Financial Results : Advanced posts 36% profit slump in Q1 2020

Advanced posts 36% profit slump in Q1 2020

05/04/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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