Saudi Basic Industries Corp. — Interim / Quarterly Report 2021

Apr 29, 2021

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

2010 · 29/04/2021 09:12:55 · Announcement #63100 · View on Saudi Exchange

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	37.53	30.19	24.312	32.84	14.281
Gross Profit (Loss)	11.17	4.71	137.154	8.17	36.719
Operational Profit (Loss)	6.98	-0.06	-	3.79	84.168
Net Profit (Loss) after Zakat and Tax	4.86	-1.05	-	2.25	116
Total Comprehensive Income	4.77	-1.91	-	2.59	84.169
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	171.43	176.81	-3.042
Profit (Loss) per Share	1.62	-0.35
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 the higher average selling prices. Noting that in 1Q 2020, there were impairment provisions in certain capital and financial assets in the amount of SR 1.1 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.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Reference to what has been disclosed in the announcements for the results of the second quarter and third quarter of 2020 on 16-12-1441 corresponding to 06-08-2020 and 08-03-1442 corresponding to 25-10-2020 with respect to the alignment of the accounting policies and critical accounting judgments as a result of Saudi Aramco acquisition of 70% of SABIC shares which are related to reassessment of SABIC's control over certain investments in ventures and applying a different policy choice to account for the derivatives on equity instruments for its forward contracts related to certain subsidiaries in accordance with IFRS 9 “Financial Instruments” that resulted in a retrospective adjustments.

The significant financial impacts have been disclosed in the above-mentioned announcements for all comparative periods , which are non-cash in nature. We would like to draw your attention that the comparative figures for the period ending 31-03-2020 have been restated. As a result, SABIC's net loss has been restated and increased by SR 97 million.Additional Information - On January 1st 2021, SABIC has early adopted the amendment to IAS 16-– ‘Property, Plant and Equipment: Proceeds before Intended Use’.

- Attached 1Q 2021 earnings release and presentationAttached Documents     

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