Financial Results : Advanced 2020 net profit declines 22% to SAR 596 mln

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 %)

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

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