All figures are in (Millions) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss)
1,423
35
3,965.71
Gross profit (loss)
2,696
1,107
143.54
Operational profit (loss)
1,704
158
978.48
Earning or loss per share, Riyals
1.62
0.04
-
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 realized net profit during the current quarter compared with the same quarter last year is mainly due to the stability of production processes in the complex and continued improvement in operational performance which resulted in higher production & improved yields in spite of planned Vacuum Gas Oil Hydro Treating Unit (VGO) shutdown in 2017. In addition, improved sales volume & better pricing on petrochemicals also contributed to higher profitability. This was partially offset by lower refinery margins.
Reasons of increase (decrease) for period compared with same period last year
The increase in the realized net profit during the current period as compared with the same period last year was mainly due to the stability of production processes in the complex and continued improvement in operational performance, leading to improved production and sales volumes on both refined products and petrochemicals. Additionally, overall better market price for petrochemicals and the slight improvement in refinery margins contributed to higher profitability.
Reasons of increase (decrease) for quarter compared with previous quarter
The decrease in net profit during the current quarter as compared with the previous quarter is mainly due to lower sales volume on refined products due to planned VGO shutdown. In addition, the current quarter witnessed lower refinery margins. This was partially offset by improved pricing on petrochemicals.
Other notes
1.Sales in current quarter is SAR 9,524 million compared to SAR 7,488 million for similar quarter last year, resulting in an increase of 27%. The reason for the increase is due to an increase in both price and quantity of products sold. 2.Sales in current period is SAR 34,211 million compared to SAR 25,146 million for similar period last year, resulting in an increase of 36%. 3.Total comprehensive income for the current quarter amounted to SAR 625 million, compared to total comprehensive income of SAR 171 million for the same quarter of last year, resulting in an increase of 265 %, and compared to total comprehensive income of SAR 706 million for the previous quarter, resulting in a decrease of 11%. 4.Total comprehensive income for the current period amounted to SAR 1,408 million, compared to total comprehensive loss of SAR 18 million for the same period of last year. 5.Earnings per share amounted to SAR 1.62 during the current period, compared to earnings per share of SAR 0.04 for the same period of last year. 6.The shareholders equity (There are no minority interests) as at the end of the period is SAR 10,086 million compared to SAR 8,396 million as at the end of the period last year with an increase of 20%. 7.Petrorabigh has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the financial statements have been made in the measurement, recognition and presentation for the current and comparative periods in accordance with IFRS as endorsed by the Saudi Organization for Certified Public Accountants.
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