Assets

Total assets for 2019 reached SAR 310,366 million, a decrease of SAR 9,345 million or 3%, compared to 2018. The decrease was mainly attributable to a decrease in current assets by SAR 12,627 million, partially offset by an increase in non-current assets of SAR 3,281 million. The decrease in current assets is mainly due to a decrease in cash and cash equivalents and short-term investments by SAR 8,535 million as a result of the lower cash from operation in line with the declining profits and certain debt repayments. Also, inventories and account receivables decreased by SAR 1,831 million and SAR 3,499 million, respectively, as a result of the lower feedstock prices and lower average sales prices for petrochemicals.

Non-current assets increased mainly due to the adoption of IFRS 16 ‘Leases’, resulting in a balance of SAR 7,295 million due to the capitalization of “right of use” assets. This was partially offset by a decrease in property, plant and equipment by SAR 829 million and intangible assets by SAR 569 million mainly due to the impairments and write-offs charges, amounted to SAR 3,876 million. Also, a decrease in investments in associates and joint ventures of SAR 2,430 million, mainly due to the impairment for the investment in Clariant AG by SAR 1,515 million, and lower results and cash dividends from associates and joint ventures.