Advanced logs SAR 17M loss in H1 2024; Q2 profit at SAR 42M

17/07/2024 Argaam Exclusive

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Advanced Petrochemical Co.  posted SAR 17 million in net losses for H1 2024, against a SAR 103 million net profit in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,208.41 970.00 (19.7 %)
Gross Income 226.78 150.00 (33.9 %)
Operating Income 146.67 50.00 (65.9 %)
Net Income 102.99 (17.00) (116.5 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.40 (0.07) (116.5 %)

The annual loss was attributed to lower revenues due to the 20% year-on-year (YoY) decline in sales amid periodic maintenance for 2024. This is besides recording SAR 67 million in loss share in investment in SK Advanced for the current six-month period, compared to SAR 43 million in H1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 581.54 649.00 11.6 %
Gross Income 125.09 123.00 (1.7 %)
Operating Income 82.25 75.00 (8.8 %)
Net Income 60.30 42.00 (30.3 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.23 0.16 (30.3 %)

In Q2 2024, Advanced’s net profit fell 30% to SAR 42 million, from SAR 60 million in the second quarter of 2023, on the back of the 12% YoY hike in propane prices although revenues soared on a quarterly basis.

 

Sequentially, the company turned to profitmaking from a net loss of SAR 58.37 million in Q1 2024 as sales volumes expanded by 86% quarter-on-quarter (QoQ) after wrapping up periodic maintenance for the current year.

 

Shareholders' equity (after minority interest) amounted to SAR 3.16 billion by the end of June 30, 2024, down from SAR 3.25 billion in the year before.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 467.94 (30.1 %) 111.12 (26.1 %) 100.34 (27.6 %)
Q2 2015 735.37 (8.9 %) 264.00 36.9 % 253.53 38.4 %
Q3 2015 631.98 (22.9 %) 248.32 20.7 % 240.55 22.2 %
Q4 2015 541.73 (26.8 %) 160.72 (30.7 %) 148.10 (31.6 %)
Q1 2016 488.07 4.3 % 178.90 61.0 % 147.77 47.3 %
Q2 2016 546.41 (25.7 %) 224.96 (14.8 %) 195.04 (23.1 %)
Q3 2016 528.53 (16.4 %) 225.65 (9.1 %) 196.67 (18.2 %)
Q4 2016 576.37 6.4 % 228.95 42.5 % 188.65 27.4 %
Q1 2017 526.24 7.8 % 143.25 (19.9 %) 117.00 (20.8 %)
Q2 2017 604.41 10.6 % 220.13 (2.1 %) 192.07 (1.5 %)
Q3 2017 616.41 16.6 % 221.95 (1.6 %) 195.36 (0.7 %)
Q4 2017 637.48 10.6 % 152.79 (33.3 %) 115.24 (38.9 %)
Q1 2018 503.82 (4.3 %) 119.14 (16.8 %) 94.71 (19.1 %)
Q2 2018 749.67 24.0 % 277.14 25.9 % 246.61 28.4 %
Q3 2018 744.94 20.9 % 218.08 (1.7 %) 190.55 (2.5 %)
Q4 2018 749.79 17.6 % 213.22 39.5 % 168.51 46.2 %
Q1 2019 647.97 28.6 % 193.91 62.8 % 151.74 60.2 %
Q2 2019 680.96 (9.2 %) 246.37 (11.1 %) 207.33 (15.9 %)
Q3 2019 647.18 (13.1 %) 245.26 12.5 % 201.94 6.0 %
Q4 2019 618.40 (17.5 %) 213.67 0.2 % 171.22 1.6 %
Q1 2020 534.52 (17.5 %) 154.37 (20.4 %) 125.20 (17.5 %)
Q2 2020 519.04 (23.8 %) 186.06 (24.5 %) 152.30 (26.5 %)
Q3 2020 544.95 (15.8 %) 171.89 (29.9 %) 140.32 (30.5 %)
Q4 2020 632.85 2.3 % 216.90 1.5 % 174.63 2.0 %
Q1 2021 631.74 18.2 % 201.36 30.4 % 163.51 30.6 %
Q2 2021 768.80 48.1 % 326.79 75.6 % 283.91 86.4 %
Q3 2021 805.33 47.8 % 269.18 56.6 % 231.33 64.9 %
Q4 2021 905.45 43.1 % 245.28 13.1 % 185.92 6.5 %
Q1 2022 866.31 37.1 % 210.80 4.7 % 181.94 11.3 %
Q2 2022 814.02 5.9 % 168.36 (48.5 %) 131.55 (53.7 %)
Q3 2022 656.52 (18.5 %) 89.47 (66.8 %) 55.09 (76.2 %)
Q4 2022 611.63 (32.5 %) 67.67 (72.4 %) 30.39 (83.7 %)
Q1 2023 626.87 (27.6 %) 101.69 (51.8 %) 64.42 (64.6 %)
Q2 2023 581.54 (28.6 %) 125.09 (25.7 %) 82.25 (37.5 %)
Q3 2023 594.25 (9.5 %) 122.05 36.4 % 79.61 44.5 %
Q4 2023 570.85 (6.7 %) 98.14 45.0 % 47.27 55.5 %
Q1 2024 321.23 (48.8 %) 27.02 (73.4 %) (25.34) (139.3 %)
Q2 2024 649.00 11.6 % 123.00 (1.7 %) 75.00 (8.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 89.63 (34.8 %) 0.34 - 89.63 0.34
Q2 2015 243.15 31.7 % 0.94 - 243.15 0.94
Q3 2015 234.18 2.4 % 0.90 - 234.18 0.90
Q4 2015 146.08 (27.0 %) 0.56 - 146.08 0.56
Q1 2016 142.86 59.4 % 0.55 - 146.28 0.56
Q2 2016 192.11 (21.0 %) 0.74 - 198.87 0.76
Q3 2016 189.10 (19.2 %) 0.73 - 203.11 0.78
Q4 2016 207.81 42.3 % 0.80 - 200.83 0.77
Q1 2017 124.37 (12.9 %) 0.48 - 124.37 0.48
Q2 2017 194.51 1.2 % 0.75 - 194.51 0.75
Q3 2017 208.41 10.2 % 0.80 - 208.41 0.80
Q4 2017 103.83 (50.0 %) 0.40 - 103.83 0.40
Q1 2018 97.55 (21.6 %) 0.38 - 97.55 0.38
Q2 2018 253.34 30.2 % 0.97 - 253.34 0.97
Q3 2018 202.20 (3.0 %) 0.78 - 202.20 0.78
Q4 2018 163.87 57.8 % 0.63 - 163.87 0.63
Q1 2019 161.88 65.9 % 0.62 - 161.88 0.62
Q2 2019 192.31 (24.1 %) 0.74 - 192.31 0.74
Q3 2019 213.12 5.4 % 0.82 - 213.12 0.82
Q4 2019 192.01 17.2 % 0.74 - 192.01 0.74
Q1 2020 104.33 (35.5 %) 0.40 - 104.33 0.40
Q2 2020 154.96 (19.4 %) 0.60 - 154.96 0.60
Q3 2020 156.50 (26.6 %) 0.60 - 156.50 0.60
Q4 2020 179.81 (6.4 %) 0.69 - 179.81 0.69
Q1 2021 171.36 64.2 % 0.66 - 171.36 0.66
Q2 2021 264.62 70.8 % 1.02 - 264.62 1.02
Q3 2021 217.76 39.1 % 0.84 - 217.76 0.84
Q4 2021 161.66 (10.1 %) 0.62 - 161.66 0.62
Q1 2022 164.35 (4.1 %) 0.63 - 164.35 0.63
Q2 2022 109.60 (58.6 %) 0.42 - 109.60 0.42
Q3 2022 26.96 (87.6 %) 0.10 - 26.96 0.10
Q4 2022 (6.41) (104.0 %) (0.02) - (6.41) (0.02)
Q1 2023 42.69 (74.0 %) 0.16 - 42.69 0.16
Q2 2023 60.30 (45.0 %) 0.23 - 60.30 0.23
Q3 2023 45.15 67.5 % 0.17 - 45.15 0.17
Q4 2023 22.93 457.8 % 0.09 - 22.93 0.09
Q1 2024 (58.37) (236.7 %) (0.22) - (58.37) (0.22)
Q2 2024 42.00 (30.3 %) 0.16 - 42.00 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 26.15 % 31.74 % 23.89 %
Q2 2015 29.41 % 35.36 % 26.79 %
Q3 2015 33.21 % 39.71 % 30.30 %
Q4 2015 32.99 % 40.09 % 30.00 %
Q1 2016 35.54 % 41.88 % 32.11 %
Q2 2016 36.81 % 42.47 % 32.85 %
Q3 2016 37.55 % 41.89 % 32.99 %
Q4 2016 40.13 % 42.70 % 35.01 %
Q1 2017 37.79 % 40.45 % 33.39 %
Q2 2017 36.59 % 39.17 % 32.33 %
Q3 2017 35.05 % 37.93 % 31.34 %
Q4 2017 30.95 % 34.04 % 26.47 %
Q1 2018 30.23 % 33.46 % 25.58 %
Q2 2018 30.75 % 33.85 % 26.45 %
Q3 2018 29.10 % 32.22 % 24.92 %
Q4 2018 30.11 % 33.04 % 26.09 %
Q1 2019 31.20 % 33.53 % 27.01 %
Q2 2019 30.87 % 33.03 % 25.51 %
Q3 2019 32.97 % 34.78 % 26.82 %
Q4 2019 34.66 % 36.52 % 29.27 %
Q1 2020 34.65 % 37.15 % 28.28 %
Q2 2020 34.47 % 37.40 % 28.65 %
Q3 2020 32.75 % 36.19 % 27.42 %
Q4 2020 32.68 % 36.27 % 26.69 %
Q1 2021 33.33 % 36.24 % 28.46 %
Q2 2021 35.56 % 37.96 % 29.95 %
Q3 2021 35.73 % 37.82 % 29.36 %
Q4 2021 33.51 % 34.90 % 26.21 %
Q1 2022 31.44 % 33.20 % 24.16 %
Q2 2022 26.35 % 28.25 % 19.27 %
Q3 2022 22.02 % 24.09 % 14.27 %
Q4 2022 18.19 % 20.84 % 9.99 %
Q1 2023 15.77 % 17.91 % 6.38 %
Q2 2023 15.50 % 17.12 % 4.99 %
Q3 2023 17.25 % 18.06 % 5.87 %
Q4 2023 18.83 % 19.02 % 7.21 %
Q1 2024 18.00 % 17.56 % 3.39 %
Q2 2024 17.34 % - 2.42 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 260.00 2.70 2.60 8.58
Q2 2015 260.00 2.93 2.85 9.04
Q3 2015 260.00 2.95 3.00 9.31
Q4 2015 260.00 2.74 2.74 9.65
Q1 2016 260.00 2.95 2.96 9.15
Q2 2016 260.00 2.75 2.79 9.93
Q3 2016 260.00 2.58 2.67 10.55
Q4 2016 260.00 2.81 2.88 11.68
Q1 2017 260.00 2.74 2.80 11.22
Q2 2017 260.00 2.75 2.78 10.86
Q3 2017 260.00 2.83 2.80 11.89
Q4 2017 260.00 2.43 2.43 11.97
Q1 2018 260.00 2.32 2.32 11.84
Q2 2018 260.00 2.55 2.55 12.53
Q3 2018 260.00 2.53 2.53 12.43
Q4 2018 260.00 2.76 2.76 12.40
Q1 2019 260.00 3.00 3.00 12.38
Q2 2019 260.00 2.77 2.77 12.42
Q3 2019 260.00 2.81 2.81 12.57
Q4 2019 260.00 2.92 2.92 12.89
Q1 2020 260.00 2.70 2.70 11.37
Q2 2020 260.00 2.56 2.56 11.67
Q3 2020 260.00 2.34 2.34 12.23
Q4 2020 260.00 2.29 2.29 13.15
Q1 2021 260.00 2.55 2.55 12.86
Q2 2021 260.00 2.97 2.97 13.98
Q3 2021 260.00 3.21 3.21 15.35
Q4 2021 260.00 3.14 3.14 14.36
Q1 2022 260.00 3.11 3.11 14.89
Q2 2022 260.00 2.51 2.51 13.99
Q3 2022 260.00 1.78 1.78 12.46
Q4 2022 260.00 1.13 1.13 12.46
Q1 2023 260.00 0.66 0.66 11.99
Q2 2023 260.00 0.48 0.48 12.51
Q3 2023 260.00 0.55 0.55 12.33
Q4 2023 260.00 0.66 0.66 12.42
Q1 2024 260.00 0.27 0.27 12.39
Q2 2024 260.00 0.20 0.20 12.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 9.69 10.06 3.05
Q2 2015 12.08 12.43 3.91
Q3 2015 9.76 9.59 3.09
Q4 2015 8.68 8.68 2.47
Q1 2016 8.79 8.75 2.83
Q2 2016 10.89 10.73 3.02
Q3 2016 11.08 10.70 2.71
Q4 2016 12.36 12.08 2.98
Q1 2017 12.73 12.49 3.11
Q2 2017 12.69 12.57 3.22
Q3 2017 12.31 12.43 2.93
Q4 2017 14.32 14.32 2.90
Q1 2018 16.28 16.28 3.20
Q2 2018 16.27 16.27 3.31
Q3 2018 16.45 16.45 3.34
Q4 2018 13.87 13.87 3.08
Q1 2019 14.01 14.01 3.40
Q2 2019 16.48 16.48 3.68
Q3 2019 14.37 14.37 3.22
Q4 2019 14.09 14.09 3.19
Q1 2020 13.74 13.74 3.26
Q2 2020 17.34 17.34 3.80
Q3 2020 21.06 21.06 4.03
Q4 2020 24.37 24.37 4.24
Q1 2021 23.86 23.86 4.73
Q2 2021 20.28 20.28 4.31
Q3 2021 19.49 19.49 4.07
Q4 2021 18.70 18.70 4.08
Q1 2022 22.67 22.67 4.73
Q2 2022 20.39 20.39 3.67
Q3 2022 25.01 25.01 3.58
Q4 2022 37.40 37.40 3.41
Q1 2023 71.91 71.91 3.99
Q2 2023 92.81 92.81 3.53
Q3 2023 73.57 73.57 3.25
Q4 2023 59.43 59.43 3.15
Q1 2024 More than 100 More than 100 3.29
Q2 2024 More than 100 More than 100 3.20

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 42.25 42.00 (0.6 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
GIB Capital 38.00 42.00 10.5 %
Riyad Capital 49.00 42.00 (14.3) %
U-Capital 36.20 42.00 16.0 %
Al Rajhi Capital 36.00 42.00 16.7 %
OSOOL AND BAKHEET 52.94 42.00 (20.7) %
AlJazira Capital 57.60 42.00 (27.1) %
SNB Capital 60.50 42.00 (30.6) %
Sico 27.50 42.00 52.7 %
Value Capital 22.48 42.00 86.8 %


Financial Ratios
Current
Market Cap (M Riyal) 10,387.00
Enterprise Value (EV) (M) 17,370.06
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) 0.20
Book Value (BV) ( Riyal) 12.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.28
Return on Average Assets (%) (TTM) 0.5
Return on Average Equity (%) (TTM) 1.6
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Share Price

Advanced Petrochemical Co.
39.95
(0.05) (0.13 %)

Advanced Petrochemical Co. (ADVANCED)

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Quarterly Actuals vs Estimates 09/07/2024

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