Saudi International Petrochemical Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

21 October 2018 08:31 AM

SIPCHEM 2310 -0.77% 32.30 -0.25

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	1,337.7	1,063.6	25.77	1,474.5	-9.277
Total Profit (Loss)	470.4	367	28.174	545.1	-13.703
Profit (Loss) Operational	328	253.5	29.388	410.2	-20.039
Net Profit (Loss) after Zakat and Tax	180.3	121.6	48.273	211.4	-14.711
Total Comprehensive Income	179.5	122.5	46.53	210.9	-14.888
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	3,983.1	3,180.9	25.219
Total Profit (Loss)	1,430.2	1,004.2	42.421
Profit (Loss) Operational	1,021.8	659.7	54.888
Net Profit (Loss) after Zakat and Tax	543	273	98.901
Total Comprehensive Income	541.9	272.5	98.862
Total Share Holders Equity (after deducting minority equity)	5,880.7	5,537	6.207
Profit (Loss) per Share	1.48	0.74
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	Net Profit attributable to shareholders of the company increased during current quarter compared to the same quarter last year due to the increase in Revenue as a result of the company’s ongoing efforts to improve the plants operating efficiency and increase in average selling prices of company’s products.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	Net Profit attributable to shareholders of the company decreased during current quarter compared to the previous quarter due to the decrease in sales quantities because of planned shutdown for maintenance in methanol plant (as announced in TADAWUL on 13th September 2018) in addition to slight decrease in average selling prices of some products.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year	Net Profit attributable to shareholders of the company increased during current period compared to the same period last year mainly due to increase in Revenue as a result of the increase in average selling prices of company’s products.
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	None
Reclassifications in quarter financial result	Certain comparative figures have been reclassified to comply with the current period presentation of the financial statements.
Additional Information	The Company’s ongoing efforts to improve operating efficiency and to reduce costs provided the platform for it to take advantage of the increase in the market prices of company’s products during the current quarter comparing to same period last year. Revenue increased by 25% while gross profit increased by about 43% during current period comparing to same period last year.

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