National Industrialization Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

29 October 2023 09:20 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	831.9	887.1	-6.22	889.2	-6.44
Gross Profit (Loss)	156.4	130.1	20.21	143.5	8.99
Operational Profit (Loss)	184.2	179	2.9	52.4	251.53
Net Profit (Loss) after Zakat and Tax	78.2	17.1	357.31	31.4	149.04
Total Comprehensive Income	-23.5	-7.4	217.57	-29.6	-20.61
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	2,609.9	2,943.4	-11.33
Gross Profit (Loss)	414.9	677.4	-38.75
Operational Profit (Loss)	398	1,285.3	-69.03
Net Profit (Loss) after Zakat and Tax	191.7	623.2	-69.24
Total Comprehensive Income	36.2	821.3	-95.59
Total Share Holders Equity (after Deducting Minority Equity)	9,651.2	9,526.6	1.31
Profit (Loss) per Share	0.29	0.93
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	Increase in net profit is primarily attributable to increase in share of profit from joint ventures mainly due to increase in sales volumes of most of the products and decrease in average feedstock costs, decrease in net finance costs and increase in other income, despite lower revenue due to decrease in average selling prices of most of the products, losses from investments in associates, increase in general & administrative expenses and zakat provision.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	Increase in net profit is primarily attributable to increase in share of profit from joint ventures mainly due to increase in sales volumes of most of the products and slight decrease in average feedstock costs, decrease in net finance costs and reduced share of losses from investments in associates due to IFRS based non-recurring adjustment of a valuation allowance relating to deferred tax assets recorded in the previous quarter by an associate (Tronox Holdings plc.), despite lower revenue due to decrease in average selling prices of most of the products, decrease in other income and increase in general and administrative expenses and zakat provision.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Decrease in net profit is primarily attributable to decrease in sales revenue and share of profit from investments in joint ventures and associates due to lower average selling prices of most of the products and IFRS based non-recurring adjustment of a valuation allowance relating to deferred tax assets recorded in the previous quarter by an associate (Tronox Holdings plc.), increase in general & administrative expenses and impairment of financial assets, despite increase in sales volumes of most of the products, decrease in raw material costs and net finance costs and increase in other income.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	None
Additional Information	Other comprehensive income / (loss) primarily represents the impact of fair value of certain investments in equity instruments held by the Group's subsidiaries and share of comprehensive income / (loss) from associates.

Comments