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20190423 - Saudi Arabian Fertilizer Co. (SAFCO) announces the interim financial results for the period ending on 31-03-2019 (Three Months)

23/04/2019

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CURRENT CHANGEPREVIOUS QUARTER% CHANGE PREVIOUS
Sales/Revenue718.68810.76-11.3571,090.1-34.072
Total Profit (Loss)378.29358.325.573691.03-45.257
Profit (Loss) Operational295.62241.5822.369574.13-48.509
Net Profit (Loss) after Zakat and Tax335.47237.241.429568.53-40.993
Total Comprehensive Income416.45388.297.252576.96-27.819
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR% CHANGE
Total Share Holders Equity (after deducting minority equity)8,322.56,832.2421.812
Profit (Loss) per Share0.810.57
All figures are in (Millions) Saudi Arabia, Riyals


ELEMENTEXPLANATION
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous yearThe reason of increase in net profit compared with same quarter from previous year due to decrease in Cost of Sales and General & Administration cost as a result of organizational restructuring which lead to an increase in cost at that time. In addition to this, there is an increase in the comapny share of profit from Ibn Al-Baytar company. During current quarter, there was a slight increase in selling price of company’s products however the revenue was effected mainly due to lower sales quantity as the company is executing SAFCO 3 plant Reliability Improvement Project, which was previously announced.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarterThe reason of decrease in net profit due to decrease in sales quantities as a result of the company execution of SAFCO 3 Reliability Improvement Project also decrease in selling prices of products. However, the decrease in net profit was minimized by decrease in the Cost of Sales, General & Administrative expenses and the increase in the share of the company from the profits of Ibn Al-Baytar.
Type of the external auditor's opinionUnmodified opinion
Reclassifications in quarter financial resultCertain items have been reclassified in the financial statements for the previous period in line with the presentation of the current period.
Additional Information

Starting from 01/01/2019, the company has adopted IFRS (16) “Leases” which was previously announced.