National Industrialization Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

08 August 2021 09:51 AM

Default Company 2060.O 0.00% 0.00 0.00

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	780.4	437.3	78.458	725.4	7.582
Gross Profit (Loss)	219.4	76.4	187.172	186.6	17.577
Operational Profit (Loss)	608.7	-149.9	-	561.9	8.328
Net Profit (Loss) after Zakat and Tax	356.7	-180.2	-	327.5	8.916
Total Comprehensive Income	441.6	-57.4	-	341.9	29.16
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	1,505.8	1,091.7	37.931
Gross Profit (Loss)	406	170.4	138.262
Operational Profit (Loss)	1,170.6	-87.1	-
Net Profit (Loss) after Zakat and Tax	684.3	-232	-
Total Comprehensive Income	783.4	-443.7	-
Total Share Holders Equity (after Deducting Minority Equity)	8,053.1	7,382.9	9.077
Profit (Loss) per Share	1.02	-0.35
All figures are in (Millions) Saudi Arabia, Riyals

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 attributable to increase in average selling prices which is also resulting in higher share of profit from investments in associates and joint ventures despite the increase in average prices of some of the feedstocks and lower sales volumes of certain products mainly due to scheduled turnaround maintenance as mentioned in additional information, decrease in other income and increase in zakat and tax provisions. Noting that an impairment of SR 209 million was recorded in Q2 2020, mainly for non-current assets of a subsidiary "Advanced Metal Industries Cluster Company AMIC".
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Increase in net profit is due to increase in average selling prices of most of the products which is also resulting in higher share of profit from investments in associates and joint ventures and decrease in zakat and tax provisions, despite the lower sales volumes of certain products mainly due to scheduled turnaround maintenance as mentioned in additional information and increase in general and administrative expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Achieving the net profit is attributable to increase in average selling prices which is also resulting in higher share of profit from investments in associates and joint ventures despite the increase in average prices of some of the feedstocks and lower sales volumes of certain products mainly due to scheduled turnaround maintenance as mentioned in additional information, higher other income and lower financial charges despite increase in zakat and tax provisions. Noting that an impairment of SR 222 million was recorded in first half of 2020, mainly for non-current assets of a subsidiary "Advanced Metal Industries Cluster Company AMIC".
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	One of the Group's joint ventures, Saudi Ethylene and Polyethylene Company "SEPC" had temporarily shutdown the plants for the scheduled periodic maintenance during Q2 2021. As published in Tadawul on April 14, 2021, the financial impact of shutdown based on the average prices will affect the interim consolidated financial statements for second and third quarter of 2021.

Comments