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Al Hassan Ghazi Ibrahim Shaker Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -49,172 4,039 - -21,094 -133.11
Gross profit (loss) 29,293 94,408 -68.97 74,248 -60.55
Operational profit (loss) -38,664 11,832 - -15,009 -157.61
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -85,156 79,026 -
Gross profit (loss) 170,626 328,468 -48.05
Operational profit (loss) -76,347 76,473 -
Earning or loss per share, Riyals -1.35 1.25 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The loss at both net and operational profits levels compared to profit in corresponding quarter and the decline of the gross profit level by 69%, despite the drop in the operational expenses in the current quarter, is attributed to the following: 1) Drop in sales by 49.9%, compared to the corresponding quarter due to the decrease in the market demand the effect of Eid AlAdha holiday on sales during the current quarter. 2) Increase in the cost of sales percentage due to increase in the inventory provision amounting to SAR 9.4 Million and the strong competition in the market which was the reason for the decrease in the profit margin. 3) the increase in the other expenses by SR 2.5 Million as a result of additional provisions for impairment of trade receivables 4) The increase in the financial charges in the current quarter compared to corresponding quarter in 2016.
Reasons of increase (decrease) for period compared with same period last year The loss at both net and operational levels as compared to profit in corresponding period, and the decline of the gross profit level by 48% is attributed to the following: 1) drop in sales by 37.5% due to the decrease in demand and the strong competition in the market during the current period, 2) Increase in the cost of sales percentage due to the increase in the inventory provision by SR 7.6 Million3) the increase in the other expenses by SR 11 Million as a result of additional provisions for impairment of trade receivables and the increase in the selling and distribution expenses to stimulate sales, 4) Decrease in share of results of associates by SR 5.7 Million and an increase in the financial charges despite the drop in the general and administrative expenses by 19.6% during the current period as compared to the corresponding period.The corresponding period also included an increase in the amount of other income due to the reversal of provisions that are no longer needed.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the increase in loss at both net and operational profits level during the current quarter compared to the previous quarter is decline in sales by 40.5% and the increase in the cost of sales due to increase in inventory provision. The drop in 60.5% gross margin as compared to previous quarter is attributed to the decline in demand and the strong competition in the market. In addition, Company's share of the profits of associates decreased by SR 5.4 million despite lower operating expenses in the current quarter compared to the previous quarter.
Reclassifications in quarterly financial results Items, elements and notes of the comparative Condensed Consolidated Interim Financial Statements have been disclosed, regrouped and reclassified to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 17 (First Time adoption of IFRS) in the Interim Consolidated Financial Statements for the period ended in 31 March 2017.
Other notes The total revenue for the current quarter amounted to SAR 201 million compared to the same quarter last year of SAR 401.4 million, with a decrease of 49.9 %. The total revenue for the previous quarter amounted to SAR 337.6 million with a decrease of 40.5%The total sales for the current period amounted to SAR 830.9 million compared to the same period last year of SAR 1,330.2 million, with a decrease of 37.5%.The total shareholders' equity (excluding minority interests) at 30 September, 2017 amounted to SAR 959 million compared to SAR 1,044 million at 30 September, 2016, with a decrease of 8 %The total comprehensive loss for the quarter ended 30 September, 2017 amounted to SAR 49.1 million while the total comprehensive profit was SAR 4 million for the same quarter last year Compared to a loss of SR 21.1 million for the previous quarter, with a loss of 132.7 %.The total comprehensive loss for the period ended 30 September, 2017 amounted to SAR 85.1 million while the total comprehensive profit for the same period last year of SAR 79 million.Loss per share for the current period amounted to SR 1.35 compared to the profit per share of SAR 1.25 for the corresponding period last year.It is worth mentioning here, that the company has continued to control its expenses through efficient spending and improving its working capital.

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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