Correction announcement from National Industrialization Co. in regards to National Industrialization Company Reports the Interim Consolidated Financial Result For The Period Ended 30 Sep 2018 (Nine Months)
| Element List | Explanation |
|---|---|
| Date on which the incorrect announcement was published on Tadawul`s website | 2018-10-24 Corresponding to 1440-02-15 |
| Subject of the incorrect announcement | National Industrialization Company Reports the Interim Consolidated Financial Result For The Period Ended 30 Sep 2018 (Nine Months) |
| Incorrect statements in the previous announcement | 1- In item the rise (decrease) during the current quarter is compared to the previous quarter (The increase in net profit is attributable to the increase in average sales prices of Titanium Dioxide products and the increase in companys share of net profit from associates and joint ventures due to increase in average sales prices for certain petrochemical products, despite the impact of an impairment charge to non-current assets by one of the subsidiaries, higher selling general & admin expenses, increase in other expenses as a result of recording a provision to fund the labilities of one of the companies in Acrylic complex and increase in Zakat and income tax provisions).
2- in item the rise (decrease) during the current period is due to the same period of the previous year (Major factors for reduction in net profit are decrease in sales volume and average sales prices of Titanium Dioxide products; impact of an impairment charge to non-current assets by one of the subsidiaries; increase in other expenses as a result of recording a provision to fund the labilities of one of the companies in Acrylic complex and the increase in financial charges and Zakat and income tax provisions). |
| Correct Statement | the Correction: 1- Reasons of Increase (Decrease) for Quarter Compared with Previous Quarter ( Major factors for reduction in net profit are decrease in sales volume and average sales prices of Titanium Dioxide products; impact of an impairment charge to non-current assets by one of the subsidiaries; increase in other expenses as a result of recording a provision to fund the labilities of one of the companies in Acrylic complex and the increase in financial charges and Zakat and income tax provisions). 2- Reasons of Increase (Decrease) for current period compared with same period last year (The increase in net profit is attributable to the increase in average sales prices of Titanium Dioxide products and the increase in companys share of net profit from associates and joint ventures due to increase in average sales prices for certain petrochemical products, despite the impact of an impairment charge to non-current assets by one of the subsidiaries, higher selling general & admin expenses, increase in other expenses as a result of recording a provision to fund the labilities of one of the companies in Acrylic complex and increase in Zakat and income tax provisions). |
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