| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
-
|
36
|
-
|
10.34
|
-
|
| Gross profit (loss) |
24.08
|
68.91
|
-
|
48.06
|
-
|
| Operational profit (loss) |
-
|
45.48
|
-
|
21.62
|
-
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
32.2
|
72.12
|
- |
| Gross profit (loss) |
183.59
|
215.75
|
- |
| Operational profit (loss) |
71.16
|
116.68
|
- |
| Earning or loss per share, Riyals |
0.27
|
0.6
|
- |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Decrease in Company financial results in Q4 of 2014 compared to the same Quarter of the previous year is attributable to a number of reasons 1- Sharp decrease in global prices and the sold quantities of some of Company major products in some global markets due to unstable economic situations which caused a sharp decrease in sales by 19% which is SAR 50 million, compared to the same Quarter of the previous. Such decrease in sales caused decrease in the gross profits by about 65% compared to the same Quarter of the previous year. 2- Appropriation of about SAR 11.9 as additional provisions to cover the losses resulting from the Reassessment of Hedging Agreement which is considered as part of the Restructuring of Murabaha Agreement in 2011. Also, the mentioned provisions cover additional amounts of potential price differences of one of the Company suppliers which have not yet been settled. 3-Increase in administrative and general expenses by SAR 8.7 million compared to the same Quarter of the previous year. Such increase was due to increase in employee salaries and end of service benefits, in addition to charging a portion of the above provisions to this item admin and general expenses. It is worth mentioning that increase in financing expenses by SAR 3.5 million is mainly attributed to the Reassessment of Hedging Agreement losses it incurred. Also Zakat adjustments for the previous years were done in favor of the Company contributing positively in the results of Q4 |
| Reasons of increase (decrease) for period compared with same period last year | Decrease in current period amounting to about 55% compared to the same period of the previous year is attributable to a number of reasons:1-Decrease in prices of some of Company major products due to unstable economic situations and recession which hit some global markets particularly in Q4. 2-Appropriation of about SAR 11.9 as additional provisions to cover the losses resulting from the Reassessment of Hedging Agreement which is considered as part of the Restructuring of Murabaha Agreement in 2011. Also the mentioned provisions cover additional amounts of potential price differences of one of the Company suppliers which have not yet been settled. 3-Shutdown of the Methanol plant for seven days during the year resulting in the shutdown of the Dimethylformamide plant which mainly uses the Carbon Monoxide produced by the Methanol plant, which was announced on Tadawul website on 28/04/2014 4-the limited fire incident at Paraformaldehyde plant in the beginning of Q3 of the current year which was announced on Tadawul website on 13/07/2014 5-Increase in administrative and general expenses by SAR 11.8 million compared to the same Quarter of the previous year. Such increase was due to increase in employees salaries and end of service benefits, in addition to charging a portion of the above provision 2 to this item admin and general expenses. It is worth mentioning that increase in financing expenses by SAR 3.9 million is mainly attributed to the Reassessment of Hedging Agreement losses it incurred. Also Zakat adjustments for the previous years were done in favor of the Company contributing positively in the results of Q4. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Decrease in Q4 compared to Q3 of the current year is attributable to decrease in sales by about SAR 10 million due to decrease in prices of some of Company products, and relative increase in prices of some of the raw materials and production input materials. in addition to the reasons mentioned in provision 2 and provision3 in Q4 results compared with the same previous period |
| Other notes | Due to reclassification of some items of production costs during Q4 and the current period, cost of sales, selling and distribution expenses and admin and general expenses of the same period of the previous year were reclassified in order to conform to the requirements of the Accounting Standards. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.