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Abdullah A. M. Al-Khodari Sons Company announces the annual financial results for the period ending on 31-12-2016

Element Current year Previous year % Change
Net profit (loss) -117,980,285 33,359,281 -
Earning or loss per share, Riyals -2.12 0.6 -
Gross profit (loss) -52,311,358 117,975,269 -
Operational profit (loss) -104,781,272 34,713,167 -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The reason for the loss is due to:1-Decrease in revenue by 34.4% (SAR 539.6 million) mainly due to slow progress on the ongoing projects, decline in new project awards and extended slowdown in the construction sector.2-Decrease in Gross profit by 144% (SAR 170.28 million).3-Increase in financial charges by 11.2% (SAR 5.1 million mainly due to the diversified funding sources and due to general increase in SIBOR.4-Decrease in other income by 8.6% (SAR 4.1 million).5-Increase in Zakat expense by 76.5% (SAR 2.62 million). The above was counteracted by:1-Decrease in direct costs by 25.4% (SAR 369.3 million) mainly due to reduction in manpower and depreciation costs.2-Decrease in selling and marketing costs by 57% (SAR 8.5 million) mainly due to decrease in bidding activity.3-Decrease in G&A by 32.6% (SAR 22.2 million) mainly due to reduction in manpower costs and resources optimization, resulting from previously announced Leaner Al-Khodari Program.
Other notes 1-Gross Revenue of the year 2016 is SAR. 1,030.3 million compared to SAR. 1,569.9 million for 2015 year with a decrease of 34.4% 2-The shareholders equity (No minority interests) till the end of the year 2016 is SAR. 770.21 million compared to SAR. 889.39 million for 2015 year with a decrease of 13.4%3-New awards for the year of 2016 were SAR 214 million compared to SAR 1,512 million during 2015. The contract backlog is SAR 2,852.8 million at the end of 2016 compared to SAR 3,898.5 million for the 2015.4-Earning per Share for the similar period of the previous year has been restated due to the recalculation of the Earning per Share based on the current number of shares of 55,781,250 shares that has been increased according to the resolution of the Extra General Assembly held on 28 June 2016.

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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