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Saudi Arabian Fertilizer Co. (SAFCO) announces the interim financial results for the period ending on 31-12-2018 (Twelve Months)

01-21-2019

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CURRENT CHANGEPREVIOUS QUARTER% CHANGE PREVIOUS
Sales/Revenue1,090.1616.0576.9491,008.668.074
Total Profit (Loss)691.03148.65364.87584.5418.217
Profit (Loss) Operational574.1350.81,030.177481.2319.304
 Net Profit (Loss) after Zakat and Tax568.5362.51809.502522.248.863
 Total Comprehensive Income576.9662.99815.954487.9818.234
All figures are in (Millions) Saudi Arabia, Riyals

Element ListCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
Sales/Revenue3,859.842,759.4639.876
Total Profit (Loss)2,133.131,199.277.879
Profit (Loss) Operational1,692.22824.8105.167
 Net Profit (Loss) after Zakat and Tax 1,738.44 878.63 97.858
Total Comprehensive Income1,878.76922.74103.606
Total Share Holders Equity (after deducting minority equity)7,906.056,860.6315.237
Profit (Loss) per Share4.172.11
All figures are in (Millions) Saudi Arabia, Riyals

EIEMENT LISTEXPLANATION

Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year
The reason of increase in net profit due to increase in sold quantities and increase in average selling prices of Company’s products. In addition, decrease in net profit in same quarter of previous year due to SAFCO 4 turnaround reliability enhancement project for Ammonia plant and SAFCO 5 Schedule Shutdown which were mentioned in the company annual report. Moreover, zakat expense increased due to increase in the profit for the company and to meet possible obligation for previous years and increase in the company’s share of the profit from Ibn Al-Baytar Company.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarterThe reason of increase in net profit due to increase in average selling prices of the company’s products . On the other hand, a decrease in the company’s share of Ibn Al-Baytar Company profit and a slight decrease on sold quantities of company's products had partially limiting the positive impact of the increase.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous yearThe reason of increase in net profit due to increase in quantities sold for Company’s products and the average selling prices. In addition, the company's share of Ibn Al-Baytar profits was increased. On the other hand, Costs were increased due to the restructuring of the Comapny organization to meet future challenges which was published earlier. Also, zakat expense increased due to increase in the profit for the company and to meet possible obligation for previous years.
 Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservationThe financial statements of the Company for the year ended December 31, 2017, were audited by another auditor who expressed an unmodified opinion on these statements on 6 Jumada II 1439H (corresponding to 22 February 2018).
Reclassifications in quarter financial resultCertain items have been restated in the financial statements for the previous period in line with the presentation of the current period.