Saudi Basic Industries Corp. — Interim / Quarterly Report 2017

Jul 30, 2017

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

2010 · 30/07/2017 08:32:43 · Announcement #47654 · View on Saudi Exchange

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	3.71	4.96	-	5.24	-
Gross profit (loss)	10.79	12.9	-	13.74	-
Operational profit (loss)	5.43	7.41	-	8.35	-
All figures are in (Billions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	8.94	7.87	13.6
Gross profit (loss)	24.53	23	6.65
Operational profit (loss)	13.78	12.08	14.07
Earning or loss per share, Riyals	2.98	2.62	-
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 higher cost of sales and lower sales quantities. In addition to lower selling prices and quantities at Hadeed resulting in net loss of SR 483 million compared to net income of SR 86 million for the similar quarter last year
Reasons of increase (decrease) for period compared with same period last year	The increase in net income is attributable to higher average selling prices
Reasons of increase (decrease) for quarter compared with previous quarter	The decrease in net income is attributable to lower average selling prices and higher cost of sales in addition to write down of assets at Ibn Rushd amounting to SR 578 million, SABIC share amounted to SR 278 million. And lower selling prices and quantities at Hadeed resulting in net loss of SR 483 million compared to net loss of SR 35 million for previous quarter
Reclassifications in quarterly financial results	Prior period figures have been re-classified to confirm with the presentation in the current period
Other notes	Gross sales for the current quarter amounted to SR. 35.05 billion compared to SR. 36.26 billion for the similar quarter last year with a decrease of 3%, and compared to 36.95 with previous quarter with a decrease of 5%. Gross sales for the current period amounted to SR. 72 billion compared to SR. 69.73 billion for the similar period last year with an increase of 3%. Total comprehensive income for the quarter amounted to SR. 5.65 billion compared to SR. 3.7 billion for the similar quarter last year with an increase of 53%, and compared to SR 5.42 billion in previous quarter with an increase of 4%. Total comprehensive income for the period amounted to 11.07 compared to 6.83 for the similar period last year with an increase of 62%. The shareholders equity (Excluding non controlling interests) at the end of the period is SR. 156.6 billion compared to SR. 154.13 billion at the end of the period last year with an increase of 2%.

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