Saudi Basic Industries Corp. — Interim / Quarterly Report 2016

Jan 19, 2017

Saudi Basic Industries Corp announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

2010 · 19/01/2017 08:24:33 · Announcement #45190 · View on Saudi Exchange

Saudi Basic Industries Corp announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	4.55	3.08	47.73	5.22	-
Gross profit (loss)	10.6	9.07	16.87	10.96	-
Operational profit (loss)	7.29	4.36	67.2	7.64	-
All figures are in (Billions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	17.91	18.77	-
Gross profit (loss)	40.97	43.03	-
Operational profit (loss)	26.88	28.52	-
Earning or loss per share, Riyals	5.97	6.26	-
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 lower average cost of sales and SG&A
Reasons of increase (decrease) for period compared with same period last year	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
Reasons of increase (decrease) for quarter compared with previous quarter	The decrease in net income is attributable to lower share in results of equity accounted investees and other income. Additionally, an impairment against the assets of Ibn Rushd has been recorded amounting to SR 706 million, SABIC share amounted to SR 339 million
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/revenues for the current quarter is SR 34.03 billion compared to SR 34.16 billion for the similar quarter last year with a decrease of 0.4%. Gross sales/revenues for the period is SR 132.98 billion compared to SR 148.09 billion for the similar period last year with a decrease of 10%. Shareholders equity (Excluding Non-Controlling interests) at the end of the period is SR 163.04 billion compared to SR 161.92 billion for the similar period last year with an increase of 0.7%. The audited financials were used for the comparative period of last year and non audited financials for Q4 2015

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