| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | 19 | 55 | -65.45 | 163 | -88.34 |
| Gross profit (loss) | 40 | 546 | -92.67 | 558 | -92.83 |
| Operational profit (loss) | -19 | 341 | – | 477 | – |
| All figures are in (Millions) Saudi Arabia, Riyals |
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Net profit (loss) | 486 | 727 | -33.15 |
| Gross profit (loss) | 1,597 | 2,482 | -35.66 |
| Operational profit (loss) | 1,330 | 2,069 | -35.72 |
| Earning or loss per share, Riyals | 1.08 | 1.62 | – |
| All figures are in (Millions) Saudi Arabia, Riyals |
| ELEMENT | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for period compared with same period last year | The reasons for the decrease in the net income and operating profit during the current period compared with same period of last year are:1- A Decrease in SIIGs portion of the National Petrochemical Company (Petrochem) profits to SR 198 Million in the current period compared to SR 453 Million for the same period of the previous year due to the scheduled maintenance in Petrochem project (SPCo.) in fourth quarter 2016 .2-An increase in feedstock and electricity costs, because of the newly applied government pricing that began the start of this year, and has decreased the company profits by (120) Million SR.3-An Increase in SIIG portion of the Petrochemical Conversion Company (PCC) losses to (203) Million SR in the current period compared to (90) Million SR for the same period of the previous year, which is due to the conversion of all the plants from projects under constructions to operating facilities.4-An increase in Zakat expenses. – Knowing that there was an Increase in SIIGs portion of the projects managed jointly (SCP, JCP) profit to be SR 541 Million in the current period compared to SR 408 Million for the same period of the previous year due to the scheduled maintenance in fourth quarter 2015. -The reason for the decrease in the gross profit is due to Petrochem gross profit decrease. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reasons for the decrease in the net income and operating profit during the current quarter compared with the previous quarter are:1- A Decrease in SIIGs portion of the National Petrochemical Company (Petrochem) results to be loses SR (64) Million in the current quarter compared to profit SR 96 Million for the previous quarter due to the scheduled maintenance in Petrochem project (SPCo.) in fourth quarter 2016 .2- An Increase in SIIG portion of the Petrochemical Conversion Company (PCC) losses to SR (56) Million in the current quarter compared to (42) Million SR for the previous quarter. – Knowing that there was an Increase in SIIGs portion of the projects managed jointly (SCP, JCP) profit to be SR 154 Million in the current quarter compared to SR 116 Million for the previous quarter due to due to higher quantity of goods sold. -The reason for the decrease in the gross profit is due to Petrochem gross profit decrease. |
| Reclassifications in quarterly financial results | Certain prior period figures have been re-classified to conform to the presentation in the current period |
| Other notes | Net sales during the current quarter amounted to SR 1,163 Million compared to SR 1,655 Million with the same quarter of the previous year, a decline of 29.7%, and net sales during the current period SR 6,067 Million compared to SR 7,304 Million for the same period of the previous year, a decline of 16.9%. Total shareholders equity amounted to (after excluding minority interest) SR 7,574 Million for the current period, compared to SR 7,089 Million with the corresponding period of previous year, an increase of 6.84%. The Projects managed Jointly are those investment that are recorded in the financial statements using the equity method, and they are : 1-Saudi Chevron Phillips Company SCP 2-Jubail Chevron Phillips Company JCP 3-Petrochemical conversion company PCC The SIIGs share in the results of Petrochem are fully consolidated in the financial statements. |