ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
---|---|---|---|---|---|
Net profit (loss) | 70 | 151 | -53.64 | 310 | -77.42 |
Gross profit (loss) | 421 | 574 | -26.66 | 502 | -16.14 |
Operational profit (loss) | 255 | 484 | -47.31 | 592 | -56.93 |
All figures are in (Millions) Saudi Arabia, Riyals |
ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
---|---|---|---|
Net profit (loss) | 380 | 181 | 109.94 |
Gross profit (loss) | 923 | 999 | -7.61 |
Operational profit (loss) | 782 | 645 | 21.24 |
Earning or loss per share, Riyals | 0.84 | 0.4 | – |
All figures are in (Millions) Saudi Arabia, Riyals |
ELEMENT | EXPLAINATION |
---|---|
Reasons of increase (decrease) for quarter compared with same quarter last year | -The reasons for the decrease in the net income and operating profit during the current quarter compared with the same quarter of the previous year are: 1-A decrease in SIIGs portion of the projects managed jointly (SCP, JCP) profits due to the scheduled maintenance in SCP begun on 1 Apr 2017 for 35 days, and decrease in sold quantities. 2-A decrease in SIIGs portion of the National Petrochemical Company (Petrochem) profits to be SR 66 Million in the current quarter compared to SR 104 Million for the same quarter of the previous year. 3-An Increase in the finance charge in the National Petrochemical Company (Petrochem) -The reason for the decrease in the gross profit is due to the decrease National Petrochemical Company (Petrochem) gross profit. |
Reasons of increase (decrease) for period compared with same period last year | The reasons for the increase in the net income and operating profit during the current period compared with same period of the previous year are: 1- A decrease in SIIGs financing payments to its subsidiary Petrochemical Conversion Company (PCC) amounted SR 28 Million in the current period compared to SR 107 Million for the same period of the previous year. 2- SIIG ceasing to recognize its share of the accumulated losses in Petrochemical Conversion Company PCC, in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded the SIIGs investment, which amounted to SR 120 Million for the same quarter of the previous year. 3.Zakat decrease. 4.Other income increase. The reason for the decrease in the gross profit is due to the decrease of National Petrochemical Company (Petrochem) gross profit. |
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 projects managed jointly (SCP, JCP) profits due to the scheduled maintenance in SCP begun on 1 Apr 2017 for 35 days, and the decrease in sold quantities. 2.A decrease in SIIG portion of the National Petrochemical Company (Petrochem) results to SR 66 Million in the current quarter compared to SR 84 Million for the previous quarter. -The reason for the decrease in the gross profit is due to the decrease National Petrochemical Company Petrochem gross profit. |
Reclassifications in quarterly financial results | Certain figures have been re-classified to conform to the presentation in the current quarter. |
Other notes | Gross sales for the current quarter amounted to SR 1,754 million compared to SR 1,642 million for the same quarter of the previous year with a decrease of 6.8%, and compared to SR 1,685 million with the previous quarter with an increase of 4%. Gross sales for the current period amounted to SR 3,439 million compared to SR 3,302 million for the same period of the previous year with an increase of 4.1%. Total comprehensive income for the current quarter amounted to SR 70 million compared to SR 151 million for the same quarter previous year with an increase of 54%, and compared to SR 310 million in previous quarter this year with an increase of 77%. Total comprehensive income for the period amounted to SR 380 million compared to SR 181 for the same period previous year with an increase of 110%. The shareholders equity (Excluding non-controlling interests) at the current period is SR 6,172 million compared to SR 6,119 million for the same period of previous year with an increase of 0.86%. The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 Jan 2017. Accordingly, some changes in the Company financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods, which are in accordance with the accounting policies of the IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants. For further details, please refer to Note 5 (First time adoption of IFRS) in the notes attached to the interim condensed consolidated financial statements for the period ended 30 June 2017. |