Saudi Basic Industries Corp. — Interim / Quarterly Report 2017

Jan 28, 2018

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

2010 · 28/01/2018 08:31:10 · Announcement #49257 · View on Saudi Exchange

Saudi Basic Industries Corp. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	3.67	4.51	-	5.79	-
Gross profit (loss)	12.61	11.09	13.71	14.03	-
Operational profit (loss)	6.65	6.16	7.95	8.7	-
All figures are in (Billions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	18.4	17.61	4.49
Gross profit (loss)	50.29	47.24	6.46
Operational profit (loss)	29.37	25.87	13.53
Earning or loss per share, Riyals	6.13	5.87	-
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 production and sold quantities as a result of planned turnarounds at certain plants. Noting that in Q4 2016 there was a recognition of deferred tax assets
Reasons of increase (decrease) for period compared with same period last year	The increase in net income is attributable to higher average selling price and lower general and administrative expenses
Reasons of increase (decrease) for quarter compared with previous quarter	The decrease in net income is attributable to lower production and sold quantities as a result of planned turnarounds at certain plants, in addition to recording impairments against the assets of Hadeed a wholly owned subsidiary amounting to SR 350 million and Ibn Sina amounting to SR 274 million, SABIC share amounted to SR 136 million
Reclassifications in quarterly financial results	Prior period figures have been re-classified to confirm with the presentation in the current period. Noting that, On January 1 2017 SABIC has adopted IFRS
Other notes	Gross sales for the current quarter amounted to SR. 40.56 billion compared to SR. 37.48 billion for the same quarter last year with an increase of 8% and compared to 38.92 in previous quarter with an increase of 4%. Gross sales for the current period amounted to SR. 150.39 billion compared to SR. 143 billion for the same period last year with an increase of 5%. Total comprehenisve income for the quarter amounted to SR. 4.43 billion compared to SR. 4.90 billion for the same quarter last year with a decrease of 10% and compared to SR.5.94 billion in previous quarter with a decrease of 25%. Total comprehensive income for the current period amounted to SR.21.43 billion compared to SR.16.24 billion for the same period last year with an increase of 32%. The shareholders equity excluding non controlling interests at the end of the period is SR. 163.87 billion compared to SR. 157.54 billion at the end of the same period last year with an increase of 4% and compared to SR. 161.8 billion at the end of previous quarter with an increase of 1%. We hereby inform you that SABIC announced its results for Q1 2017 on 1 May 2017 relating to the results of Q1 2017 in accordance with IFRS with the required comparatives including an unaudited Q4 2016 net income of SR 3.46 billion. During 2017, SABIC, through ongoing management quality reviews of the Group's first time adoption of IFRS, adjusted its Q4 2016 net income from SR. 3.46 billion to SR. 4.51 billion. These reviews revealed that corporate income tax related to SABIC's joint ventures foreign partners (non controlling interest) were attributed to SABIC's share of net income in Q4 2016. The adjustment has no impact on the overall SABIC Group consolidated net income for the year 2016 not the opening or ending balance of the financial position for the year ended 31 December 2016 and the announced and published consolidated financial results for Q1 2017, Q2 2017 and Q3 2017 and related comparative results for 2016

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