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National Industrialization Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

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Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 191.6 107.9 77.57 93.6 104.7
Gross profit (loss) 536.7 268.2 100.11 425 26.28
Operational profit (loss) 557.2 228.5 143.85 327.2 70.29
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 388.4 92 322.17
Gross profit (loss) 1,388.6 513.6 170.37
Operational profit (loss) 1,224.8 445.6 174.87
Earning or loss per share, Riyals 0.58 0.14 -
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 price of Titanium Dioxide products and increase in Companys share of net profit from associates and joint ventures which resulted from increase in quantities sold and average sales prices for certain petrochemical products, despite the higher financial charges and the increase in Zakat and income tax expense and decrease in other income.
Reasons of increase (decrease) for period compared with same period last year The increase in net profit is attributable to the increase in average sales prices Titanium Dioxide products and increase in other income, despite the higher financial charges, increase in sales and marketing expenses and Zakat and income tax expense in addition to the decrease in Companys share of net profit from associates and joint ventures.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net profit is attributable to the increase in average sales prices Titanium Dioxide products and increase in Companys share of net profit from associates and joint ventures which resulted from increase in quantities sold on petrochemical sector, and decrease in financial charges, despite the increase in average prices of feedstock materials, sales and marketing expenses and Zakat and income tax expnses and decrease 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 September, 2017 amounted to SAR 2.76 billion compared to the same quarter last year of SAR 2.08 billion an increase of 33% and compared to the last quarter SAR 2.67 billion an increase of 3%, The revenue for the period ended 30 September, 2017 amounted to SAR 7.91 billion compared to the same period last year of SAR 6.33 billion an increase of 25%. Total comprehensive income for the current quarter amounted to SAR330.8 million compared to SAR 41.9 million for the similar quarter last year increased by 689% and compared to the last quarter SAR 62.9 million an increase of 426% also total comprehensive income for the current period amounted to 621.7 million compared to 99.7 million for the similar period last year an increase of 523.6%. The total shareholders equity (before non-controlling interest ) at 30 September 2017 amounted to SAR 7.98 billion compared to SAR 7.38 billion at the similar period last year increased by 8%.
The company has adopted the International Financial Reporting Standards (IFRS) from 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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