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Abdullah A. M. Al-Khodari Sons Company announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -25,022,895 -56,230,322 55.5 -17,758,431 -40.91
Gross profit (loss) -20,368,492 -38,558,220 47.17 -11,420,580 -78.35
Operational profit (loss) -14,268,702 -36,225,591 60.61 1,593,983 -
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -42,781,326 -54,036,205 20.83
Gross profit (loss) -31,789,072 -9,475,741 -235.48
Operational profit (loss) -12,674,719 -10,720,708 -18.23
Earning or loss per share, Riyals -0.77 -0.97 -
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 decrease in net loss is due to:
1-Direct costs has declined by 50% (SAR 145.2 million) mainly due to slow progress on the ongoing projects.
2-General and Administration Expenses has reduced by 26% (SAR 2.89 million) driven by cost control and operational efficiencies.
3-Other income has increased by 7.5% (SAR 1.1 million) mainly due to increase in auction sale of used equipment during the current quarter as compared to the same quarter last year.
4-Net finance costs has declined by 44% (SAR 7.75 million).
5-Zakat expenses has declined by 60% (SAR 1.5 million).
The above was adversely counteracted by:
1-Revenue has declined by 50% to SAR 127 million during the second quarter 2017, compared to SAR 254 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 20.36 million in the second quarter 2017, as compared to Gross loss of SAR 38.55 million in the same quarter of 2016.
3-Selling & marketing expenses has increased by 19.4% (SAR 0.22 million).
Reasons of increase (decrease) for period compared with same period last year The reason for the decrease in net loss is due to:
1-Direct costs has declined by 46% (SAR 301 million) mainly due to slow progress on the ongoing projects.
2-Selling & marketing expenses and General and administrative expenses has declined by 26.3% (SAR 7.3 million).
3-Other income has increased by 50% (SAR 13.1 million) mainly due to the increase in the partial refund receipts of the government compensation for the increased 2400 expat levy during the current period as compared to the same period last year.
4-Decrease in financial charges by 28% (SAR 11.6 million).
5-Decrease in zakat expenses by 62% (SAR 1.6 million).
The above was adversely counteracted by:
1-Decrease in revenue by 50% (SAR 323.4 million).
2-Gross loss has increased by 235% (SAR 22.3 million) mainly due to decrease in revenue.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for increase the net loss is due to:
1-Decrease in revenue by 34% (SAR 66.5 million).
2-Selling & marketing expenses has increased by 0.9% (SAR 0.012 million).
3-Decrease in other income by 32.8% (SAR 7.73 million).
4-Increase in zakat expense by SAR 1 million.
The above was counteracted by:
1-Direct costs has declined by 28% (SAR 57.6 million)
2-General and administrative expenses has declined by 9.1% (SAR 0.83 million).
3-Decrease in financial charges by 49.6% (SAR 9.6 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 six months period ended 30 June 2017.
Other notes 1-Revenue for the second quarter of 2017 is SAR 127 million, compared to SAR 254.4 million in the same quarter of 2016 decreased by 50%.
2-Revenue for the current period of 2017 is SAR 321.4 million, as compared to SAR 644.8 million in the same period of 2016 decreased by 50%.
3-the total comprehensive loss for the current quarter is SAR 24.98 million as compared to the total comprehensive loss of SAR 56.21 million for the similar quarter of the previous year with a decrease of 55.5%. The total comprehensive loss for the period is 42.74 million, as compared to the total comprehensive loss of SAR 54.06 million for the similar period of the previous year with a decrease of 21%.
4-the total comprehensive loss for the current quarter is SAR 24.98 million as compared to the total comprehensive loss of SAR 17.7 million for the previous quarter with increase of 41%.
5-Total Equity Attributable to Shareholders as at 30 June 2017 amounted to SAR 682.9 million as compared to SAR 792.65 million as at 30 June 2016, with a decrease of 13.8%. Total non-controlling interests as at 30 June 2017 amounted to SAR 0.547 million as compared to SAR 0.579 million as at 30 June 2016, with a decrease of 5.5%.
6-New awards for the second quarter of 2017 were SAR 8.9 million compared to SAR 54 million during the same quarter last year. The contract backlog is SAR 2,733 million at the end of second quarter of 2017 compared to SAR 3,096.7 million for the same quarter of the previous year.

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