| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | 88 | 126 | -30.16 | 55 | 60 |
| Gross profit (loss) | 425 | 439 | -3.19 | 546 | -22.16 |
| Operational profit (loss) | 326 | 318 | 2.52 | 341 | -4.4 |
| Earning or loss per share, Riyals | 0.19 | 0.28 | – | – | – |
| All figures are in (Millions) Saudi Arabia, Riyals |
| ELEMENT | EXPLAINATION |
|---|---|
| Reasons for increase (decrease) for the quarter compared with the same quarter last year | The reasons for the decrease in the net income during the current quarter compared with the same quarter last year are: 1. The decrease of SIIG portion in the projects managed jointly results (SCP, JCP), due to lower prices of their production. And due to the increase in the feedstock cost, and the electricity prices applying for a government decision starting from the beginning of the current year. And the company profit decreased by (43) Million SR because of the increase in those costs. 2. Increase of SIIG portion in Petrochemical Conversion Company (PCC) losses to be (54) Million SR in the current quarter compared to (20) Million SR for the same quarter of the previous year, and it was due to the complete switching of all plants from projects under constructions to starting operation. 3. Increase in the finance charges. 4. Increase in the Zakat expenses. The decrease in the gross profit is due to lower sales quantity and prices in Petrochem Company. The increase in the operating profit is due to lower in selling and marketing, and general and administrative. There is an increase of SIIG portion in Petrochem results, which is 61 Million SR for the current quarter, compared to 51 Million SR for the same quarter of the previous year, and it was due to the improved of profit margin, and lower in selling and marketing, and general and administrative for the subsidiaries of Petrochem. |
| Reasons for increase (decrease) for the quarter compared with the previous quarter | The reasons for the increase in the net income during the current quarter compared with the previous quarter are: 1. Increase of SIIG portion in the projects managed jointly results (SCP, JCP), to be SR 98 Million profit during the current quarter compared to (3) Million SR loss in the previous quarter, due to planned periodic maintenance shutdowns in the fourth quarter in 2015. 2. There are an Increase of SIIG portion in Petrochemical Conversion Company (PCC) losses to be (54) Million SR in the current quarter comparing to (24) Million SR in the previous quarter. 3. There is a decrease of SIIG portion in Petrochem results, which was 89 Million SR for the previous quarter, compared to 61 Million SR for the current quarter, and it was due to the increase in the cost production and lower in the prices of their production. The reason for the decrease in the gross profit and the operating profit is due to lower sales quantity and prices in Petrochem Company. |
| Reclassifications in quarterly financial results | Certain prior period figures have been reclassified to conform with the presentation in the current period. |
| Other notes | The Projects managed Jointly means that the projects reflected in the financial statements according to the equity method investment, and they are: 1. Saudi Chevron Phillips Company (SCP) 2. Jubail Chevron Phillips Company (JCP) 3. Petrochemical Conversion Company (PCC). The SIIGs share in the results of Petrochem is incorporated in the financial statements according to the method of full consolidation. |