Saudi International Petrochemical Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)
Wednesday, July 26, 2017
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ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 59.8 11.4 424.56 91.6 -34.72
Gross profit (loss) 281.1 215.2 30.62 352.3 -20.21
Operational profit (loss) 175.5 106.7 64.48 230.7 -23.93
All figures are in (Millions) Saudi Arabia, Riyals


 

ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 151.4 60.6 149.83
Gross profit (loss) 633.3 484.1 30.82
Operational profit (loss) 406.2 271.5 49.61
Earning or loss per share, Riyals 0.41 0.17 -
All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Revenue increased compared to the same quarter last year primarily due to increase in average selling prices and sales volumes for some of products i.e., polymers, despite the increase in the prices of feedstock (butane and ethylene).
Reasons of increase (decrease) for period compared with same period last year Revenue increased compared to the same period last year primarily due to increase in average selling prices and sales volumes for some of products i.e., polymers, despite the increase in the prices of feedstock (butane and ethylene).
Reasons of increase (decrease) for quarter compared with previous quarter Revenue decreased compared to the previous quarter primarily due to reduce in production and sales volume of Vinyl Acetate Monomer Plant of the International Vinyl Acetate Company (IVC), Carbon Monoxide of International Gases Company (IGC) and Acetic Acid of International Acetate Company (IAC) due to periodic turnaround as announced in TADAWEL dated: 23rd May 2017 and 31st May, 2017.
Reclassifications in quarterly financial results All the reported figures are as per IFRS. Comparative figures have been restated based on IFRS transition effective 01 January 2016.
Other notes 1. Gross Sales reached SR. 918.2 million during current quarter compared to SR. 923.6 million for the same quarter of the previous year reflecting decrease of 0.6%. Gross Sales reached SR. 2.12 billion during the current period compared to SR. 1.84 billion for the same period of the previous year reflecting an increase of 14.6%.

2. Operating income during the current quarter includes SR. 7.5 million profit due to actuarial adjustments for end of service benefits.

3. Total comprehensive income for the period amounted to SR. 149.9 million compared to the similar period last year of SR. 59.9 million increase of 150%.

4. Total comprehensive income for the quarter amounted to is SR. 59.7 million compared to the similar quarter last year of SR. 10.8 million increase of 450% and compared to previous quarter of SR. 90.3 million.
decrease of 35%
5. Total Shareholders' equity (excluding minority interests) reached 5.4 billion SR. during the current period ended 30 June 2017 compared to 5.3 billion SR. for the previous year ended 31 December 2016 increase 3%.