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Red Sea Housing Services Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 12.7 1.9 568.42 31.5 -59.68
Gross profit (loss) 60.6 48.4 25.21 70.2 -13.68
Operational profit (loss) 22.4 7.3 206.85 39.1 -42.71
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 76.2 49 55.51
Gross profit (loss) 205.9 174.4 18.06
Operational profit (loss) 100.9 65.1 54.99
Earning or loss per share, Riyals 1.3 0.8 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in Net Profit compared to the same quarter last year is due to increase in gross profit margin from 21.2% in third quarter of previous year to 24.1% in current quarter which has resulted from the increase in building revenues by 29.1%. Net profit has further improved due to decrease in total operating expenditure (i.e. Selling, Marketing, General and Administrative expenses) by 7.07% mainly due to decrease in marketing expenses, employee cost and recruitment expenses.
Reasons of increase (decrease) for period compared with same period last year Net Profit in the nine months period has increased against the same period last year due to a increase in gross profit margin from 23.5% in same period last year to 26.1% in the current period which has resulted from thr increase in building, rental and paint revenues and lower cost of sales for rental. Net profit has further improved due to a decrease in General and Administrative cost by 7.6% compared to same period of last year.
Reasons of increase (decrease) for quarter compared with previous quarter Net Profit in the current quarter has decreased against the previous quarter due to the decrease in gross profit margin from 26.3% in previous quarter to 24.1% in the current quarter, which has resulted from the decrease in overall revenues by 6.0%. Net profit has further declined due to the increase in General and Administrative expenses by 29.1% compared to the previous quarter due to the increase in provisions for doubtful debts. Also there was an increase in Selling and Marketing expenses by 10.9% compared to previous quarter due to the increased resources in sales division to support the sales of the Company.
Reclassifications in quarterly financial results Certain comparison figures for prior period have been reclassified to conform with the presentation of the current period.
Other notes Total Revenues for the third quarter of the current year reached SAR 251.3 million compared to 228.4 million recorded in the third quarter of the previous year, representing an increase of 10%. Total Revenues for the nine-months period of the current year amounted to SAR 790.4 million compared to SAR 741 million achieved in the same period of the previous year.Owners Equity (after excluding Minority Interest) reached SAR 995.7 million as of 30 September 2016 compared to 946.7 million as of 30 September 2015, which represents an increase of 5.2%.

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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