Saudi Arabia Fertilizers Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

30 Apr 2017

ELEMENT Current quarter  PREVIOUS YEAR % Change Current  Previous quarter % Change Previous
NET PROFIT (LOSS)  423.36 279.01 51.74  264.69 59.95
GROSS PROFIT (LOSS)  479.52 354.12 35.41  368.61 30.09
OPERATIONAL PROFIT (LOSS)  394.56 258.19 52.82  263.73 49.61
EARNING OR LOSS PER SHARE, RIYALS  1.02 0.67 -  - -

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 due to high selling prices for urea product and high quantities sold.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net profit due to high selling prices of urea product and lower sales costs due to lower quantities sold in addition to the increase of the share of the company profits of IBN AL-BAYTAR.
OTHER NOTES
The Sales revenues for this quarter amounted to 846.65 MSAR compared to the same quarter last year 691.23 MSAR an increase of 22.48% The total shareholder's equity (no minority interest) for this quarter amounted to 6,702.71 MSAR compared to the same period last year 6,315.82 MSAR increase of 6.13% The Total comprehensive income for the quarter amounted to 453.73 MSAR compared to the same quarter last year 318.73 MSAR an increase of 42.36%. The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 January 2017 in accordance with the requirements of the Saudi Organization for Certified Public Accountants. Accordingly, the presentation of the Company's financial statements has been changed and certain items have been reclassified to conform to the adopted accounting policies in accordance with the International Financial Reporting Standards for the current and comparative periods. The accompanying notes to the financial statements have included an explanation of the accounting adjustments required because of the First time adoption of IFRS.

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