News

National Petrochemical Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS
Net profit (loss)333.9167.998.87391.2-14.65
Gross profit (loss)763.1502.451.89788.2-3.18
Operational profit (loss)605.8353.671.32605.20.1
Earning or loss per share, Riyals0.70.35
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last yearThe increase in profit during the current quarter compared to the same quarter of last year is attributable to the increase in quantities sold, average prices of products at the Saudi Polymers Company, with the decrease in G&A expenses, despite the increase in financing cost and Selling and marketing expenses.
Reasons of increase (decrease) for quarter compared with previous quarterThe decrease in profit during the current quarter compared to previous quarter are attributable to the non-operating income of SR 65 million in the previous quarter due to the reduction in Zakat provision, and to the increase in financial cost, despite lower G&A expenses.
Reclassifications in quarterly financial resultsCertain figures of the prior year have been re-classified to conform to the current quarter presentation.
Other notesSales for the current quarter amounted to SR 2,211 million compared to SR1,685 million for the similar quarter of last year, with an increase of 31.2% and compared to SR 2,169 million in the previous quarter, with an increase of 1.9%. 
Total comprehensive income for the quarter amounted to SR 333.9 million compared to SR 167.9 million for the similar quarter of last year, with an increase of 98.9% and compared to SR 381.5 million in the previous quarter, with a decrease of 12.4%.
The shareholders equity (Excluding non-controlling interests) at the end of current quarter is SR 7,130 million compared to SR 6,326 million on Mar 31, 2017, with an increase of 12.7% and compared to 6,797 million on Dec 31, 2017, with an increase of 4.9%. On January 1st, 2018 Petrochem has adopted IFRS 9 and 15 with no material impact on Petrochem financials.