Hail Cement Co. announces the annual financial results for the period ending on 31-12-2017
|Element||Current year||Previous year||% Change|
|Net profit (loss)||15,541,438||99,651,846||-84.4|
|Earning or loss per share, Riyals||0.16||1.02||-|
|Gross profit (loss)||50,772,922||135,282,179||-62.47|
|Operational profit (loss)||24,236,478||105,975,551||-77.13|
|All figures are in Saudi Arabia, Riyals|
|Reasons of annual financial results||The net profit for the current year is reduced because the total revenue is less compared to last year due to less demand, tough competition and declining prices.|
|Reclassifications in annual financial results||The Company has prepared these financial statements as per International Financial Reporting Standards (IFRS) in accordance with IAS 34 and IAS 1, starting 1 January 2017 to comply with CMA directives. However, in the preceding year the Company prepared its audited financial statements as per IFRS for internal management use and did not publish. The comparative figures of last year in these financial statements are as per IFRS.|
|Other notes||1- Total revenue during the current year is 164,539,945 whereas the total revenue during last year is 272,118,771 a decrease of 39.53%.
2- Total comprehensive income during the current year is SR 15,541,438 whereas the total comprehensive income during last year is SR 99,651,846 a decrease of 84.40%.
3- Earnings per share during the current year is SR 0.16 whereas the earnings per share in last year SR 1.02.
4- Shareholders Equity (with no minority interests) at the end of current year is SR 1,028,114,726 whereas it was SR 1,056,424,082 at the end of last year, a decrease of 2.68%.
5- There are no accumulated losses at the end of the current year.
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.