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Abdullah A. M. Al-Khodari Sons Company announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -17,758,431 2,194,117 - -12,148,130 -46.18
Gross profit (loss) -11,420,580 29,082,479 - 17,840,257 -
Operational profit (loss) 1,593,983 25,504,883 -93.75 9,163,545 -82.61
Earning or loss per share, Riyals -0.32 0.04 - - -
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-Revenue has declined by 50% to SAR 194 million during the first quarter 2017, compared to SAR 390.3 million in the same quarter of 2016, mainly due to slow progress on the ongoing projects, decline in new project awards, significant liquidity challenges facing the contracting industry due to delay in payments, reprioritizing of projects by the government and extended slowdown in the construction sector. 2-Significant decline in revenue resulted in Gross loss of SAR 11.4 million in the first quarter 2017, as compared to Gross profit of SAR 29.08 million in the same quarter of 2016. The above was favorably counteracted by: 1-Direct costs has declined by 43% (SAR 155.8 million) mainly due to slow progress on the ongoing projects 2-Selling & marketing Expenses & General and Administration Expenses has reduced by 30% (SAR 4.59 million) driven by cost control and operational efficiencies. 3-Other income has increased by 104% (SAR 12 million) driven by the increase in the partial refund receipts of the government compensation for the increased 2400 expat levy during the first quarter of 2017, as compared to the same quarter of 2016 4-Net finance costs has declined by 16.5% (SAR 3.84 million)
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the loss is due to: 1-Revenue has reduced by 14% (SAR 31 million). 2-Decline in Gross profit by 164% (SAR 29.3 million) mainly due to decrease in revenue. 3-Increase in financial charges by 6% (SAR 1 million) The above was counteracted by: 1-Selling & marketing expenses and General and administrative expenses has declined by 26.6% (SAR 3.8 million) 2-Other income has increased by 312% (SAR 17.8 million) mainly due to the increase in the partial refund receipts of the government compensation for the increased 2400 expat levy during the first quarter as compared to the previous quarter 3-Decrease in zakat expenses by 100% (SAR 3 million).
Reclassifications in quarterly financial results The company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the condensed consolidated financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the accounting policies adopted in accordance with IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants. For further details, refer to Note 12 (First time adoption of IFRS) in the notes attached to the interim condensed consolidated financial statements for the three month period ended 31 March 2017.
Other notes 1-the total comprehensive loss of the Company reached to SAR 17.75 million as compared to the total comprehensive income of SAR 2.15 million for the similar quarter of the previous year. The total comprehensive loss for the period 17.75 million, as compared to total comprehensive income loss SAR 12.148 million for the previous quarter by 46%.
2-Total Equity Attributable to Shareholders as at 31 March 2017 amounted to SAR 707.92 million as compared to SAR 848.87 million as at 31 March 2016, with a decrease of 16.6%. Total non controlling interests as at 31 March 2017 amounted to SAR 0.547 million as compared to SAR 0.579 million as at 31 March 2016.
3-New awards for the first quarter of 2017 were SAR 53.04 million compared to SAR 16.2 million during the same quarter last year. The contract backlog is SAR 2,845.4 million at the end of first quarter of 2017 compared to SAR 3,510 million for the same quarter of the previous year.
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.
5- Revenue is amount of SAR 194 million for the first quarter 2017, compared to SAR 390.3 million in the same quarter of 2016 decreased by 50%

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