Saudi Basic Industries Corp. — Earnings Release 2016

Feb 22, 2017

Saudi Basic Industries Corp announces the annual financial results for the period ending on 31-12-2016

2010 · 22/02/2017 08:07:48 · Announcement #45672 · View on Saudi Exchange

Saudi Basic Industries Corp announces the annual financial results for the period ending on 31-12-2016

Element	Current year	Previous year	% Change
Net profit (loss)	17.84	18.77	-4.95
Earning or loss per share, Riyals	5.95	6.26	-
Gross profit (loss)	40.91	43.03	-4.93
Operational profit (loss)	26.78	28.52	-6.1

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

Element	EXPLAINATION
Reasons of annual financial results	The decrease in net income is attributable to lower average sales prices, increase in zakat provision and additional impairment against the assets of Ibn Rushd has been recorded amounting to SR 686 million, SABIC share amounted to SR 330 million. Note that there was a decrease in cost of sales and SG&A
Reclassifications in annual financial results	Certain prior year figures have been re-classified to conform with the presentation in the current year
Other notes	Gross Sales/Revenues of the current year is SR. 132.83 billion compared to SR. 148.09 billion in 2015, a decrease of 10%. Shareholders equity (excluding non controlling interests) of the current year is SR. 163.05 billion compared to SR. 161.92 billion in 2015, an increase of 0.7%

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