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Saudi Kayan Petrochemical Co. announces the annual financial results for the period ending on 31-12-2017

02-25-2018

ELEMENTCURRENT YEARPREVIOUS YEAR% CHANGE
NET PROFIT (LOSS)668.17152.05339.44
EARNING OR LOSS PER SHARE, RIYALS0.440.1-
GROSS PROFIT (LOSS)2,299.761,766.2530.21
OPERATIONAL PROFIT (LOSS)1,630.111,059.1953.9
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTEXPLANATION
Reasons of annual financial resultsThe reason for increase in net profit is due to increase in average selling prices of products and improvement in operating performance despite of increase in the average feedstock prices, Zakat provision and financial charges.
Reclassifications in annual financial resultsCertain previous period expenses have been re-classified to conform to the presentation of financial statements in the current period.
Other notes1- Sales revenues for the year ended 31 December 2017 amounted to SR 9,984 million, increase of 15.97% Compared to sales revenues of SR 8,609 million for the same period last year. 2- Total shareholders equity (no minority interest) as of 31 December 2017 amounted to SR 13,908 million, increase of 4.96% compared to shareholders' equity of the previous year amounted to SR 13,251 million. 3- Total comprehensive income for the year ended 31 December 2017 amounted to SR 657 million, increase of 299% compared to total comprehensive income of SR 165 million for the same period last year. 4- The accumulated losses as of 31 December 2017 amounted to SR 1,762 million which represents 12% of the share capital, decrease of 27% compared to the accumulated losses of the for the same period of the previous year amounting to SR 2,419 million.