We draw attention to Note 14 to the accompanying condensed consolidated interim financial statements, which sets out the impact of the restatement on investments in Saudi Polymers Company ("SPCO") and Gulf Polymers Distribution Company ("GPDC") that were previously consolidated by the Company's subsidiary, National Petrochemical Company ("Petrochem"). Based on Petrochem's reassessment of its contractual arrangements with the respective shareholders of SPCO and GPDC, these investments should have been accounted for as investments in joint ventures using the equity method as Petrochem exercised joint control over these investments.
Note 14 to the accompanying condensed consolidated interim financial statements sets out:
- the impact of this restatement to the respective 2020 comparative periods of these condensed
consolidated interim financial statements; and
- that the restatement had no impact on the total equity attributable to the shareholders of the
The company, net income, and earnings per share (basic and diluted).