National Industrialization Co. announces the annual financial results for the period ending on 31-12-2017
|Element||Current year||Previous year||% Change|
|Net profit (loss)||716.2||101.4||606.31|
|Earning or loss per share, Riyals||1.07||0.15||-|
|Gross profit (loss)||2,104.2||907||132|
|Operational profit (loss)||1,623.8||747.5||117.23|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reasons of annual financial results||Increase in reported profit is attributable to improvement in operational performance, increase in sales price of Titanium Dioxide products, increase in other income and positive impact of tax cedits due to reduction in tax rates in certain foreign subsidiaries. Note that the current year profit also includes impact of increase in impairment charge on non-current assets of certain subsidiaries and increase in financial costs due to refinancing arrangement.|
|Reclassifications in annual financial results||Certain corresponding figures for the last year have been reclassified to be aligned with presentation of the current year.|
|Other notes||The revenue for the year ended 31 December, 2017 amounted to SAR 10.80 billion which is 25% higher than last year revenue of SAR 8.62 billion.
Total comprehensive income for the year ended 31 December, 2017 amounted to SAR 1,019.7 million compared to 37.7 million for last year with an increase of 2605%.
Total shareholders equity (before non-controlling interest ) at 31 December, 2017 amounted to SAR 8.35 billion compared to SAR 7.33 billion at the end of last year, with an increase of 14%.
The company has adopted the International Financial Reporting Standards (IFRS) from January 1, 2017. Accordingly, changes in the consolidated financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative year in accordance with the accounting policies adopted from IFRS as endorsed by Saudi Organization of Certified Public Accountants.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.