The Saudi Basic Industries Corporation announces the interim financial results for the period ending on 30-09-2020 (nine months)

0
42



We show you our visitors the most important and latest news in the following article:
The Saudi Basic Industries Corporation announces the preliminary financial results for the period ending on 2020-09-30 (nine months). Today, Sunday, October 25, 2020 08:58 a.m.

25 October 2020 08:57 AM

ParagraphCurrent quarterThe same quarter of the previous yearthe change%Previous quarterthe change %
Sales / revenue29.332.81-10.69724.6219.008
Total profit (loss)6.527.98-18.2953.4787.896
Operating profit (loss)2.13.79-44.591-1.26
Net profit (loss) after zakat and tax1.090.7447.297-2.22
Total comprehensive income2.23-1.98-2.91
All figures are in (billion) Saudi riyals
ParagraphCurrent periodThe corresponding period of the previous yearthe change%
Sales / revenue84.11103.72-18.906
Total profit (loss)14.725.93-43.308
Operating profit (loss)0.7812.96-93.981
Net profit (loss) after zakat and tax-2.186.09
Total comprehensive income-2.592.26
Total Shareholder Equity (after excluding minority interests)165.03177.71-7.135
Earning (loss) per share-0.732.03
All figures are in (billion) Saudi riyals
ParagraphClarification
The reason for the increase (decrease) in net profit during the current quarter compared to the same quarter of the previous year is due toThe reason for the increase in net profit during the current quarter is due to the increase in the quantities produced and sold, in addition to the reversal of the provision for a decrease in the value of some financial assets, net of 0.69 billion Saudi riyals.
The reason for the increase (decrease) in net profit during the current quarter compared to the previous quarter is due toThe reason for achieving a net profit compared to the previous quarter of the current year is due to the increase in the average selling prices of products and the quantities produced and sold, in addition to the reversal of the provision for a decrease in the value of some financial assets, net of 0.69 billion Saudi riyals.
The reason for the increase (decrease) in the net profit during the current period compared with the same period of the previous year is due toThe reason for realizing a net loss during the current period compared to the previous year is due to the decrease in the average selling prices of products, in addition to recording provisions for a decrease in the value of some capital and financial assets, net of 1.55 billion Saudi riyals.
The nature of the auditor’s opinionUnmodified opinion
Reclassification of some comparative figuresCertain comparative figures have been reclassified to conform with the presentation for the current period
additional information1- At the date of each financial report, and in accordance with IFRS 9 “Financial Instruments”, SABIC accounts for derivatives in equity instruments for its futures contracts relating to certain subsidiaries by reclassifying the related non-controlling interests into non-current financial liabilities, as the best An estimate of the present value of the amount payable at the end of the respective joint venture agreements.

In the context of Saudi Aramco (“Aramco”) acquisition of 70% of SABIC, SABIC decided to take a different policy option in accordance with IFRS 9 “Financial Instruments”, to align its accounting policies with Aramco regarding derivatives in equity instruments for futures contracts. This change in accounting policy was applied retrospectively during the third quarter of 2020 and resulted in a decrease in equity related to SABIC shareholders through retained earnings and an increase in non-current financial liabilities of SAR 706 million, respectively. In addition, a reverse adjustment has been made to certify the non-controlling interest against non-current financial liabilities of SAR 1,014 million, respectively.

Subsequently, changes in the present value of non-current financial liabilities will be recognized through the consolidated statement of income. No retrospective adjustments have been made in the consolidated income statement for the prior reporting periods, based on materiality.

2- A continuation of what was previously disclosed in our announcement of the results of the second quarter of 2020 dated 12/16-1440 corresponding to 06-08-2020 regarding the harmonization of accounting policies and related important judgments to evaluate SABIC’s control of some of its investments in projects retrospectively as a result of the acquisition of a company Saudi Aramco acquires 70% of SABIC shares, noting that the most important financial implications for all periods of comparison have been disclosed in the aforementioned announcement, which are non-monetary in nature. We would like to point out that the comparative figures for the three-month period and for the period ending on 30-09-2019 have been amended retrospectively, as SABIC’s net profit for the year 2019 was modified by reducing it by an amount of 365 million riyals. The share of the nine months ending on 30-09-2019 was 268 million riyals. The share of the third quarter ending on 30-09-2019 was 97 million riyals.

Attached is a statement and presentation on the results of the third quarter and nine months of 2020

Attached Files down-pdf-ico.png







LEAVE A REPLY

Please enter your comment!
Please enter your name here