ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31 MARCH 2020 (THREE MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 534.52 | 647.97 | -17.508 | 618.4 | -13.564 |
| Gross Profit (Loss) | 154.37 | 193.91 | -20.39 | 213.67 | -27.753 |
| Operational Profit (Loss) | 125.2 | 151.74 | -17.49 | 171.22 | -26.877 |
| Net Profit (Loss) after Zakat and Tax | 104.33 | 161.88 | -35.551 | 192.01 | -45.664 |
| Total Comprehensive Income | -112.47 | 268.98 | - | 224.02 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 2,956.44 | 3,217.79 | -8.122 |
| Profit (Loss) per Share | 0.482 | 0.748 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Net profit for Q1 2020 is reduced by 35.6% compared to Q1 2019 mainly due to the following:
- reduction in Polypropylene sales volume and prices by 8.1% and 10.3% respectively
- increase in consumption of Propane by 10.3%
- Share of loss on investment in SK Advanced Co. Ltd. of SR 18.19 million in current quarter compared to share of profit of SR 20.70 million in same quarter last year
The above decrease in net profit is despite the decrease in Propane prices by 4.3%, reduction in consumption of outsourced Propylene by 71.0% and decrease in fixed production costs and general and administrative expenses by 19.0% and 35.0% respectively. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net profit for Q1 2020 is reduced by 45.7% compared to Q4 2019 mainly due to the following:
- reduction in Polypropylene sales volume by 13.4%
- Increase in Propane and outsourced Propylene prices by 15.3% and 7.4% respectively
- Share of loss on investment in SK Advanced Co. Ltd. of SR 18.19 million in current quarter compared to share of profit of SR 27.03 million in previous quarter
The above decrease in net profit is despite the decrease in consumption of Propane and outsourced Propylene by 8.0% and 62.9% respectively and decrease in general and administrative expenses by 33.8%. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain figures for the comparative period have been reclassified to conform to the current period presentation. Earning per share for same period last year is also adjusted due to increase in number of shares as a result of issuance of 10% bonus shares pursuant to approval from EGM dated September 17, 2019. |
| Additional Information | Q1 2020 net profit also includes SR 18.19 million share of loss on investment in SK Advanced Co. Ltd. in South Korea compared to SR 20.70 million share of profit for same quarter last year and SR 27.03 million share of profit for previous quarter.
The reduction in Comprehensive Income in Q1 2020 is mainly due to unrealized fair value losses of SR 180.5 million in equity investment in Tasnee recorded at fair value through OCI. |
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