By: Mohamed Idris
Riyadh - Mubasher: The deputy chaiarman of National Industrialization Compay (Tasnee) said the share of local sales in total sales volume reached 20%, adding that the rise in profits is due to the improvement in other revenues which has been increased.
The company posted SAR 122.2 million ($32.6 million) in net profits in the third quarter of 2016 against a net loss of SAR 269.3 million ($79 million) in the third quarter last year.
The company’s sales increased by 7%, totalling SAR 3.86 billion up from SAR 3.61 billion in Q3-15.
Fawaz Al-Fawaz also said that his company is planning to convert to the International Financial Reporting Standards (IFRS), he also stressed that the company has made a great progress in identifying diffrents between Scopa and IFRS.
The company is still evaluating the financial effects of the migration to IFRS, he added.
Due to the large scale complex operations, certain requirements of IFRS required significant efforts for planning and execution, such as the decompensating of plant and equipment and spare parts in addition to the actuarial valuation for the employees’ terminal benefits, Tasnee said in a bourse filing on Sunday.
The transition to IFRS will affect many companies in the petrochem sector, Al-Fawaz told reporters in a recent press conference.
