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Alkhaleej Training and Education Co. announces its Annual financial results for the period ending on 2018-12-31

Alkhaleej Training and Education Co. announces its Annual financial results for the period ending on 2018-12-31

ELEMENT LIST CURRENT YEAR PREVIOUS YEAR %CHANGE
Sales/Revenue 802,516,605 709,992,136 13.031
Total Profit (Loss) 157,799,691 183,239,690 -13.883
Profit (Loss) Operational 57,553,536 72,684,418 -20.817
Net Profit (Loss) after Zakat and Tax 32,357,877 51,697,347 -37.409
Total Comprehensive Income 30,520,131 53,374,794 -42.819
Total Share Holders Equity (after deducting minority equity) 553,283,874 543,187,776 1.858
Profit (Loss) per Share 0.72 1.15
All figures are in (Actual) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Reason for increase (decrease) in net profit for current year compared to last year The decrease in net profit this year is due to the increase in the cost of sales and the termination of HRDF subsidy along with increase in financial charges mainly in the first half of the year. However, the increase in sales in the second half of the year led to an improvement in profitability compared to previous year’s 2nd half results.
Type of the external auditor’s opinion Unmodified opinion
Reclassifications in annual financial results Few comparative figures have been reclassified for better display
Additional Information The Group has adopted IFRS 9 Financial Instruments and IFRS 15Revenue from contracts with customers from January 1 2018

There was a change in the amount of profit per share for the same period last year due to an increase of SR 50 million in capital

.During the year 2018, The General Authority of Zakat and Tax (GAZT), has reviewed the Group’s records for the years from 2007 to 2014 which were under disagreement between the Group and GAZT. The final assessment resulted in a zakat payable of SR 12,892,229. This amount relates to prior years and the Group’s management had estimated an approximate amount for the result until the final assessment is issued. The provision recorded in the prior year was based on the Group’s estimate.

To reflect the adjustment in the estimate the Group recorded the zakat adjustment to retained earrings and the zakat and income tax payable in the year 2017.

The Group compensated the Board of Directors through retained earnings in the consolidated statement of changes in equity for the year ended 31 December 2017. This has been adjusted by taking it from the consolidated statement of profit or loss

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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