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Alkhaleej Training and Education Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

Alkhaleej Training and Education Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 20,464,535 16,445,593 24.44 -3,978,449
Gross profit (loss) 40,463,141 41,150,648 -1.67 20,844,834 94.12
Operational profit (loss) 17,734,657 18,534,797 -4.32 -147,416
All figures are in Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 24,729,437 48,827,877 -49.35
Gross profit (loss) 96,853,225 124,490,333 -22.2
Operational profit (loss) 29,048,551 57,591,820 -49.56
Earning or loss per share, Riyals 0.62 1.22
All figures are in Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Decrease in sales for training division for both individual & Govt. sectors because of the Holy month of Ramadan in the second quarter. In addition, the decrease in sales for university projects also occurred. Furthermore, the drop in net profit in the school sector is due to opening up of new schools such as Mugharrazat, Riyadh. Finally the increase in financial expense is due to the delay in collections related to Training & University sectors.
Reasons of increase (decrease) for period compared with same period last year Decrease in sales for training division for both individual & Govt. sectors because of the Holy month of Ramadan in the second quarter. In addition, the decrease in sales for university projects also occurred. Furthermore, the drop in net profit is due to opening up of new schools such as Mugharrazat, Riyadh. The increase in financial expense is due to the delay in collections related to Training & University sectors. Finally the decrease in consolidated sales occurred in our subsidiaries as well.
Reasons of increase (decrease) for quarter compared with previous quarter Decrease in sales for training division for both individual & Govt. sectors because of the Holy month of Ramadan in the second quarter. In addition, the decrease in sales for university projects Finally the increase in financial expense is due to the delay in collections related to Training & University sectors.
Other notes The sales during the current quarter are 151.8 Million as compared with 175 Million for the same period of the last year with a decrease of 15.2%. The sales for the nine months of the current year are 463.2 Million as compared with 546.1 Million for the same period of last year with a decrease of 17.89%. The shareholders equity as of 30 September 2016, 509.5 Million compared with 504.8 Million as of 30 September 2015 with increase by 0.92%. We have successfully opened our new school in Qurtuba Riyadh as well as we have started operation of our Eshraq School in Dammam with initial number of 700 students which was already announced before. The company is fully committed to the achievement of expansion plans as it was planned.

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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