Advanced net profit declines 27% to SAR 416 mln in 9M 2020

06/10/2020 Argaam Exclusive

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Advanced Petrochemical Co. reported an estimated net profit after Zakat and tax of SAR 416 million for the first nine months of 2020, a 27% year-on-year (YoY) decline, compared to SAR 567 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,976.11	1,598.51	(19.1 %)
Gross Income	685.53	512.32	(25.3 %)
Operating Income	561.00	417.83	(25.5 %)
Net Income	567.30	415.78	(26.7 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	2.18	1.60	(26.7 %)

The decrease was attributed to a reduction in polypropylene sales prices and volume by 16.9% and 2.6%, respectively, along with a drop in the company’s share of profit from its affiliate, SK Advanced Co. Ltd., to SAR 10.7 million.

The decline was partially countered by a decrease in propane and outsourced propylene prices by 20.5% and 16.3%, respectively, along with lower consumption of outsourced propylene by 14.5%.

The company also noted lower general and administrative expenses and financial charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	647.18	544.95	(15.8 %)
Gross Income	245.26	171.89	(29.9 %)
Operating Income	201.94	140.32	(30.5 %)
Net Income	213.12	156.50	(26.6 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.82	0.60	(26.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	519.04	544.95	5.0 %
Gross Income	186.06	171.89	(7.6 %)
Operating Income	152.30	140.32	(7.9 %)
Net Income	154.96	156.50	1.0 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.60	0.60	1.0 %

Net profit after Zakat for Q3 2020 stood at SAR 156 million, down 27% from same quarter last year. The decline was attributed to higher polypropylene sales volumes and prices.

On a quarterly basis, Q3 2020 net profit edged up slightly on higher polypropylene sales prices.

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