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Saudi Kayan Petrochemical Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

04-25-2018

ElementCurrent quarterSimilar quarter for previous year% Change CurrentPrevious quarter% Change Previous
Net profit (loss)462.58265.4574.26-220.32-
Gross profit (loss)861.63709.1521.5158.13444.89
Operational profit (loss)721.06555.2929.8511.66,116.03
Earning or loss per share, Riyals0.310.18---
All figures are in (Millions) Saudi Arabia, Riyals

ElementExplanation
Reasons of increase (decrease) for quarter compared with same quarter last yearThe reason for increase in net profit during the current quarter is due to the increase in the average selling prices of products and decrease of operating cost despite of increase feedstock price.
Reasons of increase (decrease) for quarter compared with previous quarterThe reason for the increase in net profit during the current quarter is due to the increase in the average selling prices of products, and increase the quantities produced and sold for company products and improved operating performance of most of the company plants, in addition to the positive effect of the two debottleneck projects which have been completed during the fourth quarter 2017. It worth to mention that the company has accomplished the turnaround in Q4 2017 as announced earlier
Reclassifications in quarterly financial resultsCertain previous period expenses have been re-classified to conform to the presentation of financial statements in the current period.
Other notes
  1. Sales revenues for the quarter ended 31 March 2018 amounted to SR 2,727 million increase of 2.25% compared to sales revenues for the same quarter of the previous year amounting to SR 2,667 million.
  2. Total shareholders equity (no minority interest) as of 31 March 2018 amounted to SR 14,392 million, increase of 6.48% compared to shareholders equity for the same period last year amounted to SR 13,516 million.
  3. Total comprehensive income for the quarter ended 31 March 2018 amounted to SR 485.04 million, increase of 83% compared to total comprehensive income for the same quarter of the previous year amounting to SR 265.46 million, Compared to the previous quarter of SR (221) million, increase of 319%.
  4. The accumulated losses as of 31 March 2018 amounted to SR 1,277 million which represents 8.5% of the share capital, decrease of 27% compared to the accumulated losses of the for the previous quarter amounting to SR 1,762million.
  5. The Company has adopted the International Financial Reporting Standards (IFRS) No (9) and (15) effective 1 Jan 2018.