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

CHEMICAL 2230 -1.00% 3.96 -0.04
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 27.85 18.42 51.19 28.54 -2.42
Gross profit (loss) 83.6 75.31 11.01 93.09 -10.19
Operational profit (loss) 37.06 29.12 27.27 40 -7.35
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 111.58 117.34 -4.91
Gross profit (loss) 295.09 301.13 -2.01
Operational profit (loss) 143.45 152.25 -5.78
Earning or loss per share, Riyals 1.76 1.86 -
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, operating profit and gross profits is mainly due to the increase in the pharmaceutical sales.
Reasons of increase (decrease) for period compared with same period last year The decrease in net profit, operating profit and gross profits is mainly due to the growth of pharmaceutical sales and the decrease in sales of explosives which have high profit margin.
Reasons of increase (decrease) for quarter compared with previous quarter The decrease in net profit, operating profit and gross profit is mainly due to the decrease in sales.
Reclassifications in quarterly financial results Certain figures of comparatives have been reclassified to conform to the current presentation.
Other notes Total revenues for the current quarter ended 30 September 2017 was SR 513.16 million compared to SR 444.82 million for the corresponding quarter of the previous year with an increase of 15.4%. Total shareholders' equity (excluding minority interests) as of 30 September 2017 was SR 1,515.88 million compared to SR 1,467.54 million as of 31 December 2016 with an increase of 3.3%. The total comprehensive income for the current quarter was amounted to SR 28.01 million compared to SR 18.53 million for the same quarter of the previous year with an increase of 51.16%. and compared to SR 28.79 million for the previous quarter of the current year with a decrease of 2.71%. The total comprehensive income for the current period was amounted to SR 112.36 million compared to SR 118.05 million for the same period of the last year with a decrease of 4.82%. Total revenues for the current period was amounted SR 1,782.12 million compared to 1,650.86 million for the same period of the last year with an increase of 7.95%. Effective January 1, 2017 the Company has adopted IFRS and therefore, there have been certain adjustments to the financial statements for certain accounts due to recognition, measurement, presentation and disclosure for the current and comparative periods, in accordance with the accounting policies as per IFRS' requirements, which have been adopted by SOCPA, in addition to the other standards and versions adopted by SOCPA. For more information, refer to note 13 (first time IFRS adoption) in the interim condensed consolidated financial statements for the period ended September 30, 2017.

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