Saudi International Petrochemical Co. announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 5,035.8 | 4,459.5 | 12.922 | ||
| Total Profit (Loss) | 1,634.8 | 1,426 | 14.642 | ||
| Profit (Loss) Operational | 1,095.8 | 934.7 | 17.235 | ||
| Net Profit (Loss) after Zakat and Tax | 583 | 437.4 | 33.287 | ||
| Total Comprehensive Income | 580.4 | 437.6 | 32.632 | ||
| Total Share Holders Equity (after deducting minority equity) | 5,918.9 | 5,702.7 | 3.791 | ||
| Profit (Loss) per Share | 1.59 | 1.19 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | Net Profit attributable to shareholders of the company increased during current year compared to the previous year mainly due to increase in Revenue as a result of the increase in average selling prices of company’s products. Revenue increased by 12.9% and Gross Profit increased by 14.6% during current year compared to the previous year despite the increase in cost of sales due to increase in the prices of some feedstock (butane and ethylene). |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None |
| Reclassifications in annual financial results | Certain comparative figures have been reclassified to comply with the current year 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 year, and in comparison, to last year. In the 4th quarter of current year the company’s majority owned affiliate International Methanol Company (IMC) successfully completed the Energy Efficiency project, and major turnaround for the Methanol plant. This had an adverse impact on the financial results for the Company in the 4th quarter of current year. From 01 January 2018, the Company has adopted IFRS 15 (Revenue from contracts with customers) and IFRS 9 (Financial Instruments). The information presented for previous year has not been restated, i.e. it is presented, as previously reported. IFRS 15 and 9 did not have a material impact on the Group’s financial statements. |
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