• Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Saudi Arabia National Day
  • Sahara Vision

    To be a preferred manufacturer and marketer of chemical products and build effective strategic alliances
  • Sahara Mission

    To manufacture and market quality chemical products that are in compliance with applicable local and international regulations.
    To achieve sustainability that meets customers and shareholders expectations through an efficient, motivated and productive organization.

Sahara Petrochemical Co. announces the interim financial results for the period ending on 31-03-2017

May 15 2017

 

Reasons of increase (decrease) for quarter compared with same quarter last year Are attributed to increase of Saudi Acrylic Acid Company and Tasnee and Sahara Olefins company results although the decrease in Al-Waha Petrochemical Company profits due to scheduled shutdown as announced previously.


Reasons of increase (decrease) for quarter compared with previous quarter Is attributed to the decrease in Al-Waha Petrochemical Company profits due to scheduled shutdown this quarter as announced previously.
Reclassifications in quarterly financial results Certain amounts in 2016 financial statements have been reclassified to conform IFRS.


Other notes On January 1st 2017 the company has adopted IFRS and therefore, there has been adjustments on the consolidated financial statements on the recognition, measurement, presentation and disclosure in line with the requirements of IFRS as adopted by SOCPA. for more information, please refer to note 4 (First time IFRS adoption) in the interim condensed financial statements for the period ended 31st of March. Also the application of (IFRS 10) results to not consolidate the financial statements of Sahara Petrochemical Company. Therefore, Certain amounts in 2016 financial statements have been reclassified to conform IFRS and therefor not showing sales or gross profit on the company level, noticing this change does not affect the net profit of the company while its only a change for a way of financial statements presentation. The total shareholders equity as at March 31, 2017 (there is no Non-controlling interest) is SR 5,375 million compared to shareholders equity of SR 5,106 million at March 31, 2016 with an increase of 5.25%. Total comprehensive income for the current quarter amounted to SR 109.36 million compared to SR 54.25 million from the same quarter last year, an increase of 101.59 % and compared to SR 152.73 million for the previous quarter. a decrease of 28%

 

 

 

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