| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,948 | 2,107 | -7.546 | ||
| Total Profit (Loss) | 1,425 | 1,603 | -11.104 | ||
| Profit (Loss) Operational | 613 | 808 | -24.133 | ||
| Net Profit (Loss) after Zakat and Tax | -142 | 489 | – | ||
| Total Comprehensive Income | -160 | 537 | – | ||
| Total Share Holders Equity (after deducting minority equity) | 5,662 | 6,035 | -6.18 | ||
| Profit (Loss) per Share | -0.69 | 2.37 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | The Company revenues (as classified according to International Financial Reporting Standards) decreased during the current year as compared with the previous year by 8% 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 44% compared with last year (from SR 1,387 million to SR 2004 million). This sector enjoyed rapid growth from the Group’s strategy to focus on online sector. Also revenue from the hospitality division increased by 33% and car rental revenue shown a growth of 30%. 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 year is SR 145 million as compared to net profit of SR 496 million during the previous year due to the following reasons: – Loss on disposal of equity investments amounting to SR 421 million. Excluding the impact of equity investment disposal loss the net profit of the company would have been SR 276 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. Excluding the impact of bellow exceptional items, the company would have generated and net profit of SR 416 million during the year. – Loss on disposal of equity accounted investees amounting to SR 421 million (2017: SR 16 million) – Impairment loss of SR 129 million is recorded during the current year on goodwill, equity investments and other receivables while previous year an impairment loss of SR 123 million was recorded on goodwill, property plant and equipment, investment properties and available for sale investments. – Reversal of impairment loss on trade receivables amounting to SR 70 million (2017: impairment of SR 17 million) -Provision recorded for Zakat amounting to SR 84 million primarily to cover previous years reassessment (2017: 31 million) – Other expenses amounting to SR 50 million (2017: NIL) primarily coming from disposal of charter plane during the current year. |
| Type of the external auditor’s opinion | Unmodified opinion |
| Reclassifications in annual financial results | Certain comparative figures are reclassified to conform current year classification |
| Additional Information | 1 The revenue for the current year is SAR 1,948 million as compared to SAR 2,107 million during the last year showing a decrease of 8%.
2 The gross profit for the current year is SAR 1,425 million as compared to SAR 1,603 million during last year with a decrease of 11%. 3 The operating profit for the current year is SAR 613 million as compared to SAR 808 million during last year with a decline of 24%. 4 The loss after zakat and tax for the current year is SAR 142 million as compared to net profit of SAR 489 million during last year. The net loss after non controlling interest for the current year is SAR 145 million as compared to net profit after non controlling interest of SAR 497 million for the same quarter of previous year. 5 The total comprehensive loss for the current year before non controlling interests SAR -157 million as compared to total comprehensive income of SAR 530 million for the last year. The total comprehensive loss after non controlling interest for the current year is SAR 160 million as compared to total comprehensive income of SAR 537 million for the last year. 6 Earnings per share for the current year is SR -0.69 as compared to earnings per share of SR 2.37 for the last year. 7 The shareholders equity (without non controlling interest) as of end of current year is SAR 5662 million as compared to SAR 6035 million in previous year (without minority interest). |
