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Red Sea International Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 8.7 31.8 -72.64 11.4 -23.68
Gross profit (loss) 45.3 75 -39.6 54.7 -17.18
Operational profit (loss) 15.5 37.8 -58.99 14.2 9.15
Earning or loss per share, Riyals 0.1 0.5 - - -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Net Profit attributable to Shareholders of the Company has decreased as compared to the same quarter last year primarily due decrease in gross profit by SAR 29.7 million, this decrease is due to reduction in gross profit margin from 27.6% in same quarter last year to 19.9% in current quarter which has resulted from decrease in rental revenues by 22.5% and building revenues by 11.5%. Net profit was further reduced due to increase in income tax expenses for international operations by SAR 1.1 million. However operating expenses has been reduced by SAR 7.5 million during the current quarter primarily due to decrease in Selling and Marketing & General and Administrative expenses by 15.2% primarily as result of decrease in employee cost and travelling expenses driven by cost control and operational efficiency.
Reasons of increase (decrease) for quarter compared with previous quarter Net Profit attributable to Shareholders of the Company has decreased in the current quarter as compared to the previous quarter primarily due to decrease in gross profit by SAR 9.4 million, this decrease is due to reduction in gross profit margin from 22.8% in previous quarter to 19.9% in current quarter, which has resulted from decrease in overall revenues by 5.3%. Net profit was further reduced due to accrual of zakat expenses of SAR 1.7 million in current quarter as compared to reversal in previous quarter. However operating expenses for the Company during the current quarter was decreased by SAR 10.7 million primarily due to decrease in Selling and Marketing & General and Administrative expenses by 23.1% which was primarily due to decrease in employee cost, Professional fee and doubtful receivables provisions.
Reclassifications in quarterly financial results Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed, 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 5 (First time adoption of IFRS) in the Interim Consolidated Financial Statements for the period ended in 31 March 2017.
Other notes The sales revenue for the current quarter is SAR 227.3 million as compared to SAR 271.8 million generated during the same quarter of last year, which represents a decrease of 16.4%.

The Net Shareholders' Equity (excluding minority interest) as at March 31, 2017 is SAR 942.8 million as compared to SAR 925.4 million as at March 31, 2016, which represents an increase of 1.9%.

The Comprehensive Income for the period attributable to Shareholders of the Company for the current quarter is SAR 6.9 million, compared to SAR 29.9 million for the same quarter of last year, which represents a decrease of 76.9% and compared to SAR 16.7 million for the previous quarter, which represents a decrease of 58.7%.

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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