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National 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) 93.6 87.5 6.97 103.3 -9.39
Gross profit (loss) 425 96.4 340.87 426.9 -0.45
Operational profit (loss) 327.2 165.4 97.82 340.4 -3.88
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 196.9 -16 -
Gross profit (loss) 851.9 245.3 247.29
Operational profit (loss) 667.6 217.2 207.37
Earning or loss per share, Riyals 0.29 -0.02 -
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 net profit is attributable to the increase in average sales prices for certain products and increase in other income, despite the higher financial charges and the increase of Zakat and income tax provision also the decrease in company share of net profit from associates and joint ventures.
Reasons of increase (decrease) for period compared with same period last year Net profit compared to loss is attributable to the increase in average sales prices for certain products and increase in other income, despite the higher financial charges and the increase of Zakat and income tax provision also the decrease in company share of net profit from associates and joint ventures.
Reasons of increase (decrease) for quarter compared with previous quarter The decrease in net profit is attributable to the increase on certain products cost despite the increase in average sales prices, inaddation to the decrease in company share of net profit from associates and joint ventures. Noted the increase in other income.
Reclassifications in quarterly financial results Certain corresponding figures for the last year have been reclassified to be aligned with presentation of the current period.
Other notes The revenue for the quarter ended 30 June, 2017 amounted to SAR 2.67 billion compared to the same quarter last year of SAR 2.17 billion an increase of 23%, The revenue for the period ended 30 June, 2017 amounted to SAR 5.15 billion compared to the same period last year of SAR 4.25 billion an increase of 21%. Total comprehensive for the current quarter amounted to is SAR 62.9 million compared for the similar last year increased by 6.9% and compare to last quarter of SAR 227.9 million decreased by 72.4%, also total comprehensive income for the current period amounted to is SAR 290.9 million compared to 57.8 million for the similar period last year.The total shareholders equity (before non-controlling interest ) at 30 June 2017 amounted to SAR7.65 billion compared to SAR 7.34 billion at the similar period last year increased by 4.3%.
The company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, changes in the companys interim condensed consolidated financial statements have been made to number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the accounting policies adopted from IFRS as endorsed in Kingdom of Saudi Arabia and other standards and pronouncements issued by Saudi Organization of Certified Public Accountants.

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