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Saudi Industrial Services Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 24.1 29 -16.9 22.1 9.05
Gross profit (loss) 61.9 85.6 -27.69 75.2 -17.69
Operational profit (loss) 42.5 51.2 -16.99 39.6 7.32
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 42.2 53.2 -20.68
Gross profit (loss) 137.1 162.5 -15.63
Operational profit (loss) 82.1 95.7 -14.21
Earning or loss per share, Riyals 0.57 0.65 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Revenue has decreased in Port Development & Operations and Logistics Parks and Services segments as sales volumes have been lower than last year. An increase in the provision for slow moving inventories further resulted in decrease in gross profit. Despite a positive one off item in other income of SAR 11 million
Reasons of increase (decrease) for period compared with same period last year Revenue has decreased in all three operating segments as sales volumes have been lower than last year. An increase in the provision for slow moving inventories further resulted in decrease in gross profit. Despite increase in share of results from associated companies and a positive one off item of SAR 11 million in other income due to a claim from prior years.
Reasons of increase (decrease) for quarter compared with previous quarter The Gross profit is lower mainly due to decrease in the revenues from Port Development and Operations and Logistics and support services segments. However, the Operating and net profit is increased due to lower general and admin expenses by SR 5.6 million and one off compensation of SAR 11 million.
External auditor's report containing reservation We draw attention to Note 10 to the accompanying 30 June 2017 condensed consolidated interim financial statement which states that the proposed amendments in the Companys Bylaws in respect of the increase in Companys share capital were completed during the quarter ended 30 June 2017, and subsequently, the Commercial Registration was revised on 23 July 2017. Accordingly, the share capital balance was increased in the accompanying condensed consolidated statement of financial position as at 30 June 2017 to reflect such increase in share capital. Our conclusion is not modified in respect of this matter.
Reclassifications in quarterly financial results On January 1, 2017 the company has adopted IFRS and based on that the presentation, measurement, recognition and disclosure for some of financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.
Other notes Total revenue for the current quarter ending June 30, 2017 amounted to 149.2 million riyals compared to 182.5 million riyals for the same quarter last year, a decrease of 18.2%. Total revenue for the current period ending June 30, 2017 amounted to 321.2 million riyals compared to 354.1 million riyals for the same period last year, a decrease of 9.3%.Earnings per share reduced to SAR 0.30 compared to SAR 0.36 same quarter last year and earning per share for the period is reduced to SAR 0.57 compared to SAR 0.65 same period last year. The company increased its share capital by issuing 1 bonus share for each five shares as approved by its shareholders' extraordinary General Assembly meeting held on 16 April 2017. Total shareholders' equity (after minority interests) for the period ending June 30, 2017 amounted to 1060 million riyals, compared to 977.7 million riyals for the same period last year, an increase of 8.5%. Total Comprehensive income attributable to shareholders' of parent company amounted to SAR 25.8 million compared to SAR 31.2 million in same quarter of 2016, a decrease of 17.3%, and compared with SAR 22.7 million in the previous quarter, an increase of 13.7%. Total Comprehensive income attributable to shareholders' of parent company for current period amounted to SAR 48.6 million as compared to SAR 53.7 million in the same period last year, a decrease of 9.5%.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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