| Reasons of increase (decrease) for quarter compared with same quarter last year |
The decrease in net profit during the quarter as compared to the same quarter of the previous year is due to the increase in the cost of revenues, due to increase in employee costs and expenses related to government levy. In addition, an increase in the financing and marketing expenses were incurred, moreover we were faced by seasonal market conditions which negatively impacted our sales for the training sector. Furthermore, there has been a reduction in government HRDF subsidy. |
| Reasons of increase (decrease) for period compared with same period last year |
The decrease in net profit during the current period of this year as compared to the corresponding period of the previous year is due to the increase in the cost of revenues as well as the increase in costs and expenses for employees related to government levy, with addition to the increasing in the financing and marketing expenses. Furthermore, there has been a reduction in government HRDF subsidy. |
| Reasons of increase (decrease) for quarter compared with previous quarter |
The decrease in net profit during the quarter of the year as compared to the previous quarter of the current year is due to the decrease in revenues for the current quarter as compared to the previous quarter of this year due to the negative seasonal impact of the market. We were faced with the increase in marketing expenses and government levy. The comparison is more realistic when it is between the same quarter for the current year with last year. |
| Reclassifications in quarterly financial results |
Re-classification of comparative figures |
| Other notes |
The revenue for the current quarter of the year is SR 175.6 million as compared to SR 171.7 million for the same period of the last year, an increase of 2% . The gross profit for the current quarter is SR 20 million as compared to SR 35 million for the same quarter of last year, a decrease of 43% . The loss from main operation for the current quarter is SR 2.7 million as compared to SR 13.6 million profits for the same quarter of the last year, a decrease of 120% . The net loss after Zakat and tax during the current quarter amounted to SR 7.1 million as compared to a net profit of SR 10.7 million for the same quarter of the last year, a decrease of 167% and compared to the previous quarter of the current year net profit SR 4.5 million, a decrease of 258% . The total comprehensive loss for the current quarter is SR 7.2 million as compared to SR 10.9 million profit for the same quarter of the last year, a decrease of 166% and compared to a SR 4.2 million profit for the previous quarter of the current year, a decrease of 271% .The revenue for the current period amounted to SR 374 million compared to SR 339 million for the same period of last year, an increase of 10% . The gross profit during the current period amounted to SR 50.6 million as compared to SR 65.7 million for the same period of the last year, a decrease of 23% . The profit from the main operation for the current period is SR 6.6 million as compared to the same period of the last year with a profit of SR 23 million, a decrease of 72% . The net loss after Zakat and tax for the current period of the year amounted to SR 2.6 million as compared to a net profit of SR 16.9 million for the same period of the last year, a decrease of 115% . The total comprehensive loss for the current period of the year is SR 3.1 million as compared to SR 17.4 million a profit for the same period of the last year, a decrease of 117%. The total shareholders equity ( excluding minority interests ) during the current period amounted to SR 518 million with compared to SR 520 million for the same period of the last year, a decrease of 0.38% . The accumulated losses at the end of the current period amounted to SR 2.7 million with 0.60% of the share capital of the company. There was a change in the amount of profit per share for the same period last year due to the increase of capital with SR 50 million. During 2018 , The General Authority of Zakat and Tax has reviewed the Group records for the years from 2007 to 2014 which were under disagreement between the Group and GAZT. The final assessment resulted in a zakat payable of SR 12.9 million. This amount relates to prior years and the Group management had estimated an approximate amount for the result but recorded the wrong estimate in the provision of prior years. To reflect the adjustment of the error, the Group recorded the difference in provision to the opening balance of retained earnings and the zakat and income tax payable in 2017. The Company has adopted International Financial Reporting Standards 15 ( Revenue from Contracts with Customers ) and has applied IFRS 9 ( Financial Instruments ). The External Auditors has reviewed the financial statements and issued an unmodified review report. |
