Basic Chemical Industries Co. — Earnings Release 2018

Mar 25, 2018

Basic Chemical Industries Co. announces the annual financial results for the period ending on 31-12-2017

1210 · 25/03/2018 08:01:22 · Announcement #49811 · View on Saudi Exchange

Basic Chemical Industries Co. announces the annual financial results for the period ending on 31-12-2017

Element	Current year	Previous year	% Change
Net profit (loss)	43.77	46.19	-5.24
Earning or loss per share, Riyals	1.59	1.68	-
Gross profit (loss)	150.8	147.81	2.02
Operational profit (loss)	86.55	80.33	7.74

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The decrease in net profit during the period compared to the corresponding period of the previous year is due to the increase in the cost of sales as well as the increase in general and administrative expenses, the company's share of the loss of investment in an associate in Qatar and the loss of the investment value in the same company. The reason for the increase in gross profit and operating profit during the current period compared with the corresponding period of the previous year is due to increased sales and other operating income and lower selling and distribution expenses
Reclassifications in annual financial results	The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 January 2017. The financial statements have been restated, classified and classified in accordance with the accounting policies applied in the presentation, classification and classification of the items, Saudi Arabia, Saudi Arabia, Saudi Arabia, Saudi Arabia, Saudi Arabia, Saudi Arabia, Saudi Arabia and Saudi Arabia. The accompanying notes are an integral part of the consolidated financial statements for the period ended 31 December 2017.
Other notes	1 - This year's sales amounted to 595.54 million compared to 557.83 million for the previous year, an increase of 6.76%. 2 - The profit for the year attributable to the shareholders of the company during the year amounted to 43.77 million compared to 46.19 million for the previous year and a decrease of 5.24% (excluding non-controlling interests). 3. Total comprehensive income attributable to the shareholders of the Company during the current year reached 41.78 million compared to 46.19 million for the previous year and a decrease of 9.55% (excluding non-controlling interests). 4. Shareholders' equity (excluding non-controlling interests) for the year was 567.47 million compared to 552.63 million at the end of the previous year, an increase of 2.69%.

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