Saudi Basic Industries Corp. — Interim / Quarterly Report 2017

May 1, 2017

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

2010 · 01/05/2017 16:24:48 · Announcement #46719 · View on Saudi Exchange

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	5.24	2.91	80.07	3.46	51.44
Gross profit (loss)	13.74	10.11	35.91	12.61	8.96
Operational profit (loss)	8.35	4.67	78.8	6.32	32.12
Earning or loss per share, Riyals	1.74	0.97	-	-	-
All figures are in (Billions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter 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 increase in net income is attributable to higher average selling prices and other income
Reclassifications in quarterly financial results	Certain prior period figures have been re-classified to conform with the presentation in the current period
Other notes	Gross sales for the current quarter amounted to SR. 36.95 billion compared to SR. 33.47 billion for the similar quarter last year with an increase of 10%. Total comprehensive income for the quarter amounted to is SR. 5.42 billion compared to SR. 3.13 billion for the similar quarter last year with an increase of 73%. And compared to SR 4.83 billion in previous quarter with an increase of 12% The shareholders equity (Excluding non controlling interests) at the end of the period is SR. 162.95 billion compared to SR. 159.42 billion for the similar period last year with an increase of 2%. On January 1st 2017 SABIC has adopted IFRS and therefore, there has been adjustments on the consolidated financial statements on the recognition, measurement, presentation and disclosure inline with the requirements of IFRS as adopted by SOCPA. for more information please refer to note 6 (First time IFRS adoption) in the interim condensed consolidated financial statements for the period ended 31st of March. Additionally in the attachment, you will find slides highlighting IFRS impact on financial statements

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