Yanbu National Petrochemical Co. YANSAB announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

24 Oct 2017
ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CURRENT CHANGE PREVIOUS QUARTER % CHANGE PREVIOUS
NET PROFIT (LOSS) 644.6 
568.3  13.43 345.7  86.46 
GROSS PROFIT (LOSS) 780.3 688.7 13.3 465.2 67.73
OPERATIONAL PROFIT (LOSS) 653.6 591.9 10.42 357.7 82.72           

ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
NET PROFIT (LOSS) 1,598.5  
1,737.4 -7.99
GROSS PROFIT (LOSS) 1,973.8 2,148.7 -8.14
OPERATIONAL PROFIT (LOSS) 1,634.5 1,835.2 -10.94
EARNING OR LOSS PER SHARE, RIYALS 2.84 3.09 -        

All figures are in (Millions) Saudi Arabia, Riyals 

ELEMENT EXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR The increase in net profit is attributable to the increase in production and sales quantities in addition to higher average sales prices for most of the products, despite higher average prices of feedstock material.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR Decrease in net income is attributable to higher average prices of feedstock materials, in addition to the decrease in production and sales quantity mainly due turnaround activities during 2017 as announced in TADAWUL on 29th March 2017, despite the increase in average sales prices for most products.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER The Increase in net profit is attributable to the increase in production and sales quantities after completion of Turnaround activities as announced in Tadawul on 14th May 2017 in addition to higher average sales prices for most products.
OTHER NOTES The Sales for this quarter amounted to 1,933.4 MSAR compared to the same quarter last year 1,516.8 MSAR an increase of 27.47% and compared to previous quarter 1,362.1 MSAR an increase of 41.94% . The Sales for this period amounted to 5,054.1 MSAR compared to the same period last year 4,585.6 MSAR an increase of 10.22%. The total comprehensive income for this quarter amounted to 635.8 MSAR compared to the same quarter last year 567.2 MSAR an increase of 12.09% and compared to previous quarter 345.7 MSAR an increase of 83.92% . The total comprehensive income for this period amounted to 1,589.6 MSAR compared to the same period last year 1,687.9 MSAR a decrease of 5.82%. The Shareholders equity (no minority interest) for this period amounted to 15,956.3 MSAR compared to the same period last year 15,390.3 MSAR an increase of 3.68%. 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 in accordance with the standards 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 31 March 2017.

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