Najran Cement Co. announces the interim financial results for the period ending on 30-09-2017

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss)
-17,060

15,623



-4,224

-303.88
Gross profit (loss)
-784

29,624



13,311


Operational profit (loss)
-9,573

20,940



3,893


All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss)
-10,067

110,828


Gross profit (loss)
40,092

172,683

-76.78
Operational profit (loss)
11,733

138,163

-91.51
Earning or loss per share, Riyals
-0.06

0.65


All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year 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 and the decrease in other income despite the decrease in finance expenses and zakat provision.
Reasons of increase (decrease) for period compared with same period last year 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 and the decrease in other income despite the decrease in selling and distribution, general and administrative, and finance exppenses and the decrease in zakat provision.
Reasons of increase (decrease) for quarter compared with previous quarter Increase in net loss is mainly attributable to the decrease in sales volume due to low cement demand and the increase in production cost.
Reclassifications in quarterly financial results Items, elements and notes of the comparatives condensed interim 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 net revenue during the current quarter reached to SAR 59 million compared to SAR 120 million for the same quarter of the previous year decreasing by 51 %. The net revenue decreased to SAR 249 million during the nine months ended 30 September 2017 compared to SAR 506 million in the corresponding period, thus decreasing by 51%. For the third quarter, total comprehensive loss reached to SAR 17 million compared to total comprehensive income of the corresponding quarter of the last year SAR 16 million and compared to the total comprehensive loss of previous quarter SAR 4 million. Total comprehensive loss for the nine months ended September 2017 amounted SAR 10 million as compared to the total comprehensive profit of SAR 111 million of the corresponding period. Total shareholders’ equity (there are no non-controlling Interests) as at 30 September 2017 amounted to SAR 2,050 million as compared to SAR 2,061 million as at 31 December 2016, a decrease of 0.53%.