AI Summary
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 5,241.6 | 5,321.7 | -1.505 |
| Gross Profit (Loss) | 241 | 1,130.7 | -78.685 |
| Operational Profit (Loss) | -371.8 | 636.4 | - |
| Net profit (Loss) | -442.6 | 406.2 | - |
| Total Comprehensive Income | -458.7 | 407.5 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 14,415.8 | 15,606.4 | -7.628 |
| Profit (Loss) per Share | -0.61 | 0.56 | |
| 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 | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Company revenue decreased during the current quarter compared to the same quarter last year mainly due to decrease in selling prices for company’s products and decrease in sales volume of Company’s products mainly due to turnaround maintenance activities of International Methanol Company as announced in TADAWUL. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
The company reported a net loss during the current quarter compared to a net profit in the same quarter previous year, mainly due to decrease in selling prices of the company’s product and decrease in sales volume mainly due to turnaround maintenance activities of International Methanol Company, increase in feedstock prices of Natural Gas, Ethane. Additionally, an impairment loss of SR 100 million related to cash generating unit of the International Diol Company (a subsidiary of Sipchem). Further, a provision of SR 91.4 million has been recognized to discontinue certain capital projects which contributed to the lower gross profit.
Additionally, the share of profits from investment in a joint venture and associates has decreased. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company’s revenue decreased during the current quarter compared to the previous quarter, primarily due to overall decrease in the selling prices of the company’s products and decrease in sales volumes mainly due to turnaround maintenance activities of International Methanol Company. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is |
The company reported a net loss during the current quarter which is higher than compared to previous quarter’s net loss, primarily due to decrease in selling prices of the company’s product and decrease in sales volume mainly due to turnaround maintenance activities of International Methanol Company, increase in some of feedstock prices of Ethylene & Ethanol. Additionally, an impairment loss of SR 100 million related to cash generating unit of the International Diol Company (a subsidiary of Sipchem). Further, a provision of SR 91.4 million has been recognized to discontinue certain capital projects which contributed to the lower gross profit.
Additionally, during the previous quarter, higher share of loss from investments in joint ventures and associates as a result of impairment on investment in a joint venture amounting to SR 171 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The company’s revenue decreased during the current period compared to the same period last year, primarily due to a decrease in the selling prices of some of company’s products. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is |
The Company reported net loss during the current period compared to same period last year, mainly due to decrease in Revenue as a result of decrease in overall selling prices on some of the company’s products, increase in feedstock prices of Natural Gas, Ethane, Ethylene. Additionally, an impairment loss of SR 300 million related to cash generating unit 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 provision of SR 91.4 million has been recognized to discontinue certain capital projects which contributed to decrease in gross profit.
Additionally, higher share of profits from investments in joint ventures and associates increase in one of the associates as result of Acrylic Complex 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 on investment in a joint venture amounting to SR 171 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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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