Yanbu National Petrochemical Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

20 Jul 2017
ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CURRENT CHANGE PREVIOUS QUARTER % CHANGE PREVIOUS
NET PROFIT (LOSS) 345.7 
747.3  -53.74 608.2  -43.16 
GROSS PROFIT (LOSS) 465.2 852.7 -45.44 728.3 -36.13
OPERATIONAL PROFIT (LOSS) 357.7 738.7 -51.58 623.2 -42.6           

ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
NET PROFIT (LOSS) 953.9  
1,169.1 -18.41
GROSS PROFIT (LOSS) 1.193.4 1,459.9 -18.25
OPERATIONAL PROFIT (LOSS) 980.0 1,243.3 61.47
EARNING OR LOSS PER SHARE, RIYALS 4.09 2.15 -        

All figures are in (Millions) Saudi Arabia, Riyals 

ELEMENT EXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR The decrease in net profit is attributable to the decrease in production and sales quantities due to Shutdown activities as announced in Tadawul on 29th March 2017 and increase in average prices of feedstock materials despite the increase in sales prices for some products.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR The decrease in net profit is attributable to the decrease in production and sales quantities due to Shutdown activities as announced in Tadawul on 29th March 2017 and increase in average prices of feedstock materials despite the increase in sales prices for most products.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER The decrease in net profit is attributable to the decrease in production and sales quantities due to Shutdown activities as announced in Tadawul on 29th March 2017 in addition to decrease in average sales prices for most of the products.
OTHER NOTES The Sales for this quarter amounted to 1,849.29 MSAR compared to the same quarter last year 1,831.05 MSAR an increase of 1%.
Other notes The Sales for this quarter amounted to 1,362.1 MSAR compared to the same quarter last year 1,722.3 MSAR a decrease of 21% and compared to previous quarter 1,758.5 MSAR a decrease of 23% The Sales for this period amounted to 3,120.6 MSAR compared to the same period last year 3,068.8 MSAR an increase of 2%. The total comprehensive income for this quarter amounted to 345.7 MSAR compared to the same quarter last year 721.7 MSAR a decrease of 52% and compared to previous quarter 608 MSAR a decrease of 43% . The total comprehensive income for this period amounted to 953.9 MSAR compared to the same period last year 1,169.1 MSAR a decrease of 18% The Shareholders equity (no minority interest) for this period amounted to 15,320.5 MSAR compared to the same period last year 14,823.1 MSAR an increase of 3%. The Company has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Company's financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the accounting policies adopted from IFRS and other standards approved by the Saudi Organization for Certified Public Accountants. For further details, refer to Note 6 (First time adoption of IFRS) in the notes attached to the interim financial statements for the period ended 30 Jun 2017.

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