| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
107
|
212
|
-49.53
|
86
|
24.42
|
| Gross profit (loss) |
405
|
435
|
-6.9
|
355
|
14.08
|
| Operational profit (loss) |
218
|
256
|
-14.84
|
133
|
63.91
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
193
|
349
|
-44.7
|
| Gross profit (loss) |
760
|
782
|
-2.81
|
| Operational profit (loss) |
353
|
423
|
-16.55
|
| Earning or loss per share, Riyals |
0.92
|
1.66
|
–
|
| 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) for the current quarter was SR 531 million showing 7% decline as compared with the same quarter of previous year mainly due to decline in revenue from our core government business due change in terms with major clients. This was offset by 82% growth in revenue from the hospitality division and a 36% jump in car rental revenue. The net profit for current quarter is SR 107 million with a 49% decrease as compared to same quarter of the previous year due to following reasons: 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 (21% 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 Excluding the impact of Reversal of impairment loss on trade receivables amounting to SR 71 million (Q2 2017: NIL) Provision recorded for Zakat amounting to SR 83 million primarily to cover previous years reassessment (Q2 2017: 6 million) Other expenses primarily due to disposal of charter plane amounting to SR 32 million (Q2 2017: Other income of SR 7 million) The net profit of the Company has decreased by 28% as compared to previous year. |
| 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 3% 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 25% compared with last year for the same period (from SR 589 million to SR 738 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 45% as compared to same period of previous year due to 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 (21% 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 Excluding the impact of Reversal of impairment loss on trade receivables amounting to SR 59 million (2017: NIL) Provision recorded for Zakat amounting to SR 93 million primarily to cover previous years reassessment (2017: 14 million) Other expenses primarily due to disposal of charter plane amounting to SR 28 million (2017: Other income of SR 4 million) The net profit of the Company has decreased by 29% as compared to previous year. |
| 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 10% mainly due to seasonality difference. The net profit for the current quarter has increased by 25% 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 | 1 The revenue for the current quarter is SAR 531 million as compared to SAR 574 million in same quarter of previous year with a decrease of 7%. The revenue for the current period is SAR 1,013 million as compared to SAR 1,040 million for the same period of previous year showing a decrease of 3%. 2 The gross profit for the current quarter is SAR 405 million as compared to SAR 435 million in same quarter of previous year with a decrease of 7%. The gross profit for the current period is SAR 760 million as compared to SAR 782 million for the same period of previous year showing a decrease of 3%. 3 The operating profit for the current quarter is SAR 218 million as compared to SAR 256 million in same quarter of previous year with a decline of 15%. The operating profit for the current period is SAR 353 million as compared to SAR 423 million for the same period of previous year showing a decrease of 17 %. 4 The net profit after zakat and tax for the current quarter is SAR 103 million as compared to SAR 213 million in same quarter of previous year with a decline of 52%. The net profit after non controlling interest for the current quarter is SAR 107 million as compared to SAR 212 million for the same quarter of previous year with a decrease of 49%. The net profit after zakat and tax for the current period is SAR 185 million as compared to SAR 348 million for the same period of previous year with a decrease of 47%. The net profit after non controlling interest for the current period is SAR 193 million as compared to SAR 349 million for the same period of previous year with a decrease of 45%. 5 The total comprehensive income for the current quarter before non controlling interests SAR 89 million as compared to SAR 221 million for the same quarter of previous year a decline of 60%. The total comprehensive income before non controlling interest for the current period is SAR 180 million as compared to SAR 366 million for the same period of previous year with a decrease of 51% The total comprehensive income after non controlling interest for the current quarter is SAR 93 million as compared to SAR 219 million for the same quarter of previous year a decline of 57%. The total comprehensive income after the non controlling interest for the current period is SAR 188 million as compared to SAR 368 million for the same period of previous year with a decrease of 49% The total comprehensive income for the current quarter before non controlling interests SAR 89 million as compared to SAR 91 million for the previous quarter with a decline of 2%. The total comprehensive income for the current quarter after non controlling interests SAR 93 million as compared to SAR 94 million for the previous quarter with a decline of 1%. 6 Earnings per share for the current quarter is SR 0.51 per share as compared to SR 1.01 per share in the same quarter of previous year. Earnings per share for the current period is SR 0.92 per share as compared to SR 1.66 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 6096 million as compared to SAR 5971 million in same period of previous year (without minority interest) an increase of 2%. Type of Audit report: Unmodified opinion |
