Saudi Arabia Fertilizers Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

23 Oct 2017

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CURRENT CHANGE PREVIOUS QUARTER % CHANGE PREVIOUS
NET PROFIT (LOSS) 188.42 186.22 1.18 204.34 -7.79
GROSS PROFIT (LOSS) 268.55 293.49 -8.5 288.65 -6.96
OPERATIONAL PROFIT (LOSS) 175.03 202.67 -13.64 187.41 -6.61
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
NET PROFIT (LOSS) 816.12 767.55 6.33
GROSS PROFIT (LOSS) 1,050.56 977.13 7.51
OPERATIONAL PROFIT (LOSS) 774 722.17 7.18
EARNING OR LOSS PER SHARE, RIYALS 1.96 1.84 -

All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT EXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR The reason of The increase in the net profit due to the companys share of IBN ALBAYTTAR profits and the increase in selling prices for Urea Product on the other hand sales prices and quantities sold for Ammonia is decreased.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR The reason of The increase in the net profit due to high selling prices for Urea product and lower cost of sales in addition, increase in the companys share of IBN ALBAYTTAR company.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER The reason of The decrease in the net profit due to The decrease in quantities sold for the company's products in addition low selling prices of the Ammonia product. However, the selling prices of the Urea product is increased and cost of sales is decreased.
OTHER NOTES -Sales revenues for the current quarter amounted to SR 617.28 million, decreased 10.5% compared to sales revenues for the same quarter last year amounted to SR 689.53 million. Sales revenues during the current period amounted to SR 2,143.41 million, increased 2.53% from the previous year, which amounted to 2,090.61 million Saudi Riyals. - Total shareholders equity (no minority interest) during the current period amounted to SR 6,797.63 million against shareholders' equity of SR 6,194.73 million for the same period last year with an increase of 9.73%. - Total comprehensive income during the current quarter reached to SR 190.58 million compared to SAR 305.65 million for the same quarter last year with a decrease of 37.65% and 57.99% compared to the previous quarter of SR 453.73 million. The total comprehensive income for the current period amounted to SR 859.75 million compared to SR 822.63 million for the same period last year with an increase of 4.51%. - The Company has adopted the International Financial Reporting Standards (IFRS) as of January 1, 2017 according to the requirements of the Saudi Organization for Certified Public Accountants. Accordingly, the presentation of the Company's financial statements for certain items have been reclassified to conform to the adopted accounting policies in accordance with International Financial Reporting Standards and the comparative period. The accompanying notes to the financial statements have included an explanation of the accounting adjustments required because of the initial application of the IFRS.

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