| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 492 | 489 | 0.613 | 531 | -7.344 |
| Total Profit (Loss) | 355 | 354 | 0.282 | 405 | -12.345 |
| Profit (Loss) Operational | 123 | 178 | -30.898 | 218 | -43.577 |
| Net Profit (Loss) after Zakat and Tax | -355 | 132 | – | 107 | – |
| Total Comprehensive Income | -359 | 144 | – | 93 | – |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,504 | 1,529 | -1.635 |
| Total Profit (Loss) | 1,115 | 1,136 | -1.848 |
| Profit (Loss) Operational | 477 | 601 | -20.632 |
| Net Profit (Loss) after Zakat and Tax | -163 | 480 | – |
| Total Comprehensive Income | -171 | 511 | – |
| Total Share Holders Equity (after deducting minority equity) | 5,655 | 6,010 | -5.906 |
| Profit (Loss) per Share | -0.78 | 2.29 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The Company revenues (as classified according to International Financial Reporting Standards) for the current quarter was SR 492 million showing 0.5% increase as compared with the same quarter of previous year. It should be noted here that the Group’s online booking through its online platform have increased by 48% compared with last year for the same quarter (from SR 486 million to SR 717 million) this sector enjoyed rapid growth from the Group’s strategy to focus on online sector. Also revenue from the car rental division increased by 44% and hospitality revenue shown a growth of 19%. This was offset by decline in revenue from our core government business due change in terms with major clients.
The net loss for current quarter is SR 355 million with a 369% decrease as compared to same quarter of the previous year due to following reasons: – Impairment loss recorded on equity investments amounting to SR 421 million. Excluding the impact of impairment loss the net profit of the company would have been SR 66 million. – More competitive pricing for some services in order to protect and increase the market share which affected our margins – Change in terms with major government clients – A change in product mix and margin due to high share of online sales and travel services in United Kingdom that have lower margin as compared to others segments within the Group. – An increase in SG&A (14% higher) as compared to same quarter of last year due to increase in online business and start of commercial operation of hospitality assets that started operations during the 4th quarter of 2017 The net profit of the Company has decreased by 33% as compared to previous year excluding the impact of – Impairment loss of SR 421 million (Q3 2017: NIL) – Impairment loss on trade receivables amounting to SR 22 million (Q3 2017: NIL) |
| Reason for increase (decrease) in net profit for current quarter compared to the 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 7% mainly due to seasonality difference.
The net loss for the current quarter is SR 355 million decreased by 432% as compared to previous quarter. The company would have generated a net profit of SR 99 million with a decrease of 34% as compared to previous quarter excluding the impact of – Impairment loss of SR 421 million (Q2 2018: NIL) – Impairment loss on trade receivables amounting to SR 20 million (Q2 2018: Reversal of SR 71 million) -Provision recorded for Zakat amounting to SR 12 million (Q2 2018: 83 million) – Other expenses amounting to SR 1 million (Q2 2018: SR 32 million) |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous 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 2% mainly due to decline in the average commission/revenue of the traditional travel sector. It should be noted here that the Group’s online booking through its online platform have increased by 35% compared with last year for the same period (from SR 1076 million to SR 1455 million) this sector enjoyed rapid growth from the Group’s strategy to focus on online sector. Also revenue from the hospitality division increased by 50% and car rental revenue shown a growth of 44%. This was offset by decline in revenue from our core government business due change in terms with major clients.
The net loss for the current period is SR 163 million decreased by 134% as compared to same period of previous year due to following reasons: – Impairment loss recorded on equity investments amounting to SR 427 million. Excluding the impact of impairment loss the net profit of the company would have been SR 264 million – More competitive pricing for some services in order to protect and increase the market share which affected our margins – Change in terms with major government clients – A change in product mix and margin due to high share of online sales and travel services in United Kingdom that have lower margin as compared to others segments within the Group. – An increase in SG&A (18% higher) as compared to same period of last year due to increase in online business and start of commercial operation of hospitality assets that started operations during the 4th quarter of 2017 The net profit of the Company would have decreased by 26% as compared to previous year excluding the impact of – Impairment loss of SR 427 million (2017: NIL) – Reversal of impairment loss on trade receivables amounting to SR 39 million (2017: NIL) -Provision recorded for Zakat amounting to SR 105 million primarily to cover previous years reassessment (2017: 20 million) – Other expenses primarily due to disposal of charter plane amounting to SR 30 million (2017: Other income of SR 12 million) |
| Type of the external auditor’s opinion | Unmodified opinion |
| Reclassifications in quarter financial result | Certain comparative figures are reclassified to conform current period classification. |
| Additional Information | 1 The revenue for the current quarter is SAR 492 million as compared to SAR 489 million in same quarter of previous year with an increase of 0.5%. The revenue for the current period is SAR 1,504 million as compared to SAR 1,529 million for the same period of previous year showing a decrease of 2%.
2 The gross profit for the current quarter is SAR 355 million as compared to SAR 354 million in same quarter of previous year with an increase of 0.1%. The gross profit for the current period is SAR 1115 million as compared to SAR 1136 million for the same period of previous year showing a decrease of 2%. 3 The operating profit for the current quarter is SAR 123 million as compared to SAR 178 million in same quarter of previous year with a decline of 31%. The operating profit for the current period is SAR 477 million as compared to SAR 601 million for the same period of previous year showing a decrease of 21 %. 4 The net profit after zakat and tax for the current quarter is SAR -344 million as compared to SAR 133 million in same quarter of previous year with a decline of 359%. The net profit after non controlling interest for the current quarter is SAR -355 million as compared to SAR 132 million for the same quarter of previous year with a decrease of 370%. The net profit after zakat and tax for the current period is SAR -159 million as compared to SAR 481 million for the same period of previous year with a decrease of 133%. The net profit after non controlling interest for the current period is SAR -163 million as compared to SAR 480 million for the same period of previous year with a decrease of 134%. 5 The total comprehensive income for the current quarter before non controlling interests SAR -347 million as compared to SAR 145 million for the same quarter of previous year a decline of 339%. The total comprehensive income before non controlling interest for the current period is SAR -167 million as compared to SAR 512 million for the same period of previous year with a decrease of 133% The total comprehensive income after non controlling interest for the current quarter is SAR -359 million as compared to SAR 144 million for the same quarter of previous year a decline of 349%. The total comprehensive income after the non controlling interest for the current period is SAR -171 million as compared to SAR 511 million for the same period of previous year with a decrease of 133% The total comprehensive income for the current quarter before non controlling interests SAR -347 million as compared to SAR 89 million for the previous quarter with a decline of 491%. The total comprehensive income for the current quarter after non controlling interests SAR -359 million as compared to SAR 93 million for the previous quarter with a decline of 484%. 6 Earnings per share for the current quarter is SR -1.70 per share as compared to SR 0.63 per share in the same quarter of previous year. Earnings per share for the current period is SR -0.78 per share as compared to SR 2.29 per share in the same period of previous year 7 The shareholders equity (without non controlling interest) as of end of current period is SAR 5655 million as compared to SAR 6010 million in same period of previous year (without minority interest) a decrease of 6%. |
