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Arabian Pipes Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -8.8 -2.5 -252 -2 -340
Gross profit (loss) 2.8 7.97 -64.87 7.2 -61.11
Operational profit (loss) -5.1 2.6 - 7.4 -
Earning or loss per share, Riyals -0.22 -0.06 - - -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the increase in the net loss for the current quarter compared to the comparable quarter of the previous year despite the increase in sales to increase the prices of raw materials and delays in the delivery of some projects, which affected the cost and productivity of Jubail plant. Selling and distribution expenses increased as a result of increase in shipping expenses and bank charges.
Reasons of increase (decrease) for period compared with same period last year Total sales for the current quarter amounted to 122 million riyals compared to 113 million riyals for the same quarter of the previous year, increase by 8.3%. Total sales for the current quarter amounted to 122 million riyals compared to 189 million riyals for the last quarter, decrease of 35.3%.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the increase in losses during the quarter compared to the previous quarter is the decrease in gross profit margin due to the decline in sales to postpone the delivery of some orders for the second quarter and increase the prices of raw materials and other revenue
Reclassifications in quarterly financial results The Items, elements and notes of the comparatives principles and notes of the comparatives Condensed Financial Statements have been restated and reclassified to meet with the applicable accounting policies for the current period which have been prepared in accordance with the International Financial Reporting Standards (IFRS) that are approved in the Kingdom of Saudi Arabia. in the Interim Financial Statements for the current period
Other notes The total shareholders' equity (not minority rights) for the current period amounted to SR 613 million compared to SR 622 million for the same period last year with a decrease of 1.4%

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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