Petrochemical Co. announces the interim financial results for the period ending on 30-09-2016 (Nine Months)
· Issued by Yanbu National Petrochemical Co.
23 Oct 2016
ELEMENT
CURRENT QUARTER
SIMILAR QUARTER FOR PREVIOUS YEAR
% CURRENT CHANGE
PREVIOUS QUARTER
% CHANGE PREVIOUS
NET PROFIT (LOSS)
607.6
301.7
101.39
689.3
-11.85
GROSS PROFIT (LOSS)
704.3
434.6
62.06
795.2
-11.43
OPERATIONAL PROFIT (LOSS)
656.4
381.4
72.1
738
-11.06
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT
CURRENT PERIOD
SIMILAR PERIOD FOR PREVIOUS YEAR
% CHANGE
NET PROFIT (LOSS)
1,698.8
814.2
108.65
GROSS PROFIT (LOSS)
2,020.8
1,220.3
65.6
OPERATIONAL PROFIT (LOSS)
1,868.2
1,061.8
75.95
EARNING OR LOSS PER SHARE, RIYALS
3.02
1.45
-
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 is attributable to the increase in sales volumes and decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25 Feb. 2016, despite decrease in average sales prices for most of the products, Noting that there is an increase in Murabaha investment return and decrease in financial charges.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR
The increase in net profit is attributable to higher production and sales volumes resulted from completion of turnaround activities during 2Q of 2015 as announced in Tadawul on 31st May 2015 and decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th Feb 2016 , despite decrease in average sales prices for most of the products, Noting that there is an increase in Murabaha investment return and decrease in financial charges.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER
The decrease in net profit is attributable to the decrease in sales volumes and decrease in average sales prices for most of the products despite a decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th Feb 2016.
RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS
Certain amounts have been reclassified to conform to the presentation of current period
OTHER NOTES
The increase in Gross profit for current quarter compared with same quarter last year is attributable to the increase in sales volumes and decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th February 2016, despite decrease in average sales prices for most of the products. The increase in Gross profit for current period compared with same period last year is attributable to higher production and sales volume resulted from completion of turnaround activities during 2Q of 2015 as announced in Tadawul on 31st May 2015 and decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th February 2016, despite decrease in average sales prices for most of the products.The decrease in Gross profit for current quarter compared with last quarter is attributable to the decrease in sales volumes and decrease in average sales prices for most of the products despite decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th February 2016.The increase in Operating profit for current quarter compared with same quarter last year is attributable to the increase in sales volumes and decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th February 2016, despite decrease in average sales prices for most of the products. The increase in Operating profit for current period compared with same period last year is attributable to higher production and sales volume resulted from completion of turnaround activities during 2Q of 2015 as announced in Tadawul on 31st May 2015 and decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th February 2016, despite decrease in average sales prices for most of the products.The decrease in Operating profit for current quarter compared with last quarter is attributable to the decrease in sales volumes and decrease in average sales prices for most of the products despite decrease in cost of sales mainly due to lower prices of some feedstock materials as announced in Tadawul on 25th February 2016. The Sales for this quarter amounted to 1,725.71 MSAR compared to the same quarter last year 1,800.3 MSAR a decrease of 4.0%. The Sales for this period amounted to 5,121.5 MSAR compared to the same period last year 5,080.4 MSAR an increase of 0.81%. The total shareholder's equity (no minority interest) for this period amounted to 15,643.1 MSAR compared to the same period last year 14,958.9 MSAR an increase of 4.57%.
