ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 JUNE 2020 (SIX MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 519.03 | 680.96 | -23.779 | 534.52 | -2.897 |
| Gross Profit (Loss) | 186.05 | 246.37 | -24.483 | 154.37 | 20.522 |
| Operational Profit (Loss) | 152.3 | 207.33 | -26.542 | 125.2 | 21.645 |
| Net Profit (Loss) after Zakat and Tax | 154.95 | 192.31 | -19.426 | 104.33 | 48.519 |
| Total Comprehensive Income | 217.32 | 150.09 | 44.793 | -112.47 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,053.56 | 1,328.92 | -20.72 |
| Gross Profit (Loss) | 340.42 | 440.27 | -22.679 |
| Operational Profit (Loss) | 277.5 | 359.06 | -22.714 |
| Net Profit (Loss) after Zakat and Tax | 259.29 | 354.18 | -26.791 |
| Total Comprehensive Income | 104.84 | 419.07 | -74.982 |
| Total Share Holders Equity (after Deducting Minority Equity) | 3,033.05 | 3,230.13 | -6.101 |
| Profit (Loss) per Share | 1.198 | 1.636 | |
| 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 Q2 2020 is reduced by 19.4% compared to Q2 2019 mainly due to the following:
- reduction in Polypropylene sales prices by 26.7%
- increase in consumption of Outsourced Propylene by 19.9%
The above decrease in net profit is despite the increase in Polypropylene sales volume by 4.0%, decrease in Propane and outsourced Propylene prices by 45.7% and 24.9% respectively, decrease in general and administrative expenses by 20.2% and reduction in financial charges by 93.5% |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net profit is increased by 48.5% compared to Q1 2020 mainly due to the following:
- Increase in Polyopropylene sales volume by 13.1%
- Reduction in Propane and outsourced Propylene prices by 39.5% and 25.8% respectively
- Share of profit on investment in SK Advanced Co. Ltd. of SR 6.7 million in current quarter compared to share of loss of SR 18.2 million in previous quarter
The above increase in net profit is despite the decrease in Polypropylene sales prices by 14.1%, increase in consumption of Outsourced Propylene by 225.2% and increase in general and adminstrative expenses by 15.1% |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Net profit for current period is reduced by 26.8% compared to similar period in previous year mainly due to the following:
- reduction in Polypropylene sales prices and sales volume by 19.1% and 2.0% respectively
- Share of loss on investment in SK Advanced Co. Ltd. of SR 11.5 million in current period compared to share of profit of SR 23.8 million in similar period of last year
The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 26.0% and 20.1% respectively, decrease in consumption of outsourced Propylene by 31.0%, decrease in general and administrative expenses by 27.8% and reduction in financial charges by 95.7% |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Earning per share for same period last year is 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 | Q2 2020 net profit also includes SR 6.7 million share of profit on investment in SK Advanced Co. Ltd. in South Korea compared to SR 3.1 million share of profit for same quarter last year and SR 18.2 million share of loss for previous quarter.
The reduction in Comprehensive Income in the current period is mainly due to unrealized fair value losses of SR 130.5 million in equity investment in Tasnee recorded at fair value through other comprehensive income. |
Comments