Advanced 2020 net profit declines 22% to SAR 596 mln

11/01/2021 Argaam Exclusive

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Advanced Petrochemical Co. reported an estimated annual net profit after Zakat and tax of SAR 596 million for 2020, down 22% year-on-year (YoY), due to a 12.2% decrease in polypropylene prices and 2.1% fall in sales volume.

Financials (M)

Item	2019	2020	Change‬
Revenues	2,594.51	2,231.35	(14.0 %)
Gross Income	899.20	729.22	(18.9 %)
Operating Income	732.22	592.45	(19.1 %)
Net Income	759.31	595.59	(21.6 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	2.92	2.29	(21.6 %)

The company also cited a 55.1% reduction in profit share from South-Korea’s associated firm, SK Advanced Co.

This was despite the decrease in propane and outsourced propylene prices by 15.4% and 10.7% respectively, decrease in consumption of outsourced propylene by 6.5%, decrease in general and administrative expenses by 21.9%, and reduction in financial charges by 86.1%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	618.40	632.85	2.3 %
Gross Income	213.67	216.90	1.5 %
Operating Income	171.22	174.63	2.0 %
Net Income	192.01	179.81	(6.4 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.74	0.69	(6.4 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	544.95	632.85	16.1 %
Gross Income	171.89	216.90	26.2 %
Operating Income	140.32	174.63	24.4 %
Net Income	156.50	179.81	14.9 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.60	0.69	14.9 %

The petrochemicals producer reported a net profit of SAR 180 million, down 6% YoY, in the fourth quarter of 2020.

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