National Petrochemical Co. XBRL Filling
The company was established as a joint-stock company and became listed on the Saudi stock exchange on 16/03/2008. Its headquarters is in the city of Riyadh, with a paid-up capital of 4.8 billion Saudi Riyals.
Petrochem’s main activity is the development, construction, operation, and maintenance of petrochemical industrial plants, gas, petroleum, and other industries in Saudi Arabia, the Middle East, Asia, Europe, and Africa. The company’s main business is investing in the petrochemical industry; by utilizing its strategic partnerships and the Kingdom’s natural resources.
Currently, Petrochem’s activity covers investing in its subsidiaries, Saudi Polymers Company (owned 65% by Petrochem), which produces petrochemical products, and Gulf Polymers Distribution Company (owned 65% by Petrochem), which distributes Saudi Polymers Company products.
Petrochem had a few years of unfiled XBRL files which put the company at risk of being penalized by the CMA.
We have managed to support the company in preparing the XBRL files for all the years pending quarter by quarter and uploading them in the Tadawul IFSAH system. XBRL filing was aimed to increase the transparency and accountability of the company, by displaying the information for the public, providing trustful, consistent, and correct data.
National Petrochemical Co. became fully compliant again with the CMA requirements with regards to XBRL filing and avoided any financial penalties.