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Saudi Arabian Fertilizer Co. (SAFCO) announces the interim financial results for the period ending on 30-06-2018 (Six Months)

07-25-2018

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CURRENT CHANGEPREVIOUS QUARTER% CHANGE PREVIOUS
NET PROFIT (LOSS)410.46204.34100.87237.273.04
GROSS PROFIT (LOSS)499.24288.6572.96358.3239.33
OPERATIONAL PROFIT (LOSS)395.28204.4193.38241.5863.62
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
NET PROFIT (LOSS)647.66627.73.18
GROSS PROFIT (LOSS)857.567829.66
OPERATIONAL PROFIT (LOSS)636.87598.976.33
EARNING OR LOSS PER SHARE, RIYALS1.551.51-
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTEXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEARThe reason of the increase in the net profit due to increase in sales quantities and average selling prices of Urea product. In addition, increase in other income that is due to dividends received from available for sales investments
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEARThe reason of the increase in the net profit due to the increase in the quantities sold and the average selling prices of Urea product. On the other hand, cost is increased due to the restructuring of the organization to meet future challenges and support of the company's strategy. Decline in the company's share of the profits of Ibn Al-Baytar Company has partially limiting the positive impact of the increase in the quantity and average selling price.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTERThe reason of the increase in the net profit due to increase in sales quantities of the company products. In addition, an increase in other income is due to dividends received from available for sales investments. Worth it that during last quarter the company restructured its organization to meet future challenges and support of the company strategy and accordingly additional cost was charged to previous quarter
OTHER NOTES

Sales revenue for the current quarter amounted to SR 950.31 million, increased by 39.86% compared to sales revenue for the same quarter last year amounted to SR 679.48 million. Sales revenue during the current period amounted to SR 1,761.08 million, increased by 15.4% from the previous year, which amounted to 1,526.13 million Saudi Riyals.

Total shareholders 'equity (no minority interest) during the current period amounted to SR 6,841.11 million against shareholders' equity of SR 6,894.69 million for the same period last year with a decrease of 0.78%.

Total comprehensive income during the current quarter reached SR 425.54 million compared to SR 190.58 million for the same quarter last year with an increase of 123.29% and 9.59% compared to the previous quarter of SR 388.29 million.

The total comprehensive income for the current period amounted to SR 813.82 million compared to SR 644.31 million for the same period last year with an increase of 26.31%.

The External Auditor reviewed the financial statements and issued an unmodified opinion report.