| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
-112.84
|
-139.91
|
19.35
|
| Earning or loss per share, Riyals |
-0.94
|
-1.16
|
-
|
| Gross profit (loss) |
15.14
|
18.78
|
-19.38
|
| Operational profit (loss) |
-96.29
|
-103.2
|
6.7
|
*All figures are in (Millions) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The decrease in Company Loss in the current year as compared with the previous year is due to improvement in operating expenses as a result of cost reduction program implemented by the Company and also due to settlement and reversal of a supplier price difference provision, and furthermore the recorded final settlement of the insurance claim against Para plant fire which was announced on Tadawul website during Q2 of the current year. Loss has decreased despite increase in feedstock and energy prices and increase in zakat provision.On overall, Company Loss is attributable to decline in sales as a result of declining prices on the international markets. |
| External auditor's report containing reservation | Refer to note 24 to accompanying interim financial statements, which outlines the impact of the restatement of the comparative financial information related to certain items of property, plant and equipment which were earlier classified as inventories and recording of related depreciation of such items. |
| Reclassifications in annual financial results | Following 2015 comparative financial information have been reclassified to conform to 2016 presentation |
| Other notes | 1-The revenues of the current period is SR 595 Mn compared to SR 733 Mn for the same period last year with decrease of (19)% due to fall in sales prices of major downstream products of the Company. 2-Total Equity as of current period is SR 1.28 Bn compared to SR 1.4 Bn for the same period last year with a decrease of (8) % (there is no Minority interest). 3-Earnings per share for current period is (0.94) |
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