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Yanbu National Petrochemical Co. YANSAB announces the annual financial results for the period ending on 31-12-2017


Element Current year Previous year % Change
NET PROFIT (LOSS) 2,376.4 2,344.4 1.36
GROSS PROFIT (LOSS) 2,870.3 2,881.3 -0.38
OPERATIONAL PROFIT (LOSS) 2,414.1 2,422.9 -0.36
All figures are in (Millions) Saudi Arabia, Riyals

Reasons of annual financial results The increase in net profit is attributable to higher average sales prices for all products despite higher average prices of all feedstock materials and decrease in production and sales quantities due to Shutdown activities as announced in Tadawul on 29th March 2017.
Other notes Sales for this period amounted to 7,220.9 MSAR compared to the same period last year 6,230.6 MSAR with an increase of 15.89%. Total comprehensive income for this period amounted to 2,369.4 MSAR compared to the same period last year 2,351.7 MSAR with an increase of 0.75%. Shareholders equity (no minority interest) for this period amounted to 16,737.4 MSAR compared to the same period last year 16,055.5 MSAR with an increase of 4.25%. 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