News

National Petrochemical Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS
Net profit (loss)288132.3117.69333.9-13.75
Gross profit (loss)739.2420.875.67763.1-3.13
Operational profit (loss)572.9263.7117.25605.8-5.43
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
Net profit (loss)622300.2107.2
Gross profit (loss)1,502.4923.262.74
Operational profit (loss)1,178.8617.390.96
Earning or loss per share, Riyals1.30.63
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last yearThe increase in net profit during the current quarter compared to the same quarter of last year is attributable to the increase in average prices of products at the Petrochem project (Saudi Polymers Company), quantities sold, where the quantities sold in the quarter of last year were affected by the unplanned shutdown at Saudi Polymers Company, with a decrease in G&A expenses, this despite an increase in financing cost, Selling and marketing expenses.
Reasons of increase (decrease) for period compared with same period last yearThe increase in net profit during the current period compared to the same period of last year is attributable to the increase in average prices of products at the Saudi Polymers Company, quantities sold, where the quantities sold in the same period of last year were affected by the unplanned shutdown, along with a decrease in G&A expenses. This despite the increase in financing cost and Selling and marketing expenses, and a decrease in other income.
Reasons of increase (decrease) for quarter compared with previous quarterThe decrease in net profits during the current quarter compared to previous quarter are attributable to the losses from the currency conversion, an increase in financing cost and 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 2,239 million compared to SR. 1,754 million for the similar quarter of last year, an increase of 27,6% and compared to SR 2,210 million in the previous quarter, an increase of 1,3%. 
Sales for the current period amounted to SR 4,450 million compared to SR. 3,439 million for the similar period of last year, an increase of 29,4%.
Total comprehensive income for the quarter amounted to SR 288 million compared to SR 132,3 million for the similar quarter of last year, an increase of 117,7% and compared to SR 333,9 million in the previous quarter, a decrease of 13,8%.
The shareholders equity (Excluding non-controlling interests) at the end of current quarter is SR 7,178 million compared to SR 6,218 million on Jun 30, 2017, an increase of 15,4% and compared to 7,130 million on March 31, 2018, an increase of 0.7%. 
On January 1st, 2018 Petrochem adopted IFRS 9 and 15 with no material impact on its financials.