Saudi Basic Industries Corp. — Interim / Quarterly Report 2021

Aug 5, 2021

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

2010 · 05/08/2021 08:40:16 · Announcement #64386 · View on Saudi Exchange

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	42.42	24.62	72.298	37.53	13.029
Gross Profit (Loss)	13.79	3.59	284.122	11.11	24.122
Operational Profit (Loss)	10.06	-1.26	-	6.92	45.375
Net Profit (Loss) after Zakat and Tax	7.64	-2.22	-	4.86	57.201
Total Comprehensive Income	7.65	-2.91	-	4.77	60.377
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	79.95	54.81	45.867
Gross Profit (Loss)	24.9	8.18	204.4
Operational Profit (Loss)	16.98	-1.32	-
Net Profit (Loss) after Zakat and Tax	12.51	-3.27	-
Total Comprehensive Income	12.43	-4.82	-
Total Share Holders Equity (after Deducting Minority Equity)	169.34	162.8	4.017
Profit (Loss) per Share	4.17	-1.09
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The achieved net income is mainly attributable to higher average selling prices and increase in the share of results of joint ventures and associates. Noting that in 2Q 2020, there was impairment provisions in certain capital assets amounted to SR 1.18 billion.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The increase in net income is mainly attributable to higher average selling prices of most products and higher sales volume in addition to the increase in share of results of joint ventures and associates.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The achieved net income is mainly attributable to higher average selling prices and increase in the share of results of joint ventures and associates. Noting that during the first half of 2020, there were impairment provisions in certain capital and financial assets amounted to SR 2.28 billion.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	-Certain prior period figures have been re-classified to conform with the presentation in the current period.

-Reference to our announcement of 3Q 2020 results, the shareholders equity attributable to SABIC as at January 1st, 2020 has been adjusted and reclassified to non-current financial liabilities by SR 706 million as a result of applying a different policy choice to account for the derivatives on equity instruments for its forward contracts related to certain subsidiariesAdditional Information - On January 1st 2021, SABIC has early adopted the amendment to IAS 16-– ‘Property, Plant and Equipment: Proceeds before Intended Use’.

- Attached 2Q 2021 earnings release and presentationAttached Documents     

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