| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 642 | 615 | 4.39 | 488 | 31.557 |
| Gross Profit (Loss) | 349 | 355 | -1.69 | 341 | 2.346 |
| Operational Profit (Loss) | 97 | 123 | -21.138 | 87 | 11.494 |
| Net Profit (Loss) after Zakat and Tax | 64 | -344 | – | 66 | -3.03 |
| Total Comprehensive Income | 58 | -347 | – | 62 | -6.451 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,596 | 1,736 | -8.064 |
| Gross Profit (Loss) | 993 | 1,115 | -10.941 |
| Operational Profit (Loss) | 249 | 477 | -47.798 |
| Net Profit (Loss) after Zakat and Tax | 180 | -159 | – |
| Total Comprehensive Income | 176 | -167 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 5,798 | 5,620 | 3.167 |
| Profit (Loss) per Share | 0.59 | -0.54 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Group gross booking value (GBV) increased by 6% in Q3 2019 to SAR 3.3 billion as compared to SAR 3.1 billion in Q3 2018. Overall, the impact of the non renewal of the Ministry of Education contract was more than offset by the strong and consistent growth in consumer travel and car rental units.
Consumer Travel recorded SAR 1.3Bn GBV for Q3 2019 v’s SAR 861 million in Q3 2018, an increase of 52%, Online travel, part of the consumer travel business, generated over SAR 1Bn GBV in Q3, a 77% growth over last year. Car Rental posted a significant jump in its revenue, posted a 78% increase in revenue in Q3 2019, to SAR 73m. Group revenue shown a growth of 4.4% in Q3 2019 to SAR 642m vs SAR 615m in Q3 2018. The growth is mainly driven from Consumer travel and car rental business unit. Net profit The company generated a net profit of SR 64 million as compared to net loss of SR 344 million during the previous year. Excluding the impact of below exceptional items, the company achieved normalized net profit of SR 69 million during the quarter (2018: SR 97 million) with a decrease of 29% as compared to the same quarter of previous year – Impairment loss/(gain) on trade receivables amounting to SR 4.7 million (2018: SR 20 million) – Impairment loss recorded on equity accounted investments amounting to SR Nil (2018: SR 421 million) |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Revenue of the company during the current quarter as compared to the previous quarter has increased by 32% mainly due to seasonality difference.
The net profit for the current quarter has decreased by 3% compared to the previous quarter mainly due to decrease in gross profit margin to retain the market share. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Group gross booking value (GBV) increased by 4% in 2019 to SAR 8.6 billion as compared to SAR 8.3 billion in 2018. Overall, the impact of the non renewal of the Ministry of Education contract was more than offset by the strong and consistent groth in consumer travel and car rental units.
Consumer Travel recorded SAR 3.2 billion in GBV for the period showing a growth of 44% with the online business posting SAR 2.4 billion GBV with 66% growth compared to last year. Car Rental posted significant jump in its revenue as compared to 2018, with a growth of 81% to SAR 186 million Group revenue for the period declined by 8% to SAR 1,596m vs SAR 1,736m in the same period last year. The reasons for the decline reflect the non-renewal of the Ministry of Education (MOE) contract. Net profit for the period The company generated a net profit of SR 180 million as compared to net loss of SR 159 million during the previous year. Excluding the impact of bellow exceptional items, the company would have generated a net profit of SR 220 million during the period (2018: SR 370 million) with a decrease of 40% as compared to previous year – Impairment loss on trade receivables amounting to SR 14 million (2018: SR 39 million gain) – Provision recorded for Zakat amounting to SR 26 million (2018: 105 million primarily to cover previous years reassessment) – Loss on disposal of charter plane amounting to SR NIL (2018: SR 36 million). – Impairment loss recorded on equity accounted investments amounting to SR Nil (2018: SR 427 million) |
| Basis of the External Auditor’s Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform to current quarter and period classification |
| Additional Information | 1 The revenue for the current quarter is SAR 642 million as compared to SAR 615 million during the same quarter of the previous year showing an increase of 4%. The revenue for the current period is SAR 1,596 million as compared to SAR 1,736 million for the same period of the previous year showing a decrease of 8%.
2 The gross profit for the current quarter is SAR 349 million as compared to SAR 355 million during the same quarter of the previous year with a decrease of 2%. The gross profit for the current period is SAR 993 million as compared to SAR 1,115 million for the same period of the previous year showing a decrease of 11%. 3 The operating profit for the current quarter is SAR 97 million as compared to SAR 123 million during the same quarter for the previous year with a decline of 21%. The operating profit for the current period is SAR 249 million as compared to SAR 477 million for the same period of the previous year showing a increase of 48 %. 4 The net profit after zakat and tax for the current quarter is SAR 64 million as compared to loss of SAR 344 million during the same quarter of the previous year showing an increase of 119%. The net profit after non controlling interest for the current quarter is SAR 63 million as compared to net loss of SAR 355 million for the same quarter of the previous year with an increase of 118%. The net profit after zakat and tax for the current period is SAR 180 million as compared to a net loss of SAR 159 million for the same period of the previous year with an increase of 213%. The net profit after non controlling interest for the current period is SAR 176 million as compared to net loss of SAR 163 million for the same period of previous year with an increase of 208%. 5 The total comprehensive income for the current quarter is SAR 58 million as compared to total comprehensive loss of SAR 347 million for the same quarter of previous year increased by 117%. The total comprehensive income after non controlling interest for the current quarter is SAR 57 million as compared to total comprehensive loss of SAR 359 million for the same quarter of the previous year showing an increase of 116%. The total comprehensive income for the current period is SAR 176 million as compared to total comprehensive loss of SAR 167 million for the same period of previous year with an increase of 205%. The total comprehensive income after the non controlling interest for the current period is SAR 171 million as compared to total comprehensive loss of SAR 171 million for the same period of previous year with an increase of 200%. The total comprehensive income for the current quarter SAR 58 million as compared to SAR 62 million for the previous quarter with a decrease of 6%. The total comprehensive income for the current quarter after non controlling interests SAR 57 million as compared to SAR 61 million for the previous quarter with a decrease of 7%. 6 Earnings per share for the current quarter is SR 0.21 as compared to loss per share of SR 1.18 for the same quarter of previous year. Earnings per share for the current period is SR 0.59 per share as compared to loss per share of SR 0.54 per share in the same period of previous year 7 The shareholders equity (without non controlling interest) as at the end of the current period is SAR 5,798 million as compared to SAR 5,620 million in the previous year (without minority interest) increased by 3%. 8 The Company’s management identified that sales incentive commission of SR 33.8 million was not accrued for the year ended 31 December 2016. This was identified through a court order received against the Company during the period. Therefore, the Company has adjusted this expense in its opening retained earnings as at 1 January 2018 with a corresponding increase in its trade and other payables for the same amount. Refer to note 20 of the 3rd quarter 2019 financial statement. |
