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National Agriculture Development Co. announces the interim financial results for the period ending on 31-03-2015 (Three Months) - 19/04/2015

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS
Net profit (loss)26.1624.775.6120.0230.67
Gross profit (loss)201.91181.6611.15181.6911.13
Operational profit (loss)36.8234.41730.0322.61
Earning or loss per share, Riyals0.340.32
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last yearIncrease in Sales revenue by 10.41% and improvement of the gross profit due to the lower cost of sales ratio compared to the similar quarter of last year, more over the net income of the current quarter has been impacted by the increase in sales and distribution expenses as well as the general and administrative expenses as a result of the company’s sales horizontal growth and sales activities compared to the same period of last year, on the other hand the interest cost increased as a result of the company’s capital expenditure. while Zakat provision and other revenues positively affected the net income of the current quarter
Reasons of increase (decrease) for quarter compared with previous quarterIncrease in sales revenue by 5.19% with a lower cost of sales ratio that resulted in improvement of the gross profit, more over the net income of the current quarter has been impacted by the increase in sales and distribution expenses as well as the general and administrative expenses compared to the previous quarter due the increase of the company’s selling and marketing programs, also the net income has been affected by the increase of the interest cost as a result of the company’s capital expenditure, while other revenues has positively affected the net income of the current quarter, the net income of the current quarter has been affected negatively by the increase of the Zakat provision compared to the previous quarter.
Reclassifications in quarterly financial resultsCertain prior period figures have been re-classified to conform with the presentation in the current period
Other notesThe reported earnings per share has been recalculated for the similar quarter of last year on the basis of 77 million shares reflecting the bonus shares that has been approved by Extra ordinary general assembly on 26th Jumada AlAwal 1436 corresponding to 17th March 2015