| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
194
|
192.11
|
0.98
|
124.37
|
55.99
|
| Gross profit (loss) |
220
|
224.96
|
-
|
143.25
|
53.58
|
| Operational profit (loss) |
192
|
195.04
|
-
|
117
|
64.1
|
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
319
|
334.97
|
- |
| Gross profit (loss) |
363
|
403.86
|
- |
| Operational profit (loss) |
309
|
342.81
|
- |
| Earning or loss per share, Riyals |
1.62
|
1.7
|
- |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The net profit is slightly improved compared to same quarter last year due to increase in share in profit on equity investment in SK Advanced Co. Ltd. (associated company) despite the marginal reduction in operational profit as a result of increase in feedstock prices despite increase in sales volume and higher selling prices. |
| Reasons of increase (decrease) for period compared with same period last year | The decrease in net profit compared to same period last year is mainly attributable to reduction in sales quantities due to planned shut down of production facilities in Q1 2017 for proactive efficiency improvement activities partially improve by increase in share in profit on equity investment in SK Advanced Co. Ltd. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increase in net profit is mainly attributable to significant increase in sales volume compared to previous quarter in which production facilities were shutdown for proactive efficiency improvement activities as announced earlier in addition to reduction in feestock prices |
| Other notes | - Q2 2017 net profit also includes SR 10 million share of profit on equity investment in SK Advanced Co. Ltd. (Q2 2016: SR 7.98 million). - The sales revenue for the quarter ended June 30, 2017 amounted to SR 604 million, an increase of 10.54% compared to the same quarter last year of SR 546.41 million. The sales revenue for the period ended June 30, 2017 is SR 1,130.24 million, an increase of 9.26% compared to same period last year of SR 1,034.47 million. - The total comprehensive income for the quarter ended June 30, 2017 amounted to SR 44 million, a decrease of 86.45% compared to same quarter last year of SR 324.69 million and decrease by 72.07% compared to previous quarter of SR 157.53 million. The total comprehensive income for the six-month period ended June 30, 2017 amounted to SR 201.53 million, a decrease of 55.35% compared to same period last year of SR 451.35 million. - The total equity (no minority interest) as at June 30, 2017 is SR 2,824 million compared to equity of SR 2,600.2 million at June 30, 2016 with increase of 8.6%. - Earning per share for same period last year is adjusted due to increase in number of shares as a result of issuance of 20% bonus shares pursuant to approval from EGM dated July 28, 2016. - Advanced has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Group's financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with the accounting policies adopted in accordance with IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants. |
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