loader

News Details

Al Hammadi Company for Development and Investment announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 253.83 214.49 18.341 229.68 10.514
Total Profit (Loss) 71.08 53.28 33.408 65.6 8.353
Profit (Loss) Operational 33.54 31.04 8.054 36.76 -8.759
Net Profit (Loss) after Zakat and Tax 20.01 19.93 0.401 24.17 -17.211
Total Comprehensive Income 17.07 20.36 -16.159 25.74 -33.682
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 483.51 415.16 16.463
Total Profit (Loss) 136.69 120.12 13.794
Profit (Loss) Operational 70.29 70.99 -0.986
Net Profit (Loss) after Zakat and Tax 44.18 50.81 -13.048
Total Comprehensive Income 42.81 51.18 -16.354
Total Share Holders Equity (after deducting minority equity) 1,521.41 1,436.74 5.893
Profit (Loss) per Share 0.37 0.42
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year Despite the increase in revenues for the current quarter, the net profit for the current quarter of SR 20.01 million remained close to the net profit of SAR 19.93 million for the same quarter last year due to the increase in operating expenses of Nuzha Hospital, provision for credit loss for account receivables and finance costs in addition to the increase of subsidiary company expenses for the current quarter compared to the same quarter of the previous year.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The net profit decreased in the current quarter compared with the previous quarter mainly due to the decrease in other operating revenues.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year The net profit decreased in the current period compared with the same period last year due to: 1) The increase in operating expenses, administrative salaries and depreciation expenses related to Nuzha hospital opened in February 13, 2018 in addition to the increase of the subsidiary company expenses. 2) The increase in expected credit loss provision for account receivables by SR 5.14 million in the current period compared with the same period last year. 3) The increase in finance costs on loans used to finance the operations of the company and the subsidiary by SR 5.33 million in the current period compared with the same period last year.
Type of the external auditor's opinion Unmodified opinion
Additional Information Starting the 1st of January 2019, the company has adopted IFRS (16) “Rent Contracts”. For more information regarding the impact of adoption of IFRS 16, refer to note 4 (Summary of Significant Accounting Policies) attached to the condensed consolidated financial statements for the quarter ended June 30, 2019.