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Saudi Arabia Fertilizers Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

12-31-2017

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CURRENT CHANGEPREVIOUS QUARTER% CHANGE PREVIOUS
NET PROFIT (LOSS)62.51268.4-76.71188.42-66.82
GROSS PROFIT (LOSS)150.85372.09-59.46266.07-43.3
OPERATIONAL PROFIT (LOSS)50.8264.52-80.8175.03-70.98
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
NET PROFIT (LOSS)878.631,035.95-15.19
GROSS PROFIT (LOSS)1,199.21,366.75-12.26
OPERATIONAL PROFIT (LOSS)824.8986.69-16.41
EARNING OR LOSS PER SHARE, RIYALS2.112.49-
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTEXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEARThe reason of the decrease in the net profit due to the decrease in sales quantities of the company product because SAFCO 4 turnaround reliability enhancement project for Ammonia plant and SAFCO 5 Schedule Shutdown which were mentioned in the company annual report. Moreover, increase on fixed and variable costs in addition, increase on depreciation and amortization expenses because of amortizing an existing balance TA costs in current quarter. However, the average selling prices of Urea product is increased which is reducing the effect of the increase on cost of sales.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEARThe reason of the decrease in the net profit due to the decrease in sales quantities of the company product because of the scheduled shutdown and turnaround of some of the company plants. Moreover, increase in fixed costs in addition, increase in depreciation and amortization expenses because of amortizing scheduled Shut down and turnaround costs in current period. However, the average selling prices is increased which is reducing the effect of the increase in cost of sales.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTERThe reason of the decrease in the net profit due to the increase in cost of sales for some items on fixed and variable costs, and increase in depreciation and amortization expenses because of amortizing an existing balance of turnaround costs in current quarter.
OTHER NOTESSales revenues for the current quarter amounted to 616.05 million Saudi Riyals, decreased 19.5% compared to sales revenues for the same quarter last year amounted to 765.32 million Saudi Riyals. Sales revenues during the current period amounted to 2,759.46 million Saudi Riyals, decreased 3.38% from the previous year, which amounted to 2,855.92 million Saudi Riyals. - Total shareholders 'equity (no minority interest) during the current period amounted to 6,860.63 million Saudi Riyals against shareholders' equity of 6,667.05 million Saudi Riyals for the same period last year with an increase of 2.90% - Total comprehensive income during the current quarter reached to 62.99 million Saudi Riyals compared to 475.25 million Saudi Riyals for the same quarter last year with a decrease of 86.75% and 70.76% compared to the previous quarter of 215.44 million Saudi Riyals. - The total comprehensive income for the current period amounted to 922.74 million Saudi Riyals compared to 1,297.88 million Saudi Riyals for the same period last year with a decrease of 28.90% - The Company has adopted the International Financial Reporting Standards (IFRS) starting January 1, 2017 according to the requirements of the Saudi Organization for Certified Public Accountants (SOCPA). Accordingly, the presentation of the Company's financial statements for certain items have been reclassified to conform to the adopted accounting policies in accordance with International Financial Reporting Standards and the comparative period. The accompanying notes to the financial statements have included an explanation of the accounting adjustments required because of the initial application of the IFRS