• Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Sahara Petrochemicals Company
  • Saudi Arabia National Day
  • 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 30-06-2017 (Six Months)

August 01 2017

 

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 88.6 103.4 -14.31 95.9 -7.61
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 184.5 156.4 17.97
Earning or loss per share, Riyals 0.42 0.36 -
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The decrease in Al-WAHA Petrochemical Company profits for this quarter compared with same quarter last year due to scheduled shutdown this quarter as announced previously, in addition to increase in the losses of Saudi Acrylic Acid Company in the current quarter compared with same quarter last year, although to increase Tasnee and Sahara Olefins company profits for this quarter compared with same quarter last year
Reasons of increase (decrease) for period compared with same period last year The increase in Tasnee and Sahara Olefins company profits for this period compared with same period last year, in addition to decrease of Saudi Acrylic Acid Company losses in the current period, 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 Increase in the losses of Saudi Acrylic Acid Company in the current quarter compared with previous quarter, although to increase Tasnee and Sahara Olefins company & Al-WAHA Petrochemical Company profits for this quarter compared with previous quarter
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 therefore 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 June 30, 2017 (there is no Non-controlling interest) is SR 5,117 million compared to shareholders equity of SR 5,006 million at June 30, 2016 with an increase of 2% . Total comprehensive income for the current quarter amounted to SR 70.1 million compared to SR 103. 5 million from the same quarter last year, a decrease of 36 % . Total comprehensive income for the period amounted to SR 179.5 million compared to SR 156.1 million for the same period last year an increase of 15%.

 

 

 

 

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