ELEMENT EXPLANATION
Reasons of increase (decrease) for the quarter compared with the same quarter last year: The increase in net income during the current quarter compared with the same quarter of previous year resulted mainly from realizing gains amounted to SAR (5.7) million from the sale of stocks portfolio related to some affiliated companies. Despite the increase in net income, revenues of some of the company properties declined during the current quarter compared with the same quarter of the previous year due to the effect of declining demand from the business segment on the hospitality sector, in addition to the affected Hajj and Umrah market.
Reasons of increase (decrease) for the period compared with the same period last year: The decline in net income during the current period compared with the same period of the previous year resulted from the decline in the revenues of some of the company properties due to the effect of declining demand from the business segment on the hospitality sector, in addition to the affected Hajj and Umrah market. As well as the increase in the General and Administrative expenses to cope with the future plans of the Company, in addition to the decrease in other income during the current period. Moreover, an amount of SAR (2.4) million was added to the income statement within the corresponding period of 2015 as profits resulted from determining the fair value of the acquisition of Saudi Company for Hospitality Services (SCHS) conducted at that period.
Reasons of increase (decrease) for the quarter compared with previous quarter: The decrease in net income during the current quarter compared with the previous quarter resulted from the declining revenues of the Company properties in Makkah region due to the existence of Hajj Season in the previous quarter.
Reclassifications in quarterly financial results: Certain comparative figures have been reclassified to conform to the presentation in the current period.
Other notes: Revenues amounted to SAR (109.3) million in the current quarter compared with SAR (129.1) million in the same quarter of the previous year, representing a decline by (15.4%). Revenues amounted to SAR (498.9) million in the current period compared with SAR (532.6) million in the same period of the previous year, representing a decline by (6.3%). Shareholders Equity (excluding minority interest) amounted to SAR (1,787.3) million in current period compared with SAR (1,796.2) million in the same period of previous year, representing a decline by (0.5%).
