| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | 226 | -141 | – | 70 | 222.86 |
| Gross profit (loss) | 552 | 558 | -1.08 | 421 | 31.12 |
| Operational profit (loss) | 548 | 169 | 224.26 | 255 | 114.9 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Net profit (loss) | 606 | 39 | 1,453.85 |
| Gross profit (loss) | 1,475 | 1,557 | -5.27 |
| Operational profit (loss) | 1,395 | 912 | 52.96 |
| Earning or loss per share, Riyals | 1.35 | 0.09 | – |
| All figures are in (Millions) Saudi Arabia, Riyals |
| ELEMENT | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | -The reasons for the increase in the net income and operating profit during the current quarter compared with the same quarter of the previous year are: 1-An increase in SIIGs portion of the projects managed jointly (SCP, JCP) profits due to an increase in products prices and sold quantities. 2 An increase in SIIGs portion of the National Petrochemical Company (Petrochem) profits to be SR 99 Million in the current quarter compared to SR 96 Million for the same quarter of the previous year. 3- SIIG ceasing to recognize its share of the accumulated losses in Petrochemical Conversion Company PCC, in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded the SIIGs investment, which amounted to SR 315 Million for the same quarter of the previous year. 4-As a result of adopting International Financial Reporting Standards (IFRS) on the financial statements for the year 2016, it is resulted a decline in the assets value of the petrochemical manufacturing company PCC, which affected SIIG portion by the decline of SR 274 Million, and this impact of the decline was appeared in the SIIGs results of the third quarter 2016. 5-A decrease of SIIG financing payments to its subsidiary Petrochemical Conversion Company PCC amounted SR 12 Million in the current quarter compared to SR 30 Million for the same quarter of the previous year. -The reason for the decrease in the gross profit is due to the decrease of National Petrochemical Company (Petrochem) gross profit. By the way, SIIG has achieved a net profit of SR 163 Million in the same quarter of the previous year while adopting SOCPA |
| Reasons for increase (decrease) for the period compared with the same period last year | -The reasons for the increase in the net income and operating profit during the current period compared with the same period of the previous year are: 1- An increase in SIIGs portion of the projects managed jointly (SCP, JCP) profits due to an increase in products prices. 2-A decrease in SIIGs financing payments to its subsidiary Petrochemical Conversion Company (PCC) amounted SR 40 Million in the current period compared to SR 137 Million for the same period of the previous year. 3-SIIG ceasing to recognize its share of the accumulated losses in Petrochemical Conversion Company PCC, in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded the SIIGs investment, which amounted to SR 436 Million for the same period of the previous year .4-Other income increase. -The reason for the decrease in the gross profit is due to the decrease of National Petrochemical Company (Petrochem) gross profit. By the way, SIIG has achieved a net profit of SR 466 Million in the same period of the previous year while adopting SOCPA |
| Reasons of increase (decrease) for quarter compared with previous quarter | -The reasons for the increase in the net income and operating profit during the current quarter compared with the previous quarter are: 1-An increase in SIIGs portion of the projects managed jointly (SCP, JCP) profits due to an increase in products prices and sold quantities after finishing the scheduled maintenance in SCP which begun on 1 Apr 2017 for 35 days. 2-A decrease in SIIGs financing payments to its subsidiary Petrochemical Conversion Company (PCC) amounted SR 12 Million in the current quarter compared to SR 28 Million for the previous quarter of the current year. 3-An increase in SIIG portion of the National Petrochemical Company (Petrochem) results to SR 99 Million in the current quarter compared to SR 66 Million for the previous quarter. -The reason for the increase in the gross profit is due to the increase National Petrochemical Company Petrochem gross profit. |
| Reclassifications in quarterly financial results | Certain figures have been reclassified to conform to the presentation in the current quarter. |
| Other notes | The gross sales for the current quarter amounted to SR 1,755 million compared to SR 1,601 million for the same quarter of the previous year with an increase of 9.6%, and compared to SR 1,754 million with the previous quarter with an increase of 0.05%. Gross sales for the current period amounted to SR 5,195 million compared to SR 4,903 million for the same period of the previous year with an increase of 5.6%. Total comprehensive income for the current quarter amounted to SR 226 million compared to losses of SR (141) million for the same quarter previous year, and compared to SR 70 million in previous quarter this year with an increase of 223%. Total comprehensive income for the current period amounted to SR 606 million compared to SR 39 for the same period previous year with an increase of 1454%. The shareholders equity (Excluding non-controlling interests) at the current period is SR 6,399 million compared to SR 5,978 million for the same period of previous year with an increase of 7%. The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 Jan 2017. Accordingly, some changes in the Company financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods, which are in accordance with the accounting policies of the IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants. For further details, please refer to Note 5 (First time adoption of IFRS) in the notes attached to the interim condensed consolidated financial statements for the period ended 30 June 2017. |