| 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’s revenue declined during the current quarter compared to the same quarter previous year, primarily due to decrease in sales volumes driven by the ongoing challenges in supply chains and lower average selling prices of the Company’s 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 | The Company reported net loss for the current quarter compared to the net profit for same quarter previous year, primarily due to the following reasons: Decline in the Company’s revenue is mainly driven by decrease in sales volumes due to the ongoing challenges in supply chains and lower average selling prices. This was partially compensated by lower feedstock prices of Butane, Ethylene & Propane. The share of losses from investments in equity accounted investees as compared to share of profits in same quarter previous year, mainly profit in an associate as result of restructuring of debt with Sipchem share of impact amounting to SR 429 million. Additionally, in same quarter previous year, the Company incurred an impairment loss of SR 200 million related to the cash generating unit of the Ethyl Acetate plant of Sipchem Chemical Company (an affiliate of Sipchem). |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Despite the slight increase in the average selling prices of the Company’s products, revenues decline during the current quarter compared to the previous quarter, primarily driven by lower sales volumes due to ongoing challenges in supply chains. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company reported lower net loss for the current quarter compared to the previous quarter, primarily due to an increase in average selling prices of the Company products despite the increase in feedstock prices of Butane, Ethylene & Propane and decreased sales volumes of the Company’s products driven by the ongoing challenges in supply chains. Additionally, decrease in share of loss from investments in equity accounted investees due to an impairment & business combination impact on investment in an associate with Sipchem share of impact amounting to SR 125 million and write off provision for capital project in a joint venture with Sipchem share of impact amounting to SR 56 million was recorded in previous 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) | None |
| Reclassification of Comparison Items | None |
| Additional Information | None |
