(The Group's Comments) Salam Net Loss Up to QR 99.4 Million in 2018

Ø  Profits: Salam International Services’ losses amounted to QR 99.4 million in 2018, compared to QR 100.7 million in the previous year of 2017, while the company’s losses per share reached QR 0.87 in 2018, versus QR 0.88 riyals for the year 2017. On a quarterly basis, the company recorded a loss of QR 70.41 million in the fourth quarter of 2018, compared to QR 96.96 million for the corresponding period of 2017.

Ø  Comprehensive income: The total comprehensive income amounted to QR 107.98 million in 2018, and the company recorded revaluation losses of about QR 11.07 million.

Ø  Revenues: decreased by 8.6% to QR 2,646.4 million in 2018, compared to QR 2,893.8 million for 2017. Despite a decrease in revenues, the total profits (revenues - costs) increased by 2.26% to QR 570 million in 2018, compared to QR 557.4 million in the previous year.

In 2018, the company wrote off tangible and intangible assets valued at about QR 15.8 million, and incurred losses from its associates amounted to QR 7.5 million. The increase in financing costs contributed by about QR 16.4 million, while administrative expenses reached QR 21 million.

Ø  Shareholders' equity: Shareholders' equity reached QR 1,137.8 million in 2018, a decrease of 23.1%, compared to QR 1,479.5 million for the previous year. This drop is due to the increase in accumulated losses that stood at QR 417.84 million in 2018, compared to QR83 million in 2017, influenced by the implementation of accounting amendments, in addition to the period losses.