Saudi Basic Industries Corp. — Interim / Quarterly Report 2018

Apr 29, 2018

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

2010 · 29/04/2018 08:09:33 · Announcement #50467 · View on Saudi Exchange

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	5.51	5.23	5.35	3.7	48.92
Gross profit (loss)	14.21	13.53	5.03	12.43	14.32
Operational profit (loss)	8.94	8.34	7.19	6.57	36.07
Earning or loss per share, Riyals	1.84	1.74	-	-	-
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 and sold quantities despite the strategic restructuring initiative implemented by SABIC in Q1 2018 that aims to increase productivity, create more attractive career paths and job opportunities for SABIC employees, in addition to lowering the cost structure. The impact on total cost as a result of this strategic initiative on SABIC Q1 2018 results amounted to SR 1.1 billion
Reasons of increase (decrease) for quarter compared with previous quarter	The increase in net income is attributable to higher average selling prices and sold quantities despite the strategic restructuring initiative implemented by SABIC in Q1 2018 that aims to increase productivity, create more attractive career paths and job opportunities for SABIC employees, in addition to lowering the cost structure. The impact on total cost as a result of this strategic initiative on SABIC Q1 2018 results amounted to SR 1.1 billion
Reclassifications in quarterly financial results	Prior period figures have been re-classified to conform with the presentation in the current period.
Other notes	Sales for the current quarter amounted to SR.41.86 billion compared to SR. 36.32 billion for the similar quarter last year with an increase of 15% and compared to SR. 40.34 billion in previous quarter with an increase of 4%. Total comprehensive income for the quarter amounted to is SR. 7.06 billion compared to SR. 5.42 billion for the similar quarter last year with an increase of 31% and compared to SR 4.49 billion in previous quarter with an increase of 57%. The shareholders equity (Excluding non controlling interests) at the end of current period is SR. 171.33 billion compared to SR. 162.95 billion at Mar 31 2017 with an increase of 5% and compared to 163.92 at Dec 31 2017 with an increase of 5%. On January 1st 2018 SABIC has adopted IFRS 9 and 15 with no material impact on SABIC financials.

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