TASNEE

05 May, 2024 09:11

National Industrialization Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 761.4888.7-14.324957.1-20.447
Gross Profit (Loss) 19.6115-82.956-50.4-
Operational Profit (Loss) -32.2161.5-15.8-
Net profit (Loss) -72.182.1--17.1321.637
Total Comprehensive Income -118.889.3--1.76,888.235
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 9,530.79,704.3-1.788
Profit (Loss) per Share -0.110.12
All figures are in (Millions) Saudi Arabia, Riyals


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


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is Decrease in revenue is primarily attributable to the decrease in sales volume due to scheduled maintenance activities for some of the plants and lower average selling prices for most of the products.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net loss is primarily attributable to the decrease in sales volumes due to scheduled maintenance activities for some of the plants and lower average selling prices for most of the products resulting in decrease in revenue and share of profit from investments in associates and joint ventures, in addition to lower other income and higher net finance costs, despite decrease in cost of sales due to lower sales volumes and no impairment required during this quarter.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Decrease in revenue is primarily attributable to the decrease in sales volume due to scheduled maintenance activities for some of the plants, despite slightly improved average selling prices for some of the products.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is Increase in net loss is primarily attributable to the decrease in sales volumes due to scheduled maintenance activities for some of the plants resulting in decrease in revenue and share of profit from investments in associates and joint ventures, in addition to increase in general and administrative expenses and lower other income, despite slightly improved average selling prices for some of the products, decrease in cost of sales due to lower sales volumes and net finance costs and no impairment required during this quarter.
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) N/A
Reclassification of Comparison Items Certain corresponding figures for the comparative period have been re-classified in conformity with the current period.
Additional Information As published on Tadawul on 04 March 2024 and disclosed under Note 45 in the Group's consolidated financial statements for the year ended 31 December 2023, the Group acquired one of the joint ventures (Saudi Acrylic Polymers Company "SAPCO") and an associate, as part of the acrylic restructuring. Accordingly, both entities are being consolidated as wholly owned subsidiaries in the Group's consolidated financial statements with effect from 05 December 2023, resulting in some variations between the financial results of current quarter with comparative quarters.

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