Element List Current Year Previous Year %Change
Sales/Revenue 6,809.7 7,060.6 -3.55
Gross Profit (Loss) 256.7 1,439.5 -82.17
Operational Profit (Loss) -528.3 682.9 -
Net Profit (Loss) Attributable to Shareholders of the Issuer -860.5 426.1 -
Total Comprehensive Income Attributable to Shareholders of the Issuer -880.3 404.3 -
Total Shareholders Equity (after Deducting Minority Equity) 13,632.4 15,239.2 -10.54
Profit (Loss) per Share -1.19 0.59
All figures are in (Millions) Saudi Arabia, Riyals


 

Element List Amount Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
All figures are in (Millions) Saudi Arabia, Riyals


 

Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The company’s revenue declined during the current year compared to the previous year, primarily due to decrease in the selling prices of some of company’s products and reduction in sales volumes resulting from the periodic turnaround maintenance activities of International Methanol Company as announced in TADAWUL.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The company reported net loss for the current year compared to the previous year profit, primarily due to the following factors:

 

 

- Decline in revenue driven by lower selling prices and reduced sales volumes, impacted by periodic turnaround maintenance activities of International Methanol Company as announced in TADAWUL.

 

- Increase in feedstock prices of Natural Gas, Ethane, Ethylene & Certain precious metals etc.

 

- Additionally, an impairment loss of SR 300 million related to cash generating units of the Ethyl Acetate plant of SR 200 million and International Diol Company (subsidiaries of Sipchem) of SR 100 million have been recognized.

 

- Further, a write off of SR 91.4 million has been recognized to discontinue certain capital projects which contributed to decrease in gross profit.

 

- Share of loss from investments in joint ventures and associates has decreased as compared to last year, mainly due to an increase in one of the associates as result of restructuring of debt as announced in Tadawul, with Sipchem share of impact amounting to SR 429 million which was offset by share of loss as result of impairment in a joint venture amounting to SR 171 million, an impairment & business combination impact on investment in an associate with Sipchem share of impact amounting to SR 125 million and provision for capital project in a joint venture with Sipchem share of impact amounting to SR 56 million.

 

- In previous year’s results, included zakat reversal of a SR 134 million related to closure of assessments by ZATCA.
Statement of the type of external auditor's report Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None.
Reclassification of Comparison Items None.
Additional Information None.

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