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Red Sea International Co. announces the annual financial results for the period ending on 31-12-2016

Element Current year Previous year % Change
Net profit (loss) 88 76.1 15.64
Earning or loss per share, Riyals 1.5 1.3 -
Gross profit (loss) 260.6 256.8 1.48
Operational profit (loss) 116.1 96.4 20.44
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results Net Profit for the current period has increased against the same period of the last year due to the increase in gross profit margin from 25% in same period last year to 25.3% in the current period which has resulted from the increase in revenues from building sales by 3.3% and paint revenues by 45.1%. Net profit has further improved due to the decrease in total operating expenditure by 9.9% mainly due to the decrease in marketing expenses, employee cost and recruitment expenses. Also there was a decrease in Zakat and foreign tax expenses by 6.7%.
Reclassifications in annual financial results For better presentation, certain costs presented in cost of revenues amounting to Saudi Riyals 7.6 million have been reclassified to selling and marketing expenses (Saudi Riyals 3.1 million) and general and administrative expenses (Saudi Riyals 4.5 million) in the comparative financial statements to conform to 2016 presentation.
Other notes The sales revenue for the current period ended 31-12-2016 is SR 1,030.4 million as compared to SR 1,027.9 million during same period of last year, which represents an increase of 0.2%.

The Net Shareholders' Equity (excluding minority interest) as at December 31, 2016 is SR 1,007.6 million as compared to SR 969.1 million as at December 31, 2015, which represents an increase of 4.0%.

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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