Al Abdullatif Industrial Investment Co. announces the annual financial results for the period ending on 31-12-2017
|Element||Current year||Previous year||% Change|
|Net profit (loss)||35.21||28.65||22.9|
|Earning or loss per share, Riyals||0.43||0.35||-|
|Gross profit (loss)||83.99||106.03||-20.79|
|Operational profit (loss)||45.54||46.95||-3|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reasons of annual financial results||The reason of decline in gross profit and operating profit during the Financial year 2017 compared to the same period last year due to:
1-a decline in sales
2- High cost of materials attributed to sales
3 -an increase in the cost of sales in general attributed to sales, In spite of Decrease in selling expenses and administrative and general expenses .
The reasons for the increase in net profit are due to:
1 - profits of the real estate investments.
2. decline in financing expenses.
|Reclassifications in annual financial results||The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 January 2017. The Company has adopted ( early adoption) of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) on subsidiaries. Accordingly, certain changes have been made in the Company's financial statements on a number of items in the measurement and the recognition method Presentation and the disclosure for the current and comparative periods in accordance with the accounting policies adopted by the Company in accordance with the requirements of the International Financial Reporting Standards adopted by the Saudi Organization for Certified Public Accountants. And a certain figures for the prior period have been reclassified to conform with presentation in the current period|
|Other notes||1. Comprehensive income during the current period reached SR 32.25 million compared to 28.65 for the same period of 2016, an increase of 12.57%. 2. There are no minority rights in financial instruments. 3. The net sales during the current period amounted to SR 668.41 million compared to SR 740.81 million for the same period of 2016, a decrease of 9.77%. 4. Total shareholders' equity during the current period reached SR 1213.61 million Compared to 1221.98 million riyals for the same period of the previous year 2016, a decrease of (0.68%).|
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