Saudi International Petrochemical Co. announces the annual financial results for the period ending on 31-12-2017
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 437.4 | 43.1 | 914.85 |
| Earning or loss per share, Riyals | 1.19 | 0.12 | - |
| Gross profit (loss) | 1,426.1 | 861.5 | 65.54 |
| Operational profit (loss) | 934.7 | 437.3 | 113.74 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | Net profit increased compared to the Previous Year primarily due to an increase in average selling prices and sales volumes for most of products |
| Reclassifications in annual financial results | 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 3 (First time adoption of IFRS) in the notes attached to the consolidated financial statements for the year ending 31 December 2017 |
| Other notes | - Gross Sales reached SR. 4.459 billion during the current Year ended 31 Dec,2017 compared to SR. 3.515 billion for the Previous Year, ended 31 Dec, 2016 being an increase of 27%. - Total comprehensive income for the Current Year ended 31 Dec, 2017 amounted to SR. 437.6 million compared to the Previous Year ended 31 Dec,2016 of SR. 48.1 million being an increase of 809.9%. - Total Shareholders' equity (excluding minority interests) reached 5.7 billion Riyals in the Current Year ended 31 Dec, 2017 compared to 5.3 billion SR for the Previous Year ended 31 Dec, 2016 being an increase of 7.5%. |
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