| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
86
|
137
|
-37.23
|
16
|
437.5
|
| Gross profit (loss) |
355
|
347
|
2.31
|
467
|
-23.98
|
| Operational profit (loss) |
133
|
166
|
-19.88
|
82
|
62.2
|
| Earning or loss per share, Riyals |
0.41
|
0.65
|
–
|
–
|
–
|
| 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 482 million showing 3% growth as compared with the same quarter of previous year mainly due to doubling of revenue from the hospitality division and a 60% jump in car rental revenue. This was offset by a decline in revenue from our core government business due change in terms with major clients.
Furthermore it should be noted here that the Groups online gross bookings volume through its online platform have increased by 84% to SR 370 million as compared with SR 201 million in same quarter of last year. The online travel sector has enjoyed rapid growth as part of the Groups strategy to focus on online sector. The net profit for current quarter is SR 86 million with a 37% 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 Excluding the impact of impairment loss recorded on equity accounted investees and impairment loss on trade receivable SR 6 million and SR 11 million respectively (Q1 2017: SR NIL million) the net profit of the Company has decreased by 24% 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 decreased by 17% mainly due to seasonality difference. The net profit for the current quarter has increased by 437% as compared to previous quarter and the selling and administrative expense have decreased by 24% as compared to previous quarter. This is in line with Group focus on expense control. Excluding the impact of impairment losses recorded during previous quarter for intangible assets and investment properties & property and equipment the net profit of the company for the current quarter would have decreased by 37% as compared to previous quarter. |
| 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 482 million as compared to SAR 467 million in same quarter of previous year with a growth of 3%.
2 The gross profit for the current quarter is SAR 355 million as compared to SAR 347 million in same quarter of previous year with a growth of 3%. 3 The operating profit for the current quarter is SAR 133 million as compared to SAR 166 million in same quarter of previous year with a decline of 20% due to increase in selling and administrative expense by 20%. 4 The net profit after zakat and tax for the current quarter is SAR 82 million as compared to SAR 134 million in same quarter of previous year with a decline of 39%. The net profit after non controlling interest for the current quarter is SAR 86 million as compared to SAR 137 million for the same quarter of previous year a decline of 37%. 5 The total comprehensive income for the current quarter is SAR 91 million as compared to SAR 146 million for the same quarter of previous year a decline of 38% 6 Earnings per share for the current quarter is SR 0.41 per share as compared to SR 0.65 per share in the same quarter of previous year. 7 The shareholders equity (without non controlling interest) as of end of current quarter is SAR 6004 million as compared to SAR 5751 million in same period of previous year (without minority interest) an increase of 4%. |
