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Saudi Arabia Fertilizers Co. announces the annual financial results for the period ending on 31-12-2017

02-21-2018

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

ELEMENTEXPLANATION
Reasons of annual financial resultsThe 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
Reclassifications in annual financial resultsCertain previous period expenses have been re-classified to conform to the presentation of financial statements in the current period.
Other notesSales 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% - The total comprehensive income for the current period amounted to 922.74 million Saudi Riyals compared to 1297.88 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