| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
103.3
|
-
|
-
|
65.8
|
56.99
|
| Gross profit (loss) |
426.9
|
148.9
|
186.7
|
346.5
|
23.2
|
| Operational profit (loss) |
340.4
|
51.8
|
557.14
|
327.5
|
3.94
|
| Earning or loss per share, Riyals |
0.15
|
-
|
-
|
-
|
-
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reported profit is attributable to the increase in average sales prices and the increase in in other income, despite the increase in selling and marketing expenses and the increase in the financial charges. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increase in net income for the quarter is attributable to the increase in average sales prices and the increase in sales volumes also the decrease in zakat provision, despite the increase in general and administrative expenses, the increase in financial charges and the decrease in other income |
| Reclassifications in quarterly financial results | Certain corresponding figures for the last year have been reclassified to be aligned with presentation of the current period. |
| Other notes | The sales for the quarter ended 31 March, 2017 amounted to SAR 2.48 billion compared to the same quarter last year of SAR 2.08 billion an increase of 19%. Total comprehensive income for the quarter amounted to SAR 213.1 million compared to loss of SAR 1.1million for the similar quarter last year. The total shareholders equity (before non-controlling interest ) at 31 March, 2017 amounted to SAR 7.59 billion compared to SAR 7.28 billion at 31 March, 2016, an increase of 4%. As a result of adopting International Financial Reporting Standards (IFRS) which required to perform an impairment test with more conservative method compare to Saudi GAAP. Accordingly, we have performed the test for Ilmenite Smelter Project (Slager) which belongs to Advanced Metal Industries Cluster Company limited (AMIC) that owned equally by Tasnee and Cristal (Tasnee owns 79% of Cristal) using the discounted cash flow method compare to undiscounted cash flow method on Saudi GAAP. The test under IFRS resulted in a reduction of the carrying value of the project by SR 654 million. As per IFRS, the said amount will be charged to the retained earnings as of 1 January 2016. Furthermore, as per the first time adoption IFRS1, we have reclassified translation of foreign currency differences of overseas subsidiaries from other reserves to retained earnings with an amount of SR 1,251 million which has no impact over shareholder equity. (Attached slides related to IFRS conversion which should be part of consolidated financial statements for the period 31 March 2017) |
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