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Fawaz Abdulaziz Alhokair Co. announces the interim financial results for the period ending on 30-09-2016 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 58.71 310.67 -81.1 212.63 -72.39
Gross profit (loss) 317.46 618.82 -48.7 569.17 -44.22
Operational profit (loss) 101.75 374.36 -72.82 308.15 -66.98
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 271.33 521.47 -47.97
Gross profit (loss) 886.63 1,131.79 -21.66
Operational profit (loss) 409.9 640.28 -35.98
Earning or loss per share, Riyals 1.29 2.48 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The decrease in net income compared to the same period last year is related to: 1) the decrease in the sales in Saudi market by 24% which is largely related to the partial shift of the holy month of Ramadan to previous quarter with an impact of SAR 278 Million and the drop in the same store sales mainly in the period after Haj season which was impacted by a long vacation period and the spend on back to school. 2) the decline in the gross margin due to discounts and additional SR 40m inventory provisions and the impact of the cost of the new stores which is ramping up to reach the normal sales of comparable stores. 3) the Net Income benefited from the control of the company over the general & selling expenses which resulted in a reduction of SR 28m in the quarter . in the same time the finance expenses increased by SR 12.2 m which a one time expense in the quarter and SIBOR increase
Reasons of increase (decrease) for period compared with same period last year The six months net income has decreased due to the decrease in sales 3% . the net income has been mainly impacted by the decline in Gross Margin due to discounts, the additional inventory provisions and the cost of the new stores. The company is in the process of developing more efficient new channels to clear slow moving inventory and following more strict buying policy to protect its margin. The general and selling expenses is lower by SR 33 m and finance cost is higher by SR 30 m due to one off cost in Q1 and SIBOR increase .
Reasons of increase (decrease) for quarter compared with previous quarter The decrease in the Net Profit of this quarter compared to previous quarter is mainly explained by the good impact of the Holy Month of Ramadan on the first quarter.
Reclassifications in quarterly financial results Certain comparative figures have been reclassified to conform to current period's presentation
Other notes The sales during the current quarter of the year amounted to SAR 1,665.3 Million compared to SAR 2,102.2 Million for the same quarter of last year decreased by 20.7%. The company achieved sales of SAR 3,855 m in the first six months a decrease of 3 % compared to the same period last year SAR 3,972m. The shareholders equity (no minority interest) as of end of current period is 2,872.1 Million compared to SAR 2,617.6 as of end of similar period with increase of 9.7%.

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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