Saudi International Petrochemical Company (Sipchem) announces the Interim Financial Results for the Period Ending on 30 September 2018 (Nine Months)
Sunday, October 21, 2018
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%Change

Previous Quarter

%Change

Similar quarter for previous year

Current Quarter

Element

%9.3-

1,474.5

%25.8

1,063.6

1,337.7

Sales/Revenue

%13.7-

545.1

%28.2

367.0

470.4

Total Profit (Loss)

%20.0-

410.2

%29.4

253.5

328.0

Profit (Loss) Operational

%14.7-

211.4

%48.3

121.6

180.3

Net Profit (Loss) after Zakat and Tax

%14.9-

210.9

%46.5

122.5

179.5

Total Comprehensive Income

All Figures are in (Millions) Saudi Arabia, Riyals

 

% Change

Similar period for previous year

Current period

Element

%25.2

3,180.9

3,983.1

Sales/Revenue

%43.0

1,000.4

1,430.2

Total Profit (Loss)

%54.9

659.7

1,021.8

Profit (Loss) Operational

%98.9

273.0

543.0

Net Profit (Loss) after Zakat and Tax

%98.9

272.5

541.9

Total Comprehensive Income

%6.2

5,537.0

5,880.7

Total Share Holders Equity (after deducting minority equity)

-

0.74

1.48

Profit (Loss) per Share

All Figures are in (Millions) Saudi Arabia, Riyals

 

 

Explanation

Element

Net Profit attributable to shareholders of the company increased during current quarter compared to the same quarter last year due to the increase in Revenue as a result of the company’s ongoing efforts to improve the plants operating efficiency and increase in average selling prices of company’s products.

Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year

Net Profit attributable to shareholders of the company decreased during current quarter compared to the previous quarter due to the decrease in sales quantities because of planned shutdown for maintenance in methanol plant (as announced in TADAWUL on 13th September 2018) in addition to slight decrease in average selling prices of some products.

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter

Net Profit attributable to shareholders of the company increased during current period compared to the same period last year mainly due to increase in Revenue as a result of the increase in average selling prices of company’s products.

Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year

Unmodified Opinion

Type of the external auditor's opinion

None

External auditor's report containing reservation

Certain comparative figures have been reclassified to comply with the current period presentation of the financial statements.

Reclassifications in quarter financial result

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 current quarter comparing to same period last year. Revenue increased by 25% while gross profit increased by about 43% during current period comparing to same period last year.

Other notes