ADVANCED PETROCHEMICAL COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 June 2024 (SIX MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 649 | 582 | 11.512 | 321 | 102.18 |
| Gross Profit (Loss) | 123 | 125 | -1.6 | 27 | 355.555 |
| Operational Profit (Loss) | 75 | 82 | -8.536 | -25 | - |
| Net profit (Loss) | 42 | 60 | -30 | -58 | - |
| Total Comprehensive Income | -61 | 163 | - | -9 | 577.777 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 970 | 1,208 | -19.701 |
| Gross Profit (Loss) | 150 | 227 | -33.92 |
| Operational Profit (Loss) | 50 | 147 | -65.986 |
| Net profit (Loss) | -17 | 103 | - |
| Total Comprehensive Income | -70 | 183 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 3,162 | 3,252 | -2.767 |
| Profit (Loss) per Share | -0.065 | 0.398 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reasons of the increase in net revenues are the following:
Increase in the sales volume by 7% Increase in the net sales price by 4% |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reasons of the decrease in the net profit are the following:
Recognized SAR 33 million share in loss on investment in SK Advanced during the current quarter as compared to SAR 21 million share in losses during same quarter last year. Increase in Propane price by 12%.
Despite the following: Increase in the sales volume by 7%. Increase in the net sales price by 4%. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reasons of the increase in net revenues are the following:
Increase in sales volume by 86% after completing the 2024 periodic scheduled maintenance. Increase in the net sales price by 9%. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company recorded net profit of SAR 42 million during the current quarter as compared to net losses of SAR 58 million during the previous quarter mainly due to the following:
Increase in sales volume by 86%, after completing the 2024 periodic scheduled maintenance. Increase in the net sales price by 9%. Recognized SAR 33 million share in the losses on investment in SK Advanced during the current quarter as compared to SAR 34 million share in losses during the previous quarter.
Despite of increase in propane price by 2%. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reasons of the decrease in the net revenues is due to the reduction in the sales volume by 20% resulting from 2024 periodic scheduled maintenance. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company incurred net losses of SAR 17 million during the current period as compared to net profit of SAR 103 million during the similar period of the last year, mainly due to the following:
Decrease in the sales volume by 20% resulting from 2024 periodic scheduled maintenance. Recognized SAR 67 million share in the losses on investment in SK Advanced during the current period as compared to SAR 43 million share in losses during the same period last year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The change in other comprehensive income is mainly due to the loss incurred during the period in addition to unrealized fair value gain (loss) on the equity investment and exchange difference on translation of investment in an associate. |
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