Najran Cement Co. announces the annual financial results for the period ending on 31-12-2017
| ELEMENT | CURRENT YEAR | PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Net profit (loss) | -21,860 | 125,742 | – |
| Earning or loss per share, Riyals | -0.14 | 0.74 | – |
| Gross profit (loss) | 46,912 | 205,389 | -77.16 |
| Operational profit (loss) | 7,895 | 160,108 | -95.07 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| ELEMENT | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The net loss is mainly attributable to lower average sales price and the decrease in sales volume as a result of subdued market demand for cement, fierce competition, increase in production cost due to low production capacity utilization. |
| Reclassifications in annual financial results | Items, elements and notes of the comparatives financial statements have been restated, reclassified and regrouped to reflect applicable accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) endorsed in the Kingdom of Saudi Arabia as approved by Saudi Organization of Certified Public Accountants (SOCPA). |
| Other notes | Total gross revenue for the financial year ending 31 December 2017, current year, dropped to SAR 431 million as compared to SAR 710 million of the corresponding previous year decreasing by 39 %. The net revenue decreased to SAR 346 million during the current year as compared to SAR 631 million in the previous year, thus decreasing by 45%. For the current year EBITDA is SR SR 118 million and when compared to the EBITDA of previous year SR 278 million, shows a decrease of 57.41%. For the current year, total comprehensive loss reached to SAR 23 million compared to total comprehensive income of the last year SAR 126 million . Total shareholders’ equity (there are no non-controlling Interests) as at 31 December, 2017 amounted to SAR 2,029 million as compared to SAR 2,057 million as at 31 December, 2016, a decrease of 1.36%. |