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Al Hammadi Company for Development and Investment announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 220 250.39 -12.137 253.83 -13.327
Gross Profit (Loss) 62.22 64.92 -4.158 71.08 -12.464
Operational Profit (Loss) 34.38 35.54 -3.263 33.54 2.504
Net Profit (Loss) after Zakat and Tax 21.17 21.31 -0.656 20.01 5.797
Total Comprehensive Income 18.71 21.52 -13.057 17.07 9.607
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 703.51 665.56 5.701
Gross Profit (Loss) 198.9 185.04 7.49
Operational Profit (Loss) 104.68 106.54 -1.745
Net Profit (Loss) after Zakat and Tax 65.35 72.12 -9.387
Total Comprehensive Income 61.52 72.69 -15.366
Total Share Holders Equity (after Deducting Minority Equity) 1,540.12 1,458.25 5.614
Profit (Loss) per Share 0.54 0.6
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The net profit of the current quarter amounted SR 21.17 has decreased by a slight amount compared with the net profit of the same quarter last year amounted SR 21.31 million due to the decrease in the pharmaceutical sales of the subsidiary company due to the nature of government contracts in addition to the decrease in the other operating revenues despite the increase in medical care revenues resulted from the increased number of visited patients.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The net profit of the current quarter amounted SR 21.17 has increased compared with the net profit of the previous quarter of the current year amounted SR 20.01 million mainly due to the decrease in the administrative expenses including a decrease in the provision for credit losses for the current quarter by SR 2.45 million compared to the previous quarter of this year.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Despite the increase in medical care revenues resulted from the increased number of visited patients, the net profit has 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 6.82 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 4.48 million in the current period compared with the same period last year.
Basis 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 September 30, 2019.