PETROCHEM announces its interim consolidated financial results

20/01/2013 07:39 AST

The National Petrochemical Company (PETROCHEM) announces its interim consolidated financial results for the period ending December 31, 2012 (Twelve Months) as follows:

1) The net loss for the quarter ending December 31, 2012 was SR (399) million compared to a net loss of SR (29) million for the same quarter in 2011, representing an increase in losses of 1275%. And compared to a net loss for the previous quarter of SR (125) thousand representing an increase in losses of 319100 %.

2) The gross loss for the quarter ending December 31, 2012 was SR (503) million, the same quarter in 2011 cannot be calculated, as operation at the companys project had not started at that time.

3) The operating loss for the quarter ending December 31, 2012 amounted to SR (569) million compared to SR (31.5) million for the same quarter in 2011. This represents an increase of 1706%.

4) The net loss for the Twelve months ending December 31, 2012 was SR (456) million compared to a net loss of SR (64) million for the same Twelve months in 2011, representing an increase in losses of 613%.

5) The loss per share for the Twelve months period ending December 31, 2012 amounted to SR (0.95) compared to SR (0.13) for the same period in 2011.

6) The gross loss for the Twelve months ending December 31, 2012 was SR (503) million, the same period in 2011 cannot be calculated, as operation at the companys project had not started at that time.

7) The operating loss for the Twelve months ending December 31, 2012 amounted to SR (666) million compared to SR (47) million for the same Twelve months in 2011. This represents an increase of 1317%.

8) The main reasons for the increase in losses & operating losses in the fourth quarter in 2012 compared to the same quarter in 2011 is that the company had announce the commercial operation at the beginning of fourth quarter of 2012, then the Company project (Saudi Polymers Company) had to shut down after only 40 days of operation for project maintenance. This shutdown has continued till the end of the year.

9) The main reasons for the increase in losses & operating losses in the twelve months 2012 compared to the same twelve months in 2011 is that the company had announced commercial operation at the beginning of fourth quarter of 2012, then the Company project (Saudi Polymers Company) had to shut down after only 40 days of operation for project maintenance. This shutdown has continued till the end of the year.

10) The main reasons for the increase in losses & operating losses in the fourth quarter in 2012 compared to the previous quarter is that the company had announce the commercial operation at the beginning of fourth quarter of 2012, then the Company project (Saudi Polymers Company) had to shut down after only 40 days of operation for project maintenance. This shutdown has continued till the end of the year.

11) The main reasons of losses for the Twelve Months ending December 31, 2012 are:

A- Zakat provision for the Twelve Months ending December 31, 2012 equal to SR (39) Million.

B- The companys main project (Saudi Polymers Company) had announced commercial operations at the start of the fourth quarter, at which most project expenses where moved from Capital expenditure to Operating expenditure, and impacted the income statement, instead of being capitalized, this includes: Depreciation and amortization, feedstock, and employee costs.

12) Some numbers have been reclassified.

Tadawul