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

PETROCHEM 2002 -1.30% 45.45 -0.60
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 196.9 191.6 2.77 132.3 48.83
Gross profit (loss) 552 558.3 -1.13 420.8 31.18
Operational profit (loss) 403.8 402.6 0.3 263.7 53.13
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 497.1 521 -4.59
Gross profit (loss) 1,475.3 1,557 -5.25
Operational profit (loss) 1,021.1 1,106.2 -7.69
Earning or loss per share, Riyals 1.04 1.09 -
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 profits are attributable to an increase in sales, lower selling and distribution costs and financing costs, despite other income being lower and an increase in sales costs.
Reasons of increase (decrease) for period compared with same period last year The decrease in net profits are attributable to the unplanned shutdown at Petrochem project (Saudi Polymers Company) for two weeks during May, due to a sudden outage of nitrogen supply to the Jubail area. This in addition to higher production costs and financing costs.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net profits for this quarter are attributable to the unplanned shutdown at Petrochem project (Saudi Polymers Company) for two weeks during May 2017, due to a sudden outage of nitrogen supply to the Jubail area. This in addition to lower sales costs and lower financing costs during the current quarter.
Reclassifications in quarterly financial results Certain figures of the prior year have been re-classified to conform to the current quarter presentation.
Other notes Gross sales for the current quarter amounted to SR. 1.755 million compared to SR. 1.601 million for the similar quarter of last year, with an increase of 9.6%, and compared to SR. 1.754 million with the previous quarter with an increase of 0.05%. Gross sales for the current period amounting to SR. 5.195 million compared to SR. 4.903 million for the similar period of last year with an increase of 5.9%.
Comprehensive income for the quarter amounted to SR. 196.9 million compared to SR. 191.6 million for the similar quarter last year with an increase of 2.7%, and compared to SR 132.3 million in previous quarter with an increase of 48.8%. Total comprehensive income for the period amounted to SR. 497.1 million compared to SR. 521 million for the similar period last year with a decrease of 4.5%.
The shareholders equity (Excluding non-controlling interests) at the end of the current period is SR. 6.415 million compared to SR. 6.288 million at the end of the same period last year with an increase of 2%.

The Company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Company financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods, which are in accordance with the accounting policies of the IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants. For further details, please refer to Note 5 (First time adoption of IFRS) in the notes attached to the interim condensed consolidated financial statements for the three-month period ending 30 September 2017.

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