News

National Petrochemical Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

Element List Current Year Previous Year %Change
Sales/Revenue
Gross Profit (Loss)
Operational Profit (Loss) 1,337 244 447.95
Net Profit (Loss) after Zakat and Tax 1,367 230 494.347
Total Comprehensive Income 1,374 208 560.576
Total Share Holders Equity (after Deducting Minority Equity) 9,130 8,116 12.493
Profit (Loss) per Share 2.85 0.48
All figures are in (Millions) Saudi Arabia, Riyals

 

Element List Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The main reasons for the increase in net profit during this year compared with last year is due the following:

1- Increase in Petrochem jointly managed projects shared profit due to an increase in products’ prices.

2- Decrease in Zakat expenses.

Statement of the type of external auditor’s report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion NA
Reclassification of Comparison Items Certain figures of the prior year have been re-classified to conform to the current period presentation.
Additional Information For further clarification, we would like to note, however, that the accounting treatment of invested projects has been changed,

as Petrochem started from the third quarter of 2021, (referred to earlier in the third quarter 2021 results announcement), by deconsolidate of the financial statements of the two ventures as (“joint arrangements”) and processed according to the equity method, so financial items do not appear (Sales and gross profit) for the joint projects in Petrochem’s profit, loss, and other comprehensive income.

There is no financial impact on the equity attributable to Petrochem shareholders, nor the net income attributable to Petrochem shareholders, and the earning per share.