Advanced Petrochemical Co. reported a 36% drop year-on-year (YoY) in net profit after Zakat and tax to SAR 104 million for Q1 2020, driven by lower sales volumes of polypropylene, higher propane consumption and the company's share in SK Advanced's losses.
On a sequential basis, net earnings slumped 45.8%, on lower polypropylene sales, and higher prices of propane and outsourced propylene.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 647.97 | 534.52 | (17.5 %) |
| Gross Income | 193.91 | 154.37 | (20.4 %) |
| Operating Income | 151.74 | 125.20 | (17.5 %) |
| Net Income | 161.88 | 104.33 | (35.5 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.62 | 0.40 | (35.5 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 618.40 | 534.52 | (13.6 %) |
| Gross Income | 213.67 | 154.37 | (27.8 %) |
| Operating Income | 171.22 | 125.20 | (26.9 %) |
| Net Income | 192.01 | 104.33 | (45.7 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.74 | 0.40 | (45.7 %) |
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