| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 397 | 510 | -22.156 | 594 | -33.164 |
| Gross Profit (Loss) | 185 | 302 | -38.741 | 280 | -33.928 |
| Operational Profit (Loss) | -103 | 65 | – | 90 | – |
| Net Profit (Loss) after Zakat and Tax | 1,112 | 49 | 2,169.387 | 9 | 12,255.555 |
| Total Comprehensive Income | 1,098 | 55 | 1,896.363 | 39 | 2,715.384 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 6,953 | 5,713 | 21.704 |
| Profit (Loss) per Share | 3.71 | 0.16 | |
| 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) decreased by 18% for the first quarter 2020 to SAR 1.9 billion vs. SAR 2.3 Billion Q1 2019. The drop is solely driven by COVID-19 that has impacted the world economy, in particular the travel and tourism sector.
Consumer Travel recorded SAR 663 million in GBV for Q1 2020 v’s SAR 596 million Q1 2019, an increase of 11%. The online business posted SAR 0.6 billion in Q1 2020, a 50% growth over Q1 2019. Car Rental posted a 145% increase in revenue in Q1 2020, to SAR 121m. Group Revenue declined by 22% in Q1 2020 v’s Q1 2019 driven by drop in GBV due to COVID – 19. Net profit The company generated a net profit after zakat (before NCI) of SR 1.1 billion as compared to net profit of SR 49 million during the previous year primarily driven by gain on disposal of Careem amounting SR 1.563 billion. Excluding the impact of below exceptional items, the company achieved normalized net loss of SR 123 million for the Q1 2020 (2019: net profit of SR 49 million) with a decrease of 351% as compared to Q1 2019 – Portion of gain recorded in current quarter on disposal of investment in Careem is SR 1.563 billion (Q1 2019: NIL) – Impairment losses amounting to SR 315 million (Q1 2019: NIL) – Recognized foreign currency loss on impairment of goodwill amounting to SR 13 million (Q1 2019: NIL) |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Group gross booking value (GBV) decreased by 13% for the first quarter 2020 to SAR 1.9 billion vs. SAR 2.2 Billion Q4 2019. The drop is solely driven by COVID-19 that has impacted the world economy, in particular the travel and tourism sector.
Consumer Travel recorded SAR 663 million in GBV for Q1 2020 v’s SAR 749 million Q4 2019, with a decrease of 11%. Car Rental posted a 23% decrease in revenue in Q1 2020, to SAR 121m as compared to SR 156 million in Q4 2019. Group Revenue declined by 33% in Q1 2020 v’s Q4 2019 driven by drop in GBV due to COVID – 19. Net profit The company generated a net profit after zakat (before NCI) of SR 1.1 billion as compared to net profit of SR 9 million during the previous quarter primarily driven by gain on disposal of Careem amounting SR 1.563 billion. Excluding the impact of below exceptional items, the company achieved normalized net loss of SR 123 million for the Q1 2020 (Q4 2019: net profit of SR 52 million) with a decrease of 336% as compared to Q4 2019 – Portion of gain recorded in current quarter on disposal of investment is SR 1.563 billion (Q4 2019: SR 17 million loss) – Impairment losses amounting to SR 315 million (Q4 2019: SR 26 million) Recognized foreign currency loss on impairment of goodwill amounting to SR 13 million (Q4 2019: NIL) |
| Basis of the External Auditor’s Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Non |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform to current period classification. |
| Additional Information | Other information:
1 The revenue for the current quarter is SAR 397 million as compared to SAR 510 million during the same quarter previous year showing a decrease of 22%. 2 The gross profit for the current quarter is SAR 185 million as compared to SAR 302 million during same quarter of previous year with a decrease of 39%. 3 The operating loss for the current quarter is SAR 103 million as compared to SAR 65 million operating profit for the same quarter of previous year with a decline of 258%. 4 The profit after zakat and tax for the current quarter is SAR 1112 million as compared to SAR 49 million during last year with an increase of 2169%. The net profit after non controlling interest for the current quarter is SAR 1113 million as compared to SAR 47 million for the same quarter of previous year with an increase of 2268%. 5 The total comprehensive income for the current quarter before non controlling interests is SAR 1098 million as compared to SAR 55 million for the same quarter of previous year with an increase of 1896%. The total comprehensive income after non controlling interest for the current quarter is SAR 1100 million as compared to SAR 53 million for the same quarter of previous year with an increase of 1975%. 6 Earnings per share for the current quarter is SR 3.71 as compared to earnings per share of SR 0.16 for the same quarter of previous year. 7 The shareholders equity (without non controlling interest) as of end of current year is SAR 6953 million as compared to SAR 5713 million in previous year (without minority interest). COVID-19 assessment Due to a novel strain of coronavirus (COVID-19) that was first identified at the end of December 2019 and subsequently declared as a pandemic in March 2020 by the World Health Organization (WHO) which continues to spread all regions around the world, including the Kingdom of Saudi Arabia and resulted in travel restrictions and curfew in the cities and hence a slowdown of economic activities and shutdown of many sectors at global and local levels and has impacted significantly travel and tourism sector. As a result of the impact assessment carried out by the management, Covid-19 outbreak has significantly impacted the Group’s operations, hence the Group has impaired the following assets: • Goodwill,and related assets (for cash generating units) • Software, • Customer lists, • Brand names, and • Investment in equity-accounted investees Impairments recorded have been disclosed in Note number 5,6, 7 and 8. The Group will continue to evaluate the nature and extent of the impact on its business and financial results. Disposal of Careem The acquisition of Careem Inc. net asset by Uber Technologies was completed on 2 January 2020 ("Minimum Payment Date" as per APA) after obtaining the approval from most of the regulatory authorities in the relevant countries. As per APA, Uber held back 25% of the total consideration amounting to SR 483 million, until all regulatory and legal requirements have been completed. The Group recognized a net gain of SR 1,563 million, excluding an amount of SR 241 million, which represents 50% of the holdback amount as described above. The Group assessed the recoverability of the remaining receivable amount related to holdbacks based on the information it obtained related to the progress of regulatory, tax and indemnity issues for the closure of sale transaction. The Group might be recording additional income (upto SR 241 million) in future periods, after completion of entire regulatory processes, subject to regulatory and indemnity holdbacks deductions (if any). Please refer to note number 4 of the financial statement for significant matter during the period. |
