|ELEMENT||CURRENT YEAR||PREVIOUS YEAR||% CHANGE|
|Net profit (loss)||499||727||-31.36|
|Earning or loss per share, Riyals||1.11||1.62||–|
|Gross profit (loss)||1,597||2,482||-35.66|
|Operational profit (loss)||1,328||2,069||-35.81|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reasons of annual financial results||-The reasons for the decrease in the net income and operating profit during the current period compared with same period of last year are:
A Decrease in SIIGs portion of the National Petrochemical Company (Petrochem) profits to SR 203 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 2016, and has decreased the company profits in the projects managed Jointly 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.
Knowing that there was an Increase in SIIGs portion of the projects managed jointly (SCP, JCP) profit to be SR 542 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.
|Reclassifications in annual financial results||Some figures of comparatives have been reclassified to conform to the presentation of the current year’s financial statements.|
|Other notes||Gross Sales/Revenues of the current year is SR. 6067 million compared to SR. 7304 million in 2015, a decrease of 16.9%. Shareholders equity (excluding non-controlling interests) of the current year is SR. 7588 million compared to SR. 7089 million in 2015, an increase of 7%.
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.