| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
-
|
15.86
|
-
|
-
|
-
|
| Gross profit (loss) |
24.63
|
46.56
|
-
|
23.6
|
4.36
|
| Operational profit (loss) |
-
|
21.77
|
-
|
-
|
-
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
-
|
40.07
|
- |
| Gross profit (loss) |
48.23
|
111.44
|
- |
| Operational profit (loss) |
-
|
56.73
|
- |
| Earning or loss per share, Riyals |
-
|
0.33
|
- |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decline in the company financial results in Q2 of 2015 compared with same Quarter of the previous year due to fall in the company products selling prices and many other reasons as follow:decline in the sales for the current quarter compared with same quarter of the previous year amounting to SAR 26.35 million represented 12% resulting in lower gross profit by 47 % over the same quarter of the previous year due to the continued decline in methanol prices globally which in turn affect the pricing of some of the company products due to the volatility in the global economy and increasing competition in the sale main areas for the company products in GCC India China and East Asia resulting in a decline in the prices and prompting the company to provide additional discounts in order to maintain market share.Increase in selling and distribution expenses by SAR 3 million due to the increment in the salaries and the freight cost and custom clearance fees in many destinations around the world.Increase in general and administrative expenses by SAR 3.66 million compared with the same Quarter in the previous year due to increase in the salaries and benefits in addition to increase in the professional and consultation fees.Write-off SAR 6.3 million from other net income (expense) account for some expenses related to projects which have been postponed till the global economy improve.The finance cost has declined by 18 % in the current quarter compared with the same quarter in the previous year due to restructuring of some loans In quarter 2 2014 the company had gained SAR 4.8 million from Zakat and Income Authority against Zakat adjustments which affected positively on that quarter in 2014 compared with the same quarter in 2015 |
| Reasons of increase (decrease) for period compared with same period last year | The sales declined in the current period (6 Months) of 2015 compared with the same (6 Months) of the previous year by 61.5 million that represented 14 % is attributable to a number of reasons: the continued decline in methanol prices globally, which in turn affect the pricing of some of the company's products, due to the volatility in the global economy and increasing competition in the sale main areas for the company products in GCC India China and East Asia resulting in a decline in the prices and prompting the company to provide additional discounts in order to maintain market share. shut down of Paraformaldehyde plant till end of the first quarter 2015 because of the fire incident that had been announced in Tadawul website on 13/07/2014 general and administrative expenses has increased by SAR 6.34 million due to increase in the salaries and benefits in the current period compared with the same period in 2014 in addition to some positive adjustment which affected positively on the previous period in 2014. Write off SAR 6.3 million from other net income and expense account for some expenses related to projects which have been postponed till the global economy improve. The finance cost has declined by 18 % in the current quarter compared with the same quarter in the previous year due to restructuring of some loans In quarter 2 2014 the company had gained SAR 4.8 million from Zakat and Income Authority against Zakat adjustments which affected positively on that quarter in 2014 compared with the same quarter in 2015 |
| Reasons of increase (decrease) for quarter compared with previous quarter | 1- The selling and distribution expense increased by 2.4 million resulted from the increment in freight cost and custom clearance fees in the current quarter compared with the previous quarter. 2-Write-off SAR 6.3 million from other net income (expense) account for some expenses related to projects which have been postponed till the global economy improve |
| Reclassifications in quarterly financial results | Reclassification of share premium account to the statutory reserve to comply with the regulation of the companies in the kingdom of Saudi Arabia and with the current year presentation of the financial statement. |
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