National Industrialization Co. — Earnings Release 2017

Feb 27, 2018

National Industrialization Co. announces the annual financial results for the period ending on 31-12-2017

2060 · 27/02/2018 09:05:13 · Announcement #49546 · View on Saudi Exchange

National Industrialization Co. announces the annual financial results for the period ending on 31-12-2017

Element	Current year	Previous year	% Change
Net profit (loss)	716.2	101.4	606.31
Earning or loss per share, Riyals	1.07	0.15	-
Gross profit (loss)	2,104.2	907	132
Operational profit (loss)	1,623.8	747.5	117.23

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

Element	EXPLAINATION
Reasons of annual financial results	Increase in reported profit is attributable to improvement in operational performance, increase in sales price of Titanium Dioxide products, increase in other income and positive impact of tax cedits due to reduction in tax rates in certain foreign subsidiaries. Note that the current year profit also includes impact of increase in impairment charge on non-current assets of certain subsidiaries and increase in financial costs due to refinancing arrangement.
Reclassifications in annual financial results	Certain corresponding figures for the last year have been reclassified to be aligned with presentation of the current year.
Other notes	The revenue for the year ended 31 December, 2017 amounted to SAR 10.80 billion which is 25% higher than last year revenue of SAR 8.62 billion. Total comprehensive income for the year ended 31 December, 2017 amounted to SAR 1,019.7 million compared to 37.7 million for last year with an increase of 2605%. Total shareholders equity (before non-controlling interest ) at 31 December, 2017 amounted to SAR 8.35 billion compared to SAR 7.33 billion at the end of last year, with an increase of 14%. The company has adopted the International Financial Reporting Standards (IFRS) from January 1, 2017. Accordingly, changes in the consolidated financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative year in accordance with the accounting policies adopted from IFRS as endorsed by Saudi Organization of Certified Public Accountants.

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