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National Gas and Industrialization Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

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Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 37.79 23.02 64.16 64.98 -41.84
Gross profit (loss) 46.16 44.04 4.81 63.48 -27.28
Operational profit (loss) 26.91 18.01 49.42 34.07 -21.02
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 102.77 73.3 40.2
Gross profit (loss) 109.64 107.07 2.4
Operational profit (loss) 60.98 55.14 10.59
Earning or loss per share, Riyals 1.37 0.98 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in profit margins for the current quarter compared to the same quarter of the previous year is due to a decrease in general and administrative expenses by SR 6.6 million and increase in investment income in associates by SR 2 million and increase in income Investments available for sale amounted to SR 7.9 million despite an increase in Zakat expenses amounting to SR 2 million.
Reasons of increase (decrease) for period compared with same period last year The increase in profit margins for the current period compared to the corresponding period of the previous year is due to the increase in total income by 2.5 million riyals, representing an increase in gas sales, increase in investment income in associates of SR 9.5 million and increase in available for sale investments And the increase in profits of assets and others by SR 6.5 million and a decrease in general and administrative expenses by SR 3.4 million despite an increase of SR2.5 million in legal Zakat.
Reasons of increase (decrease) for quarter compared with previous quarter The decrease in net profit for the current quarter compared to the previous year is due to a decrease in total income of SR 17.3 million, a decrease in gas sales, a decrease in associates' revenues of SR 4.6 million and a decrease in available for sale investments SR7.7 million and a decline in asset sale and other income of SR 5.4 million despite the decline in general and administrative expenses of SR7.8 million.
External auditor's report containing reservation Without qualifying our conclusion, we draw attention to Note 18 to the financial statements describing that a litigation case is pending in the court against the Company and other parties with respect to the Company s Gas tanker explosion which took place in the year 2012 in Riyadh, the outcome of the case and financial liability (if any) arising therefrom cannot be determined at this time.
Reclassifications in quarterly financial results The condensed consolidated interim financial statements for the comparative period have been restated, classified and categorized in accordance with the accounting policies applied in the presentation, classification and classification of the condensed consolidated interim financial statements for the current period which have been prepared in accordance with the International Financial Reporting Standards adopted in the Kingdom of Saudi Arabia, and other publications and standards approved by the Saudi Organization for Certified Public Accountants.
Other notes The total revenues during the current quarter amounted to SR 499 million compared to SR 503 million of the same quarter of the previous year and a decrease of 0.80%, compared to SR 520 million from the previous quarter of this year, a decrease of 4%.
Total revenues for the current period amounted to SR 1,019 million compared to SR 1.014 million for the same period last year, an increase of 0.44%
Total shareholders' equity (minority interest) as at 30 June 2017 amounted to SR 1,164 million as at 1 January 2016, an increase of 12% compared to RO 1.119 million as at 31 December 2016 and an increase of 4%.
Total comprehensive income for the second quarter of this year amounted to SR 31 million compared to SR 24 million for the same quarter last year, an increase of 1%. The total comprehensive income for the current period amounted to SR 97 million compared to SR 75 million for the same period last year, an increase of 29%.

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