Saudi Basic Industries Corp. — Interim / Quarterly Report 2016

Apr 18, 2016

Saudi Basic Industries Corp announces the interim financial results for the period ending on 31-03-2016 (Three Months)

2010 · 18/04/2016 16:21:29 · Announcement #42148 · View on Saudi Exchange

Saudi Basic Industries Corp announces the interim financial results for the period ending on 31-03-2016 (Three Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	3.41	3.93	-	3.08	10.71
Gross profit (loss)	8.39	9.42	-	9.07	-
Operational profit (loss)	5	6.12	-	4.36	14.68
Earning or loss per share, Riyals	1.14	1.31	-	-	-
All figures are in (Billions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The decrease in net income is attributable to lower average sales prices noting the net loss for the metals segment amounted to SR 725 million and decrease in cost of sales
Reasons of increase (decrease) for quarter compared with previous quarter	The increase in net income is attributable to lower selling & admin costs and higher other income in addition to lower losses from the metals segment compared to previous quarter which had also the impairment against the assets of Ibn Rushd amounted to SR 781 million, SABIC share amounted to SR 375 million. Cost of sales were lower during this quarter
Reclassifications in quarterly financial results	Certain prior period figures have been re-classified to conform with the presentation in the current quarter

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