ADVANCED PETROCHEMICAL COMPANY ANNOUNCES INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 SEPTEMBER 2022 (NINE MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 657 | 805 | -18.39 | 814 | -19.29 |
| Gross Profit (Loss) | 89 | 269 | -66.91 | 168 | -47.02 |
| Operational Profit (Loss) | 55 | 231 | -76.19 | 132 | -58.33 |
| Net Profit (Loss) after Zakat and Tax | 27 | 218 | -87.61 | 110 | -75.45 |
| Total Comprehensive Income | -115 | 356 | - | -187 | -38.5 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,337 | 2,206 | 5.94 |
| Gross Profit (Loss) | 469 | 797 | -41.15 |
| Operational Profit (Loss) | 369 | 679 | -45.66 |
| Net Profit (Loss) after Zakat and Tax | 301 | 654 | -53.98 |
| Total Comprehensive Income | -22 | 994 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 3,240 | 3,991 | -18.82 |
| Profit (Loss) per Share | 1.16 | 2.51 | |
| 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 decreased by 88% compared to Q3 2021 mainly due to the following:
- Decrease in sales prices by 22%. - Increase in share of loss in SK Advanced Co. Ltd. investment by SR 25 million. - Increase in propane price by 6%.
The above decrease in net profit was despite the following:
- Increase in sales volume by 4%. - Decrease in propylene purchase price by 5% |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit decreased by 75% compared to Q2 2022 mainly due to the following:
- Decrease in sales prices by 23%. - Increase in share of loss in SK Advanced Co. Ltd. investment by SR 12 million.
The above decrease in net profit was despite the following:
- Decrease in propane and propylene purchase prices by 18% and 20% respectively - Increase in sales volume by 5%. |
| 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 decreased by 54% compared to a similar period in 2021 mainly due to the following:
- Decrease in sales prices by 9%. - Decrease in share of profit in SK Advanced Co. Ltd. investment by SR 100 million. - Increase in propane and propylene purchase prices by 32% and 10% respectively - Increase in offshore logistics expense by 105%.
The above decrease in net profit was despite the increase in sales volume by 17%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Some elements of general and administrative expenses have been reclassified to meet the implementation of the shared services in the group to distribute the costs among Advanced subsidiaries. Consequently, the items of the comparison period were reclassified to meet the current period classification. |
| Additional Information | Net profit for Q3 2022 includes SR 30 million share of losses in SK Advanced Co. Ltd. investment in South Korea compared to SR 5 million losses for the same quarter in 2021 and SR 19 million loss for Q2 2022.
Net profit for the Nine months period of 2022 includes SR 63 million share of losses in SK Advanced Co. Ltd investment compared to SR 37 million share in profit for the same period in 2021
As of year to date, the change in comprehensive income is mainly due to unrealized gain/loss on the equity investment at fair value.
Earning per share for same period last year is adjusted due to increase in number of shares as a result of issuance of 20.11% bonus shares pursuant to Extraordinary General Assembly approval dated March 20, 2022. |
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