11-05-2017 15-08-1438
|
ELEMENT |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
% CHANGE CURRENT |
PREVIOUS QUARTER |
% CHANGE PREVIOUS |
|
Net profit (loss) |
137 |
191 | -28.27 | 142 | -3.52 |
|
Gross profit (loss) |
347 |
403 | -13.9 | 358 | -3.07 |
|
Operational profit (loss) |
165 |
204 | -19.12 | 162 | 1.85 |
|
Earning or loss per share, Riyals |
0.65 |
0.91 | – | – | – |
All figures are in (Millions) Saudi Arabia, Riyals
|
ELEMENT |
EXPLAINATION |
|
Reasons of increase (decrease) for quarter compared with same quarter last year |
The net profit for the current quarter has decreased by 28% as compared to same quarter of previous year due to decrease in revenue by 13% and due to decrease in margins for some services in order to protect and increase the market share and due to change in product mix with variable margins increasing share of online revenue. The net profit for the current quarter has decreased by 28% as compared to same quarter of previous year due to decrease in revenue by 13% and due to decrease in margins for some services in order to protect and increase the market share and due to change in product mix with variable margins increasing share of online revenue. The Company revenues (as classified according to International Financial Reporting Standards) decreased during the current quarter as compared with the same quarter of last year by 13% mainly due to decline in the average commission/revenue of the traditional travel sector. It should be noted here that the Group online bookings through its online platform have increased by 203% compared with last year for the same quarter (from SR 66 million to SR 201 million) this sector enjoyed rapid growth from the Group’s strategy to focus on online sector. |
|
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 24% mainly due to seasonality difference. The net profit for the current quarter has decreased by 4% as compared to previous quarter and the selling and administrative expense have decreased by 12% as compared to previous quarter. This is in line with Group focus on expense control. Excluding the impact of decrease in expenses for the current quarter the net profit of the company for the current quarter would have decreased by 26% as compared to previous quarter |
|
Reclassifications in quarterly financial results |
Certain comparative figures are reclassified to conform current period classification. |
|
Other notes |
Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 28 (Effect of IFRS standards adoption) in the Interim Consolidated Financial Statements for the period ended in 31 March 2017. The revenue for the current quarter is SAR 467 Million as compared to SAR 535 million for the same quarter of previous year showing a decrease of 13 %. |
