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Saudi Arabian Fertilizer Co. (SAFCO) announces its annual financial results ending on 31-12-2018

2/28/2019

ELEMENTCURRENT YEARPREVIOUS YEAR% CHANGE
Sales/Revenue3,859.842,759.4639.876
Total Profit (Loss)2,131.251,199.277.722
Profit (Loss) Operational1,696.2824.8105.649
 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

ELEMENTEXPLANATION

Reason for increase (decrease) in net profit for current year compared to last year 

The 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 Company organization to meet future challenges. Also, zakat expense increased due to increase in profit for the company and to meet possible obligation for previous years which was published earlier. Worth to mention, 4th quarter previous year have SAFCO 4 turnaround reliability enhancement project for Ammonia plant and SAFCO 5 Schedule Shutdown which has an impact on net profit for the comparative year result.

Type of the external auditor's opinion

Unmodified opinion

External auditor's report containing reservation

The 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 annual financial resultsCertain items have been restated in the financial statements for the previous period in line with the presentation of the current period
Additional InformationStarting from January, 1 st 2018, the company adopted and implemented IFRS (9) “Financial Instruments” and IFRS (15) “Revenue from Contracts with Customers” with no major impact on the company finacial statements.
In addition, starting from January, 1st 2019, the company will start appling IFRS (16) “Leases”