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Abdullah A. M. Al-Khodari Sons Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -43,336,179 34,856,394 - 4,107,344 -
Gross profit (loss) -31,822,720 42,160,946 - 20,688,512 -
Operational profit (loss) -44,223,858 20,964,743 - 5,536,301 -
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -39,228,835 48,833,451 -
Gross profit (loss) -11,134,208 89,752,211 -
Operational profit (loss) -38,687,557 47,730,876 -
Earning or loss per share, Riyals -0.7 0.88 -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the loss is due to:

1-Decrease in revenue by 37.4% (SAR 150.7 million) mainly due to assignment of contract (announced on Tadawul June 2016), negative variation orders, and relatively low contribution from newly awarded contracts.

2-Decrease in Gross profit by 175.5% (SAR 73.9 million) mainly due to decline in revenue, for reasons mentioned in (1) above.

3-Decrease in other income by 43.7% (SAR 11.4 million) due to decrease in sale of used equipment in the current quarter as compared to the same quarter last year.

4-Increase in financial charges by 10% (SAR 1.03 million)

5-Increase in Zakat expense by 30.2% (SAR 0.6 million)


The above was favorably counteracted by:

1-Decrease in direct costs by 21.3% (SAR 76.7 million) mainly due to reduction in manpower and depreciation costs.

2-Decrease in selling and marketing costs by 73% (SAR 3.2 million).

3-Decrease in G&A by 33.4% (SAR 5.6 million) mainly due to reduction in manpower costs and resources optimization, resulting from previously announcement Leaner Al-Khodari Program.
Reasons of increase (decrease) for period compared with same period last year The reason for the loss is due to:

1-Decrease in revenue by 26.4% (SAR 223.6 million).

2-Decrease in Gross profit by 112.4% (SAR 100.9 million).

3-Increase in financial charges by 5.4% (SAR 1.26 million) mainly due to the diversified funding sources.

4-Increase in Zakat expense by 14.4% (SAR 0.3 million).

The above was counteracted by:

1-Decrease in direct costs by 16.2% (SAR 122.7 million).

2-Decrease in selling and marketing costs by 62.1% (SAR 5.3 million).

3-Decrease in G&A by 27.4% (SAR 9.2 million).
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the loss is due to:

1-Decrease in revenue by 32.1% (SAR 119.3 million).

2-Decrease in Gross profit by 254% (SAR 52.5 million).

3-Increase in Zakat expense by 2274% (SAR 2.4 million)

The above was counteracted by:

1-Decrease in direct costs by 19% (SAR 66.8 million).

2-Decrease in selling & marketing costs by 42.7% (SAR 0.87 million)

3-Decrease in G&A by 14.3% (SAR 1.9 million).

4-Increase in other income by 23.8% (SAR 2.82 million).

5-Decrease in financial charges by 14.3% (SAR 1.9 million).
Other notes New awards for the second quarter of 2016 was SAR 54 million compared to SAR 340 million during the same quarter last year. The contract backlog is SAR 3,096.7 million at the end of second quarter 2016 compared to SAR 4,966.9 million for the same quarter of the previous year.

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