AbdulmohsenAlhokair Group for Tourism and Development announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

AbdulmohsenAlhokair Group for Tourism and Development announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

ELEMENT

CURRENT QUARTER

Q3 2016

SIMILAR QUARTER FOR PREVIOUS YEAR

Q3 2015

 CHANGE CURRENT

%

PREVIOUS QUARTER

Q2 2016

 CHANGE PREVIOUS

%

Net profit (loss)

58.4

57.2

2.1%

18.9

209%

Gross profit (loss)

124.9

118.9

5.0%

82.9

51%

Operational profit (loss)

59.6

52.9

12.7

14.3

317%

 

 

ELEMENT

CURRENT PERIOD

2016

SIMILAR PERIOD FOR PREVIOUS YEAR

2015

 CHANGE

%

Net profit (loss)

127.4

157.9

-19.3

Gross profit (loss)

314.4

330.4

-4.8%

Operational profit (loss)

120.3

143.4

-16.1%

Earning or loss per share

2.32

2.87

-19.2%

 

 

ELEMENT

EXPLAINATION

The increase in the gross profit ,operational profit and net profit in this quarter as compared with the similar quarter of previous year is due to the following:

Increase in the revenues by 6% as compared with the similar quarter of last year due to seasonality in Company’s operation which positively impacted the profits of entertainment centers.

 

The new entertainment centers and new hotels which were previously announced on Tadawul during this year and previous year have positively contributed to the revenues and profit of the company despite the decline in the demand from corporate sector on hotels sector which have witnessed decline compared with the similar quarter of previous year.

The increase in the gross profit ,operational profit and net profit in this quarter as compared with the previous quarter is mainly due to the following:

Seasonality in Company’s operation which positively impacted the revenues and profits of entertainment centers despite the decline in the demand from corporate sector on hotels.

Revenues of the company increased by 5% as compared with the previous quarter.

The decrease in the gross profit, operational profit and net profit in this period as compared with the same period of the last year is due to the following:

Decline in the demand from corporate sector on hotels in the current period as compared with the same period of last year in addition to the decline in demand from individuals sector on entertainment centers during the first and second quarter of this year compared with the same period of previous year which was positively and remarkably impacted by the honorable gesture of the Custodian of the two Holy Mosques.

 

The increase in finance charges because of the major increase in SIBOR as compared with the same period of last year.

 

It is worth mentioning that the management is currently in the process of implementing cost optimization programs and supporting the initiatives which intend to enhance the performance of the company. It is expected that such programs and initiatives will have positive impact on the financial performance of the company during the forthcoming periods.

Additional Notes:

Total revenues during the current quarter amounted to SR 336.9 million, compared with SR 316.6 million for the corresponding quarter of the previous year, with increase of 6%.

Total revenues during current period amounted SR 914.6 million compared with SR 870.3 million for same period of last year with increase of 5%.

Total Shareholders Equity (Minority interests are not available) amounted SR 819.7 million by end of September 2016 compared with SR798.6 million as of end of September 2015 with increase of 2.6%%.

EPS for the current period amounted SR 2.32, compared with SR 2.87 for the same period of the last year.

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