National Petrochemical Co. announces the annual financial results for the period ending on 31-12-2017
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 888.3 | 397.4 | 123.53 |
| Earning or loss per share, Riyals | 1.85 | 0.83 | - |
| Gross profit (loss) | 2,263.5 | 1,609 | 40.68 |
| Operational profit (loss) | 1,626.2 | 1,015.8 | 60.09 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The main reasons for the increase in profits for the current period compared with the same period last year are: 1) The planned periodic maintenance shutdown at Petrochem project (Saudi Polymers Company) which was from 1 October to 29 November of the previous year. 2) Improvements in the production line performance during the second half of 2017 which led to an increase in production capacities. 3) Improvements in the Selling prices for some of the subsidiary products, despite the increase costs of feedstock. 4) Increase in other income due to the improvement in income from banks accounts, gains from foreign currency revaluation and a decrease in the zakat provision |
| Reclassifications in annual financial results | Certain figures of the prior year have been re-classified to conform to the current year presentation. |
| Other notes | Gross sales for the current period amounted to SR. 9.045 million compared to SR. 6.066 million for the similar period of last year, with an increase of 49.1%. Comprehensive income for the current period amounted to SR. 878.6 million compared to SR. 390.7 million for the similar period of last year with an increase of 124.8%. The shareholders equity (Excluding non-controlling interests) at the end of the current period is SR. 6.797 million compared to SR. 6.158 million at the end of the same period last year with an increase of 10.4%. 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 6 (First time adoption of IFRS) in the notes attached to the consolidated financial statements for the year ending 31 December 2017. |
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