ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 JUNE 2021 (SIX MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 769 | 519 | 48.169 | 632 | 21.677 |
| Gross Profit (Loss) | 330 | 186 | 77.419 | 207 | 59.42 |
| Operational Profit (Loss) | 284 | 152 | 86.842 | 164 | 73.17 |
| Net Profit (Loss) after Zakat and Tax | 265 | 155 | 70.967 | 171 | 54.97 |
| Total Comprehensive Income | 433 | 217 | 99.539 | 205 | 111.219 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,401 | 1,054 | 32.922 |
| Gross Profit (Loss) | 538 | 340 | 58.235 |
| Operational Profit (Loss) | 447 | 278 | 60.791 |
| Net Profit (Loss) after Zakat and Tax | 436 | 259 | 68.339 |
| Total Comprehensive Income | 638 | 105 | 507.619 |
| Total Share Holders Equity (after Deducting Minority Equity) | 3,635 | 3,033 | 19.848 |
| Profit (Loss) per Share | 2.014 | 1.198 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit increased by 71% compared to Q2 2020 mainly due to the following:
- Increase in polypropylene sales prices by 72%. - Increase in share of profit on SK Advanced investment by SR 19 million.
The above increase in net profit was despite of the following:
- Decrease in sales volume by 14% resulting from 2021 periodic scheduled maintenance (20 days in March & 10 days in April). - Increase in propane and outsourced propylene prices by 102% and 61% respectively. - Increase in general and administrative expenses by 51%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Net profit increased by 54% compared to Q1 2021 mainly due to the following:
- Increase in polypropylene sales volume & price by 12% & 9% respectively. - Increase in share of profit on SK Advanced investment by SR 10 million.
The above increase in net profit was despite of the increase in outsourced propylene prices & consumption by 9% &16% respectively. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit increased by 68% compared to a similar period in 2020 mainly due to the following:
- Increase in polypropylene sales prices by 53%. - Increase in share of profit on SK Advanced investment by SR 53 million.
The above increase in net profit was despite of the following:
- Decrease in sales volume by 14% resulting from 2021 periodic scheduled maintenance. - Increase in propane and outsourced propylene prices by 53% & 43% respectively, and increase in consumption of outsourced Propylene by 15%. - Increase in general and administrative expenses by 57%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not Applicable |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | It is worth noting that the net profit for the current quarter and current period are the highest achieved since incorporating the company.
Net profit for Q2 2021 also includes SR 26 million share in profit on investment in SK Advanced Co. Ltd. in South Korea compared to SR 7 million profit for the same quarter in 2020 and SR 16 million profit for Q1 2021.
As of year to date, the increase in comprehensive income is mainly due to unrealized gain of the equity investment at fair value.
Advanced reached an agreement with Zakat, Tax and Customs Authority to settle zakat and income tax assessments for the years 2006, 2008 through 2013 of SR 30 Million. |
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