27-07-2016 22-10-1437
ELEMENT |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
% CHANGE CURRENT |
PREVIOUS QUARTER |
% CHANGE PREVIOUS |
Net profit (loss) |
300 |
396 |
-24.24 |
194 |
54.64 |
Gross profit (loss) |
473 |
545 |
-13.21 |
377 |
25.46 |
Operational profit (loss) |
311 |
405 |
-23.21 |
205 |
51.71 |
ELEMENT
|
CURRENT PERIOD |
SIMILAR PERIOD FOR PREVIOUS YEAR |
% CHANGE |
Net profit (loss)
|
494 |
681 |
-27.46 |
Gross profit (loss)
|
850 |
987 |
-13.88 |
Operational profit (loss)
|
517 |
705 |
-26.67 |
EARNING OR LOSS PER SHARE, RIYALS |
2.41 |
3.41 |
– |
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 decreased during the current quarter as compared with the same quarter of last year by 9% mainly due to a decrease in sales of the traditional travel industry and domestic tourism especially travel to the government sector and government sector related companies as well as lower ticket prices during the first quarter of this year and the ticket tax, It should be noted here that the Group online sales have increased by 1000% compared with last year for the same quarter (of SR 6 million to SR 66 million) this sector enjoyed rapid growth from the Group’s strategy to focus on electronic sales sector The net profit for the current quarter has decreased by 33% as compared to last year due to decrease in sales by 9% and slight drop in gross profit margin in addition to impairment loss recorded on investment in associates and impairment loss recorded on intangible assets. Excluding the impact of impairment losses recorded on equity accounted investment SR 6 million and impairment loss recorded for intangible assets SR 24 million the net profit of the Company has decreased by 22% as compared to same quarter last year. |
Reasons of increase (decrease) for period compared with same period last year
|
The Company revenues decreased during the current period as compared with the same period of last year by 8% mainly due to decrease in sales of the traditional travel sector and domestic tourism, especially in the government sector and government sector related companies as well as lower average ticket prices during the current period as compared to last year. It should be noted here that the Group online sales through its electronic platform have increased by 3130% compared with last year for the same period (from SR 7.5 million to SR 240 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 27% as compared to last year due to decrease in sales by 8% and slight drop in gross profit margin in addition to impairment loss recorded on investment in associates and impairment loss recorded on intangible assets. Excluding the impact of impairment losses recorded on equity accounted investment SR 6.4 million (2015: SR20 million) and impairment loss recorded for intangible assets SR 69 million (2015: NIL) the net profit of the Company has decreased by 19% as compared to same period last year. |
Reasons of increase (decrease) for quarter compared with previous quarter |
Revenue of the company during the current quarter as compared to previous quarter has increased by 12.5% mainly due to seasonality reasons.The net profit for the current quarter has increased by 55% as compared to previous quarter due to increase in sales by 12.5% and due to seasonality reasons.
|
Re classifications in quarterly financial results
|
Certain comparative figures are reclassified to conform current period classification. |
Other notes |
Earnings / (loss) per share from operating income, other income / (expense) and net income for the current period has been calculated by using the weighted average number of ordinary shares outstanding as at 30 June 2016 of 204.7 million shares (2015: 200 million shares). The capital of the company was increased on 3rd April 2016 by 9.65 million ordinary shares. (Refer to note 1 of the financial statement)
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