05-11-2017 16-02-1439
|
ELEMENT |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
% CHANGE CURRENT |
PREVIOUS QUARTER |
% CHANGE PREVIOUS |
|
Net profit (loss) |
132 |
187 |
-29.41 |
212 |
-37.74 |
|
Gross profit (loss) |
354 |
384 |
-7.81 |
435 |
-18.62 |
|
Operational profit (loss) |
176 |
218 |
-19.27 |
255 |
-30.98 |
|
ELEMENT
|
CURRENT PERIOD |
SIMILAR PERIOD FOR PREVIOUS YEAR |
% CHANGE |
|
Net profit (loss)
|
480 |
675 |
-28.89 |
|
Gross profit (loss)
|
1,136 |
1,313 |
-13.48 |
|
Operational profit (loss)
|
596 |
741 |
-19.57 |
|
Earning or loss per Share, RIYALS |
2.29 |
3.22 |
– |
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 7% mainly due to decline in the average commission/revenue of the traditional travel sector. It should be noted here that the Group’s online bookings through its online platform have increased by 188% compared with last year for the same quarter (from SR 144 million to SR 486 million) this sector enjoyed rapid growth from the Group’s 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 7% 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 after the consolidation of Portman Group acquired during end of 2016. Additionally Group’s selling and administrative expenses have also increased by 25% as compared to same quarter of last year due to consolidation 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 9% mainly due to decline in the average commission/revenue of the traditional travel sector. It should be noted here that the Group’s online bookings through its online platform have increased by 155% compared with last year for the same period (from SR 421 million to SR 1076 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 9% 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 after the consolidation of Portman Group acquired during end of 2016. Additionally Group’s selling and administrative expenses have also increased by 16% as compared to same quarter of last year due to consolidation 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 decreased by 15% mainly due to seasonality difference. The net profit for the current quarter has decreased by 38% as compared to previous quarter mainly due to decrease in revenue and seasonality difference. |
|
Reclassifications in quarterly financial results |
Certain comparative figures are reclassified to conform current period classification. |
|
Other notes |
The revenue for the current quarter is SAR 489 million as compared to SAR 523 million for the same quarter of previous year showing a decrease of 7%. The revenue for the current period is SAR 1,529 million as compared to SAR 1,680 million for the same period of previous year showing a decrease of 9%. The gross profit for the current quarter is SAR 354 million as compared to SAR 384 million for the same quarter of previous year showing a decrease of 8%. The gross profit for the current period is SAR 1,136 million as compared to SAR 1,313 million for the same period of previous year showing a decrease of 13%. The operating profit for the current quarter is SAR 176 million as compared to SAR 218 million for the same quarter of previous year showing a decrease of 19 %. The operating profit for the current period is SAR 596 million as compared to SAR 741 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 133 million as compared to SAR 188 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 481 million as compared to SAR 678 million for the same period of previous year with a decrease of 29%. The total comprehensive income for the current quarter is SAR 145 million as compared to SAR 188 million for the same quarter of previous year with a decrease of 23% and SAR 221 million for the previous quarter decreased by 34%. The total comprehensive income for the current period is SAR 512 million as compared to SAR 653 million for the same period of previous year with a decrease of 22% Earnings per share for the current quarter is SR 0.63 per share as compared to SR 0.89 per share in the same quarter of previous year. Earnings per share for the current period is SR 2.29 per share as compared to SR 3.22 per share in the same period of previous year The shareholders equity (without non controlling interest interest) as of end of current period is SAR 6,010 million showing an increase by 9% as compared to SAR 5,518 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 September 2017 of 209.65 million shares (2016: 209.65 million shares). 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 September 2017. |
