Jarir Marketing Co. announces its Estimated Financial results for the period ending on 2019-03-31 ( Three Months )
ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
| Sales/Revenue | 1,886.6 | 1,599.4 | 17.956 | 2,136.9 | -11.713 |
| Total Profit (Loss) | 302.1 | 242.7 | 24.474 | 320.5 | -5.741 |
| Profit (Loss) Operational | 253.9 | 220.7 | 15.043 | 298.6 | -14.969 |
| Net Profit (Loss) after Zakat and Tax | 233.7 | 219.1 | 6.663 | 290.3 | -19.497 |
| Total Comprehensive Income | 233.7 | 219.1 | 6.663 | 293.2 | -20.293 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE | ||
| Total Share Holders Equity (after deducting minority equity) | 1,584.7 | 1,615.6 | -1.912 | ||
| Profit (Loss) per Share | 1.95 | 1.83 | &ndbsp; | ||
| 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 | Reason for increase to Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 52 to 56 partly contributed to increased retail sales. Despite estimated sales increase of 18%, estimated net income increase was limited to 6.7% due to increased selling & marketing expenses (which were less than the normal levels in the same quarter of the previous year), and increased general & administrative expenses and non-operating expenses and decreased other income. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | Reason for decrease to: |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | These estimated financial results for the period ended March 31, 2019 are prepared by the management of the Company and have not yet been reviewed by the external auditors. |
| Reclassifications in quarter financial result | Certain comparative figures of the prior period have been reclassified to conform with the presentation of the current period. |
| Additional Information | - The company applied IFRS 16 with a date of initial application of 1 January 2019. The initial application resulted in recognition of an estimated additional SR 706 million of right-of-use assets, estimated additional SR 740 million of lease liabilities, and estimated SR 66 million of debit adjustments to retained earnings. Although the application of IFRS 16 did not have a material impact on net profit but it has a significant impact on the classification of leases of the Company and its subsidiaries (as lessees) in the statement of income, as the rent expenses are replaced with depreciation of right of use and finance cost. This resulted in a significant increase in both depreciation expense and finance cost and a significant decrease of rent expense as compared to the prior periods. The increase of finance cost is attributed to the use of present value concept in the application of IFRS 16. When comparing this quarter with prior periods, it should be noted that a significant portion of the currently presented as finance cost was included in the determination of gross profit and income from operations in the prior periods presented. For more information, when the financial statements of the first quarter of 2019 are issued, please refer to footnote on the application of IFRS 16. |