Reasons of increase (decrease) for period compared with same period last year
|
The Company revenues (as classified according to International Financial Reporting Standards) decreased during the current period as compared with the same period of last year by 10% mainly due to decline in the average commission/revenue of the traditional travel sector. It should be noted here that the Groups online bookings through its online platform have increased by 146% compared with last year for the same period (from SR 240 million to SR 589 million) this sector enjoyed rapid growth from the Group’s strategy to focus on online sector. The net profit for the current period has decreased by 29% as compared to same period of previous year due to decrease in revenue by 10% and due to decrease in margins for some services in order to protect and increase the market share and due to change in product mix with variable margins primarily due to online sales and travel services in United Kingdom due to addition of Portman Group acquired during end of 2016. Additionally Group’s selling and administrative expenses have also increased by 12% as compared to same quarter of last year due to addition of selling and administrative expenses of Portman Group that was acquired during end of 2016. |
|
Reasons of increase (decrease) for quarter compared with previous quarter |
Revenue of the company (as classified according to International Financial Reporting Standards) during the current quarter as compared to previous quarter has increased by 23% mainly due to seasonality difference.The net profit for the current quarter has increased by 55% as compared to previous quarter mainly due to increase in revenue and seasonality difference. |
|
Reclassifications in quarterly financial results |
Certain comparative figures are reclassified to conform current period classification. |
|
Other notes |
Items elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed regrouped and reclassified to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 28 (Effect of IFRS standards adoption) in the Interim Consolidated Financial Statements for the period ended in 30 June 2017.The revenue for the current quarter is SAR 574 million as compared to SAR 621 million for the same quarter of previous year showing a decrease of 8%. The revenue for the current period is SAR 1040 million as compared to SAR 1156 million for the same period of previous year showing a decrease of 8%.The gross profit for the current quarter is SAR 435 million as compared to SAR 525 million for the same quarter of previous year showing a decrease of 17%. The gross profit for the current period is SAR 782 million as compared to SAR 928 million for the same period of previous year showing a decrease of 16%.The operating profit for the current quarter is SAR 255 3illion as compared to SAR 320 million for the same quarter of previous year showing a decrease of 20 %. The operating profit for the current period is SAR 420 million as compared to SAR 524 million for the same period of previous year showing a decrease of 20 %.The net profit after zakat and tax for the current quarter is SAR 213 million as compared to SAR 300 million for the same quarter of previous year with a decrease of 29%.The net profit after non controlling interest for the current quarter is SAR 212 million as compared to SAR 297 million for the same quarter of previous year with a decrease of 29%.The net profit after zakat and tax for the current period is SAR 348 million as compared to SAR 490 million for the same period of previous year with a decrease of 29%.The net profit after non controlling interest for the current period is SAR 348 million as compared to SAR 488 million for the same period of previous year with a decrease of 29%.The total comprehensive income for the current quarter is SAR 221 million as compared to SAR 290 million for the same quarter of previous year with a decrease of 24% and SAR 146 million for the previous quarter increased by 51%.The total comprehensive income for the current period is SAR 366 million as compared to SAR 465 million for the same period of previous year with a decrease of 21%Earnings per share for the current quarter is SR 1.01 per share as compared to SR 1.42 per share in the same quarter of previous year. Earnings per share for the current period is SR 1.66 per share as compared to SR 2.33 per share in the same period of previous yearThe shareholders equity (without non controlling interest interest) as of end of current period is SAR 5970 million showing an increase by 7% as compared to SAR 5602 million as of end of similar period last year (without minority interest)Earnings per share attributable to shareholders of the Company for the current and comparative period has been calculated by using the number of ordinary shares outstanding as at 30 June 2017 of 209.65 million shares (2016: 209.65 million shares). |
