ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE ESTIMATED FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 SEPTEMBER 2021 (NINE MONTHS)

10 October 2021 08:16 AM

ADVANCED 2330 0.27% 37.40 0.10

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	805	545	47.706	769	4.681
Gross Profit (Loss)	270	172	56.976	330	-18.181
Operational Profit (Loss)	231	140	65	284	-18.661
Net Profit (Loss) after Zakat and Tax	218	156	39.743	265	-17.735
Total Comprehensive Income	356	286	24.475	433	-17.782
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	2,206	1,599	37.961
Gross Profit (Loss)	808	512	57.812
Operational Profit (Loss)	679	418	62.44
Net Profit (Loss) after Zakat and Tax	654	416	57.211
Total Comprehensive Income	994	391	154.219
Total Share Holders Equity (after Deducting Minority Equity)	3,991	3,179	25.542
Profit (Loss) per Share	3.02	1.921
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 39% compared to Q3 2020 mainly due to the increase in polypropylene sales prices by 47%. The above increase in net profit was despite of the following: - Increase in propane and outsourced propylene prices by 108% and 27% respectively. - Increase in general and administrative expenses by 27%. - Decrease in share of profit on SK Advanced investment by SR 27 million. - Increase in offshore logistic cost by 195%.
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 decreased by 18% compared to Q2 2021 mainly due to the following: - Decrease in polypropylene sales prices by 8% - Decrease in share of profit on SK Advanced investment by SR 31 million. - Increase in offshore logistic cost by 32%. The above decrease in net profit was despite of the following: - Increase in polypropylene sales volume 14%. - Decrease in general and admin. expenses by 22%.
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 57% compared to a similar period in 2020 mainly due to the following: - Increase in polypropylene sales prices by 51%. - Increase in share of profit on SK Advanced investment by SR 26 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 70% & 37% respectively. - Increase in general and administrative expenses by 47%. - Increase in offshore logistic cost by 131%.
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	These estimated financial results for the period ended September 30, 2021 are prepared by the management of the Company and these results are not reviewed by the external auditors.
Reclassification of Comparison Items	Not Applicable
Additional Information	Net profit for Q3 2021 also includes SR 5 million share in loss on investment in SK Advanced Co. Ltd. in South Korea compared to SR 22 million share in profit for the same quarter in 2020 and SR 26 million profit for Q2 2021. Net profit for the nine months period of 2021 also includes SR 37 million share in profit on investment in SK Advanced Co. Ltd compared to SR 11 million share in profit for the same period in 2020. As of year to date, the increase in comprehensive income is mainly due to unrealized gain on 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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