Advanced 9M 2022 net profit drops 54% to SAR 301 mln; Q3 at SAR 27 mln

26/10/2022 Argaam Exclusive
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Advanced Petrochemical Co. posted a 54% fall in net profit after Zakat and tax to SAR 301 million in the first nine months of 2022, compared to SAR 654 million a year earlier.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 2,205.87 - -
Gross Income 797.34 - -
Operating Income 678.75 - -
Net Income 653.73 - -
Average Shares 260.00 - -
Earnings Per Share before unusual items (Riyals) 2.51 - -
EPS (Riyals) 2.51 - -

The petrochemical producer recorded a 9% drop year-on-year (YoY) in selling prices, and a decline of SAR 100 million in its profit share from SK Advanced Co. Ltd. It also reported an increase in propane and propylene purchase prices by 32% and 10% YoY, respectively. The nine-month results were also weighed by an increase of 105% YoY in offshore logistics expenses.

 

The lower profit came despite a 17% YoY rise in sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 805.33 - -
Gross Income 269.18 - -
Operating Income 231.33 - -
Net Income 217.76 - -
Average Shares 260.00 - -
Earnings Per Share before unusual items (Riyals) 0.84 - -
EPS (Riyals) 0.84 - -

In Q3 2022, net profit after Zakat and tax plunged 88% to SAR 27 million, compared to SAR 217.76 million in Q3 2021. Selling prices fell by 22% YoY. Propane purchase prices increased 6%. However, propylene price declined 5% YoY and sales volume went up 4% YoY.  

 

Compared to the previous quarter, the company’s net profit tumbled 75.4% from SAR 109.60 million, on lower selling prices.

 

Total shareholders’ equity, excluding minority interest, came in at SAR 3.240 billion by the end of September 2022, down from SAR 3.991 billion in the year-earlier period.

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Share Price

Advanced Petrochemical Co. (ADVANCED)

Created with Highstock 6.0.710:1510:3010:4511:0011:1511:3011:4512:0012:1512:3012:4513:0013:1513:3013:4514:0014:1514:3014:4515:1555.255.455.655.85656.256.456.656.857
Close : 56.10 | Mar 9, 15:18

Current
Market Cap (M Riyal) 7,397.00
Enterprise Value (EV) (M) 15,926.06
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) (1.00)
Book Value (BV) ( Riyal) 11.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.57
Return on Average Assets (%) (TTM) (2.15 )
Return on Average Equity (%) (TTM) (3.61 )

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