| Element List |
Explanation |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
Achieving the net profit is primarily attributable to increase in average selling prices of all products also resulting in higher share of profit from investments in associates and joint ventures, in addition to lower financial costs and higher other income, despite the increase in Zakat and tax provisions. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is |
Achieving the net profit is primarily attributable to increase in average selling prices of all products also resulting in higher share of profit from investments in associates and joint ventures, despite increase in general and administrative expenses and Zakat provisions. Net loss was high during previous quarter as a result of provisions recorded for contractual obligations amounting to SR 267 million against long-term supply of primary raw material (Metal Grade TiCl4) to one of the Group's joint ventures Advanced Toho Titanium Metal Co. (ATTM), as published in Tadawul in the announcement for Groups consolidated (audited) financial statements for the year 2020. |
| Statement of the type of external auditor's report |
Unmodified conclusion |
| Reclassification of Comparison Items |
Certain corresponding figures for the comparative periods have been restated in compliance with the applicable accounting standards. |
| Additional Information |
The COVID-19 pandemic may continue to have its negative impact on the results of operations, however the Group has sufficient liquidity to meet its financial obligations for the foreseeable future. During the pandemic, the management was able to operate without any material disruptions with prudent measures in place, such as restricted employee travel, remote working, wellness checkpoints at entrances, visitor restrictions and robust disinfecting procedures. The management continues to focus on employees' and plant safety with business continuity in all operational areas. |
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