Saudi Arabia Fertilizers Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

24 Jul 2017

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CURRENT CHANGE PREVIOUS QUARTER % CHANGE PREVIOUS
NET PROFIT (LOSS) 204.34 302.32 -32.41 423.36 -51.73
GROSS PROFIT (LOSS) 288.65 329.53 -12.41 493.35 -41.49
OPERATIONAL PROFIT (LOSS) 187.41 261.31 -28.28 394.56 -52.5
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
NET PROFIT (LOSS) 627.7 581.33 7.98
GROSS PROFIT (LOSS) 782 683.65 14.39
OPERATIONAL PROFIT (LOSS) 581.97 519.5 12.03
EARNING OR LOSS PER SHARE, RIYALS 1.51 1.4 -

All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT EXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR Lower selling prices for company products and lower quantities sold for Urea in addition IBN AL-BAYTAR share of profit is decreased.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR Higher selling prices for Urea product as well as increase in quantities sold.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER Lower selling prices of Urea product and higher costs of sales due to inventory change because of schedule shut down in addition IBN AL-BAYTAR share of profit is decreased.
OTHER NOTES The sales revenues for this quarter amounted 679.48 MSAR decreased by 4.28% compared to the same quarter last year amounted 709.85 MSAR. Also, the sales revenues for this period amounted 1,526.13 MSAR increased by 8.92% compared to the same period last year amounted 1,401.08 MSAR. - The total shareholder's equity(no minority interest) for this period amounted 6,894.69 MSAR compared to the same period last year amounted 5,996.48 MSAR increased by 14.98%. - The total comprehensive income for this quarter amounted 190.58 MSAR compared to 305.65 MSAR for the same quarter last year decreased by 37.65% and decreased by 57.99% compared to last quarter of the current year amounted 453.73 MSAR. - The total comprehensive income for this period amounted 644.31 MSAR compared to 624.38 MSAR for the same period last year increased by 3.19% - 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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