ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE ESTIMATED FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 SEPTEMBER 2020 (NINE MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 545 | 647.18 | -15.788 | 519.03 | 5.003 |
| Gross Profit (Loss) | 172 | 245.26 | -29.87 | 186.05 | -7.551 |
| Operational Profit (Loss) | 140 | 201.94 | -30.672 | 152.3 | -8.076 |
| Net Profit (Loss) after Zakat and Tax | 156 | 213.12 | -26.801 | 154.95 | 0.677 |
| Total Comprehensive Income | 286 | 36.9 | 675.067 | 217.32 | 31.603 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,599 | 1,976.11 | -19.083 |
| Gross Profit (Loss) | 512 | 685.53 | -25.313 |
| Operational Profit (Loss) | 418 | 561 | -25.49 |
| Net Profit (Loss) after Zakat and Tax | 416 | 567.3 | -26.67 |
| Total Comprehensive Income | 391 | 455.97 | -14.248 |
| Total Share Holders Equity (after Deducting Minority Equity) | 3,179 | 3,267.02 | -2.694 |
| Profit (Loss) per Share | 1.922 | 2.621 | |
| 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 Q3 2020 is reduced by 26.8% compared to Q3 2019 mainly due to the following:
- reduction in Polypropylene sales prices and sales volume by 12.5% and 3.8% respectively
- increase in consumption of Outsourced Propylene by 22.5%
The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 7.5% and 12% respectively, decrease in general and administrative expenses by 31.4% and reduction in financial charges by 81.8%. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net profit is slightly increased by 0.7% compared to Q2 2020 mainly due to the following:
- Increase in Polypropylene sales price by 8.1%
- Share of profit on investment in SK Advanced Co. Ltd. of SR 22.2 million in current quarter compared to share of profit of SR 6.7 million in Q2 2020
The above increase in net profit is despite the decrease in Polypropylene sales volume by 2.9% and increase in Propane and outsourced Propylene prices by 20.0% and 20.6% respectively. |
| 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 26.7% compared to similar period in previous year mainly due to the following:
- reduction in Polypropylene sales prices and sales volume by 16.9% and 2.6% respectively
- Share of profit on investment in SK Advanced Co. Ltd. of SR 10.7 million in current period compared to share of profit of SR 49.6 million in similar period of last year
The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 20.5% and 16.3% respectively, decrease in consumption of outsourced Propylene by 14.5%, decrease in general and administrative expenses by 29.1% and reduction in financial charges by 91%. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | These estimated financial results for the period ended September 30, 2020 are prepared by the management of the Company and these results are not reviewed by the external auditors. |
| Reclassification of Comparison Items | None |
| Additional Information | Q3 2020 net profit also includes SR 22.2 million share of profit on investment in SK Advanced Co. Ltd. in South Korea compared to SR 25.8 million share of profit for same quarter last year and SR 6.7 million share of profit for previous quarter. |
Comments