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united wire factories co. announces the estimated annual financial results of the period ending on 31-12-2017

14/01/2018
13:47:58


ELEMENT CURRENT YEAR PREVIOUS YEAR % CHANGE
Net profit (loss) 25,571 81,892 -68.77
Earning or loss per share, Riyals 0.58 1.87 -
Gross profit (loss) 68,664 136,800 -49.81
Operational profit (loss) 35,646 92,790 -61.58
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of annual financial results Net income, gross income and operating income decreased during the current period compared to the same period of the last year due to decraese of sales and incease of cost of goods sold which led to the decraese of gross margin as there was a decraese of quantities sold due to low demand and the increase in competition
Reclassifications in annual financial results Comparative figures for year 2016 are reclassified based on the financial statements prepared according to International Financial Reporting Standards in Saudi Arabia approved by the Saudi Organization of Certified Public Accountants
Other notes Company used the issued numbers of the period ended 31/12/2016 for the comparative figures after amending them with the effect of implementing the IFRS. Net sales for the current period amounted to SR 577 Million compared to SR 690 Million for the same period of the last year which represents a decrease of 16% due to the decrease on demand on construction materials .Comperhensive income for the current period amounted to SR 26.6 Million compared to SR 80.9 Million for the same period of the last year which represents a decrease of 67% due to the decrease on demand on construction materials. Owners' Equity amounted to SR 522 Million compared to SR 525 Million for the same period of the last year which represents a decraese of 0.6% ( There are no minority interests). Company implemented IFRS starting 1st of January 2017. Based on that some items of the financial statements are changed in the way of measuring , recognizing and disclosure for the current period and the comparative period to adapt the new accounting policies in Saudi Arabia approved by the Saudi Organization of Certified Public Accountants.

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