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National Industrialization Co. — Earnings Release 2015
Feb 25, 2016
53291_rns_2016-02-25_6ef1b059-db42-42e0-9b00-f76af94db546.html
Earnings Release
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National Industrialization Co. announces the annual financial results for the period ending on 31-12-2015
2060 · 25/02/2016 08:15:33 · Announcement #41404 · View on Saudi Exchange
National Industrialization Co. announces the annual financial results for the period ending on 31-12-2015
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -1,423.1 | 1,070.5 | - |
| Earning or loss per share, Riyals | -2.13 | 1.6 | - |
| Gross profit (loss) | 2,212.7 | 4,612.5 | -52.03 |
| Operational profit (loss) | -372.9 | 2,789.1 | - |
*All figures are in (Millions) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The reported loss is due to steep decline in the average selling prices of Titanium Dioxide products and the continued decrease in selling prices of petrochemical products especially products of the Acrylic Acid Complex. In addition the G&A expenses were higher due to restructuring of the organization of Company and implementation of performance and cost improvement programs including the headcount reduction and SR 392 million impairment charge related to certain non-current assets of one of the subsidiaries. The increase in other expenses is mainly attributable to loss on foreign exchange hedging and derivative contracts executed by one of the subsidiaries. These expenses are non recurring and expected to contribute positively to the Company future performance and results. |
| Reclassifications in annual financial results | Certain corresponding figures for the last year have been reclassified to be aligned with presentation of the current year. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.