Saudi Basic Industries Corp. — Interim / Quarterly Report 2020

Jan 31, 2021

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2020-12-31 ( Twelve Months )

2010 · 31/01/2021 08:50:38 · Announcement #61795 · View on Saudi Exchange

Saudi Basic Industries Corp. announces its Interim Financial Results for the Period Ending on 2020-12-31 ( Twelve Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	32.85	31.68	3.693	29.3	12.116
Gross Profit (Loss)	8.12	3.48	133.333	6.52	24.539
Operational Profit (Loss)	3.69	-1.44	-	2.1	75.714
Net Profit (Loss) after Zakat and Tax	2.22	-0.89	-	1.09	103.669
Total Comprehensive Income	2.59	1.01	156.435	2.23	16.143
All figures are in (Billions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	116.96	135.4	-13.618
Gross Profit (Loss)	22.82	29.4	-22.38
Operational Profit (Loss)	4.48	11.52	-61.111
Net Profit (Loss) after Zakat and Tax	0.04	5.2	-99.23
Total Comprehensive Income	0.48	3.28	-85.365
Total Share Holders Equity (after Deducting Minority Equity)	167.63	178.72	-6.205
Profit (Loss) per Share	0.01	1.73
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 net income is mainly attributable to higher sales volume and lower average cost of sales in addition to reversal of impairment provisions in certain capital assets, net of SAR 0.3 billion, SABIC share amounted to SR 0.3 billion. Note that in Q4 2019, impairment provisions were recorded for certain capital assets in the amount of SR 2.8 billion, SABIC share amounted to SR 1.3 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 the higher average selling prices in most products and reversal of impairment provisions in certain capital assets, net of SAR 0.3 billion, SABIC share amounted to SR 0.3 billion in addition to lower Zakat provision.
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 decrease in net income is mainly attributable to the lower average selling prices in most products in addition to recording impairment provisions in certain capital and financial assets, net of SAR 1.3 billion, SABIC share amounted to SR 1.3 billion. Note that during the same period of 2019, impairment provisions were recorded for certain financial and capital assets in the amount of SR 4.3 billion , SABIC share amounted to SR 2.8 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 confirm with the presentation in the current period.
Additional Information	- Reference to what has been disclosed in our previous announcements for the results of second and third quarters 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” which 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 three months and the period ending 31-12-2019 have been restated. As a result, SABIC's net income for the year 2019 has been restated and reduced by SR 365 million and the fourth quarter share was SR 97 million.

- Attached 4Q 2020 earnings release.Attached Documents  

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