JODC announces the Annual Financial Results for the Period Ended on 30/12/1437 AH

October 17, 2017
Clause Current year Previous year % Change
Net Profit (Loss) 609.36 91.92 562.92
Earnings (Loss) Per Share in Riyal 0.66 0.1 –
Gross Profit (Loss) 731.49 434.45 68.37
Operating Profit (Loss) 661.73 210.62 214.18
Clause Clarification
The reason behind the rise (decline) in the current period compared to the same period of the previous year The reason behind the rise in this year compared to the previous year is the recognition of the revenues from the sale of the remaining portion of residential units in S2 zone and the revenues from the sale of the entire residential units in S1 zone; along with the reduction in part of the depreciation expenses of the fixed assets, due to the revaluation of the operational time of certain assets.
Reclassification of some comparative figures For a better performance, some of the previous year’s amounts have been reclassified to conform to the presentation used in the current year, as described in the Clarification No. 30 in the financial statements.
Additional Notes
  • The total sales/ revenues amounted to SAR 1,479,942,106 compared to SAR 779,427,847 for the previous year, with an increase of 89.88%.
  • The gross profit amounted to SAR 731,492,031 compared to SAR 434,453,042 for the previous year, with an increase of 68.37%.
  • The operating profit amounted to SAR 661,733,985 compared to SAR 210,620,587 for the previous year, with an increase of 214.18%.
  • The net profit after Zakat and tax amounted to SAR 609,364,820 compared to SAR 91,920,217 for the previous year, with an increase of 562.93%.
  • The earnings per share reached SAR 0.66 compared to SAR 0.10 for the previous year.
  • The total shareholders’ equity (excluding the minority interest) amounted to SAR 10,108,157,974 compared to SAR 9,386,046,823 for the previous year, with an increase of 7.69%.
  • The net profit increased by SAR 28,304,863 compared to the results of the period ended on 30/12/1437AH (twelve months); due to the decline in Zakat provision with the same amount. This is due to the revaluation of the Zakat base; therefore, the company has amended its earnings per share compared to the announced financial results for the period ended on 30/12/1437AH (twelve months) from SAR 0.63 to SAR 0.66. The company also amended the total shareholders’ equity (after excluding the minority interests) compared to the announced financial results for the period ended on 30/12/1437AH (twelve months) to SAR 10,108,157,947 instead of SAR 10,079,853,084.
  • The company has reclassified the gross profit figures compared to the financial results for the period ended on 30/12/1437 AH (twelve months); as the revenues cost was reduced by SAR 1,952,339. The company also amended the operating profit clause for the same period; due to the reclassification of the reversal of doubtful debts provision amounting to SAR 84,569,616.