Advanced posts 3% profit rise in 9M

06/10/2019 Argaam Exclusive

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Share Price

Advanced Petrochemical Co. (ADVANCED)

Advanced Petrochemical Co. reported a net profit after zakat and tax of SAR 567 million in the first nine months of 2019, a rise of 2.5 percent year-on-year (YoY) on higher sales volumes, lower propane and outsourced propylene prices.

The profit was also backed by improved consumption of propane and outsourced propylene.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	1,998.42	1,976.11	(1.1 %)
Gross Income	614.36	685.53	11.6 %
Operating Income	531.86	561.00	5.5 %
Net Income	553.09	567.30	2.6 %
Average Shares	260.00	260.00	-
EPS (Riyals)	2.13	2.18	2.6 %

The third quarter net profit after zakat and tax grew by 5.3 percent YoY to SAR 213 million due to a reduction in the prices of propane and outsourced polypropylene, and lower consumption of outsourced propylene.

On a sequential basis, Q3 2019 net profit rose 10.8 percent on higher sales volumes, and a reduction in the prices of propane and outsourced polypropylene.

The quarterly figures were also driven by higher profit share from SK Advanced Co. Ltd.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	744.94	647.18	(13.1 %)
Gross Income	218.08	245.26	12.5 %
Operating Income	190.55	201.94	6.0 %
Net Income	202.20	213.12	5.4 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.78	0.82	5.4 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	680.96	647.18	(5.0 %)
Gross Income	246.37	245.26	(0.5 %)
Operating Income	207.33	201.94	(2.6 %)
Net Income	192.31	213.12	10.8 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.74	0.82	10.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	464.49	25.7 %	69.23	9.0 %	52.57	22.6 %	0.20
Q2 2010	450.82	31.0 %	81.56	33.9 %	65.26	88.4 %	0.25
Q3 2010	545.20	50.8 %	136.90	233.7 %	121.14	480.0 %	0.47
Q4 2010	570.45	45.7 %	107.81	105.5 %	89.36	211.0 %	0.34
2010	2,030.96	38.5 %	395.50	81.5 %	328.32	158.3 %	1.26
Q1 2011	667.51	43.7 %	145.05	109.5 %	131.11	149.4 %	0.50
Q2 2011	742.50	64.7 %	170.14	108.6 %	155.61	138.5 %	0.60
Q3 2011	717.07	31.5 %	150.68	10.1 %	135.49	11.9 %	0.52
Q4 2011	663.84	16.4 %	109.88	1.9 %	90.60	1.4 %	0.35
2011	2,790.92	37.4 %	575.74	45.6 %	512.80	56.2 %	1.97
Q1 2012	586.24	(12.2 %)	69.36	(52.2 %)	57.09	(56.5 %)	0.22
Q2 2012	456.91	(38.5 %)	67.84	(60.1 %)	53.88	(65.4 %)	0.21
Q3 2012	649.29	(9.5 %)	114.76	(23.8 %)	100.26	(26.0 %)	0.39
Q4 2012	780.00	17.5 %	134.53	22.4 %	117.01	29.2 %	0.45
2012	2,472.44	(11.4 %)	386.50	(32.9 %)	328.24	(36.0 %)	1.26
Q1 2013	641.52	9.4 %	132.77	91.4 %	117.94	106.6 %	0.45
Q2 2013	685.67	50.1 %	150.60	122.0 %	136.67	153.7 %	0.53
Q3 2013	694.25	6.9 %	154.12	34.3 %	140.96	40.6 %	0.54
Q4 2013	764.17	(2.0 %)	173.96	29.3 %	161.29	37.9 %	0.62
2013	2,785.60	12.7 %	611.45	58.2 %	556.86	69.7 %	2.14
Q1 2014	669.17	4.3 %	150.42	13.3 %	137.45	16.5 %	0.53
Q2 2014	807.63	17.8 %	192.85	28.0 %	184.63	35.1 %	0.71
Q3 2014	819.76	18.1 %	205.69	33.5 %	228.74	62.3 %	0.88
Q4 2014	739.82	(3.2 %)	231.78	33.2 %	200.13	24.1 %	0.77
2014	3,036.38	9.0 %	780.73	27.7 %	750.95	34.9 %	2.89
Q1 2015	467.94	(30.1 %)	111.12	(26.1 %)	89.63	(34.8 %)	0.34
Q2 2015	735.37	(8.9 %)	264.00	36.9 %	243.15	31.7 %	0.94
Q3 2015	631.98	(22.9 %)	248.32	20.7 %	234.18	2.4 %	0.90
Q4 2015	541.73	(26.8 %)	160.72	(30.7 %)	146.08	(27.0 %)	0.56
2015	2,377.03	(21.7 %)	784.15	0.4 %	713.03	(5.1 %)	2.74
Q1 2016	488.07	4.3 %	178.90	61.0 %	142.86	59.4 %	0.55
Q2 2016	546.41	(25.7 %)	224.96	(14.8 %)	192.11	(21.0 %)	0.74
Q3 2016	528.53	(16.4 %)	225.65	(9.1 %)	189.10	(19.2 %)	0.73
Q4 2016	576.37	6.4 %	228.95	42.5 %	207.81	42.3 %	0.80
2016	2,139.37	(10.0 %)	858.46	9.5 %	731.88	2.6 %	2.81
Q1 2017	526.24	7.8 %	143.25	(19.9 %)	124.37	(12.9 %)	0.48
Q2 2017	604.41	10.6 %	220.13	(2.1 %)	194.51	1.2 %	0.75
Q3 2017	616.41	16.6 %	221.95	(1.6 %)	208.41	10.2 %	0.80
Q4 2017	637.48	10.6 %	152.79	(33.3 %)	103.83	(50.0 %)	0.40
2017	2,384.54	11.5 %	738.12	(14.0 %)	631.12	(13.8 %)	2.43
Q1 2018	503.82	(4.3 %)	119.14	(16.8 %)	97.55	(21.6 %)	0.38
Q2 2018	749.67	24.0 %	277.14	25.9 %	253.34	30.2 %	0.97
Q3 2018	744.94	20.9 %	218.08	(1.7 %)	202.20	(3.0 %)	0.78
Q4 2018	749.79	17.6 %	213.22	39.5 %	163.87	57.8 %	0.63
2018	2,748.21	15.3 %	827.58	12.1 %	716.96	13.6 %	2.76
Q1 2019	647.97	28.6 %	193.91	62.8 %	161.88	65.9 %	0.62
Q2 2019	680.96	(9.2 %)	246.37	(11.1 %)	192.31	(24.1 %)	0.74
Q3 2019	647.18	(13.1 %)	245.26	12.5 %	213.12	5.4 %	0.82

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	1,466.83	0.5 %	217.93	(22.0 %)	127.12	(39.5 %)	0.49
2010	2,030.96	38.5 %	395.50	81.5 %	328.32	158.3 %	1.26
2011	2,790.92	37.4 %	575.74	45.6 %	512.80	56.2 %	1.97
2012	2,472.44	(11.4 %)	386.50	(32.9 %)	328.24	(36.0 %)	1.26
2013	2,785.60	12.7 %	611.45	58.2 %	556.86	69.7 %	2.14
2014	3,036.38	9.0 %	780.73	27.7 %	750.95	34.9 %	2.89
2015	2,377.03	(21.7 %)	784.15	0.4 %	713.03	(5.1 %)	2.74
2016	2,139.37	(10.0 %)	858.46	9.5 %	731.88	2.6 %	2.81
2017	2,384.54	11.5 %	738.12	(14.0 %)	631.12	(13.8 %)	2.43
2018	2,748.21	15.3 %	827.58	12.1 %	716.96	13.6 %	2.76

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	14.32 %	23.63 %	8.76 %
Q2 2010	14.64 %	23.92 %	10.04 %
Q3 2010	18.37 %	27.17 %	14.45 %
Q4 2010	19.47 %	28.05 %	16.17 %
2010	19.47 %	28.05 %	16.17 %
Q1 2011	21.10 %	29.07 %	18.21 %
Q2 2011	22.17 %	29.22 %	19.69 %
Q3 2011	21.27 %	27.74 %	18.96 %
Q4 2011	20.63 %	26.92 %	18.37 %
2011	20.63 %	26.92 %	18.37 %
Q1 2012	18.45 %	24.84 %	16.19 %
Q2 2012	16.41 %	22.93 %	13.90 %
Q3 2012	15.36 %	22.01 %	12.81 %
Q4 2012	15.63 %	21.99 %	13.28 %
2012	15.63 %	21.99 %	13.28 %
Q1 2013	17.80 %	24.04 %	15.39 %
Q2 2013	19.32 %	25.56 %	17.12 %
Q3 2013	20.42 %	26.53 %	18.30 %
Q4 2013	21.95 %	27.75 %	19.99 %
2013	21.95 %	27.75 %	19.99 %
Q1 2014	22.36 %	28.05 %	20.45 %
Q2 2014	22.87 %	28.30 %	21.08 %
Q3 2014	23.62 %	28.85 %	21.95 %
Q4 2014	25.71 %	31.08 %	23.84 %
2014	25.71 %	31.08 %	23.84 %
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 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	14.86 %	24.34 %	8.67 %
2010	19.47 %	28.05 %	16.17 %
2011	20.63 %	26.92 %	18.37 %
2012	15.63 %	21.99 %	13.28 %
2013	21.95 %	27.75 %	19.99 %
2014	25.71 %	31.08 %	23.84 %
2015	32.99 %	40.09 %	30.00 %
2016	40.13 %	42.70 %	35.01 %
2017	30.95 %	34.04 %	26.47 %
2018	30.11 %	33.04 %	26.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	14.90 %	23.35 %	11.32 %
Q2 2010	18.09 %	27.64 %	14.47 %
Q3 2010	25.11 %	33.76 %	22.22 %
Q4 2010	18.90 %	26.73 %	15.67 %
Q1 2011	21.73 %	28.21 %	19.64 %
Q2 2011	22.91 %	28.70 %	20.96 %
Q3 2011	21.01 %	27.09 %	18.90 %
Q4 2011	16.55 %	23.44 %	13.65 %
Q1 2012	11.83 %	18.76 %	9.74 %
Q2 2012	14.85 %	21.02 %	11.79 %
Q3 2012	17.68 %	24.20 %	15.44 %
Q4 2012	17.25 %	23.15 %	15.00 %
Q1 2013	20.70 %	27.11 %	18.38 %
Q2 2013	21.96 %	28.16 %	19.93 %
Q3 2013	22.20 %	28.20 %	20.30 %
Q4 2013	22.76 %	27.53 %	21.11 %
Q1 2014	22.48 %	28.40 %	20.36 %
Q2 2014	23.88 %	29.02 %	22.31 %
Q3 2014	25.09 %	30.27 %	23.69 %
Q4 2014	31.33 %	36.65 %	28.83 %
Q1 2015	23.75 %	31.28 %	19.15 %
Q2 2015	35.90 %	42.32 %	33.06 %
Q3 2015	39.29 %	46.49 %	37.05 %
Q4 2015	29.67 %	37.19 %	26.96 %
Q1 2016	36.66 %	40.48 %	29.97 %
Q2 2016	41.17 %	44.83 %	36.40 %
Q3 2016	42.69 %	44.98 %	38.43 %
Q4 2016	39.72 %	40.47 %	34.84 %
Q1 2017	27.22 %	31.30 %	23.63 %
Q2 2017	36.42 %	39.68 %	32.18 %
Q3 2017	36.01 %	39.49 %	33.81 %
Q4 2017	23.97 %	25.67 %	16.29 %
Q1 2018	23.65 %	28.47 %	19.36 %
Q2 2018	36.97 %	39.77 %	33.79 %
Q3 2018	29.28 %	32.77 %	27.14 %
Q4 2018	28.44 %	29.67 %	21.86 %
Q1 2019	29.93 %	31.67 %	24.98 %
Q2 2019	36.18 %	38.30 %	28.24 %
Q3 2019	37.90 %	40.11 %	32.93 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	260.00	0.53	0.53	6.35
Q2 2010	260.00	0.64	0.64	6.19
Q3 2010	260.00	1.03	1.03	6.64
Q4 2010	260.00	1.26	1.26	6.97
Q1 2011	260.00	1.56	1.56	6.91
Q2 2011	260.00	1.91	1.91	6.95
Q3 2011	260.00	1.97	1.97	7.46
Q4 2011	260.00	1.97	1.97	7.80
Q1 2012	260.00	1.69	1.69	7.47
Q2 2012	260.00	1.30	1.30	7.04
Q3 2012	260.00	1.16	1.16	7.42
Q4 2012	260.00	1.26	1.26	7.86
Q1 2013	260.00	1.50	1.50	7.67
Q2 2013	260.00	1.81	1.81	7.55
Q3 2013	260.00	1.97	1.97	8.08
Q4 2013	260.00	2.14	2.14	8.67
Q1 2014	260.00	2.22	2.21	8.42
Q2 2014	260.00	2.40	2.38	8.31
Q3 2014	260.00	2.74	2.58	8.51
Q4 2014	260.00	2.89	2.78	9.14
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	260.00	0.49	0.49	6.42
2010	260.00	1.26	1.26	6.97
2011	260.00	1.97	1.97	7.80
2012	260.00	1.26	1.26	7.86
2013	260.00	2.14	2.14	8.67
2014	260.00	2.89	2.78	9.14
2015	260.00	2.74	2.74	9.65
2016	260.00	2.81	2.88	11.68
2017	260.00	2.43	2.43	11.97
2018	260.00	2.76	2.76	12.40

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	23.72	23.72	1.97
Q2 2010	17.36	17.36	1.81
Q3 2010	10.46	10.46	1.62
Q4 2010	11.71	11.71	2.12
Q1 2011	10.74	10.74	2.43
Q2 2011	9.73	9.73	2.67
Q3 2011	7.93	7.93	2.09
Q4 2011	7.89	7.89	1.99
Q1 2012	11.70	11.70	2.64
Q2 2012	12.21	12.21	2.25
Q3 2012	14.13	14.13	2.21
Q4 2012	13.09	13.09	2.10
Q1 2013	12.31	12.31	2.40
Q2 2013	11.05	11.05	2.66
Q3 2013	10.69	10.69	2.61
Q4 2013	12.02	12.02	2.97
Q1 2014	12.12	12.15	3.19
Q2 2014	11.62	11.73	3.36
Q3 2014	13.77	14.59	4.43
Q4 2014	8.78	9.11	2.77
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

Period	P/E	Adjusted P/E	Price/book
2009	27.69	27.69	2.11
2010	11.71	11.71	2.12
2011	7.89	7.89	1.99
2012	13.09	13.09	2.10
2013	12.02	12.02	2.97
2014	8.78	9.11	2.77
2015	8.68	8.68	2.47
2016	12.36	12.08	2.98
2017	14.32	14.32	2.90
2018	13.87	13.87	3.08

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	180.80	213.12	17.88 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
AlJazira Capital	210.20	213.12	1.4 %
Al Rajhi Capital	176.00	213.12	21.1 %
SNB Capital	172.00	213.12	23.9 %
Riyad Capital	165.00	213.12	29.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	10,413.00
Enterprise Value (EV) (M)	16,775.77
Shares Outstanding ((M))	260.00
EPS ( Riyal) (TTM)	0.27
Book Value (BV) ( Riyal)	12.39
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	More than 50
Price/book	3.23
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	2.2

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Share Price

Advanced Petrochemical Co. (ADVANCED)

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Profitability

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Analysts Estimates (Million)

Analysts Estimates (Million)

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Advanced posts 3% profit rise in 9M

View other reports

Share Price

Advanced Petrochemical Co. (ADVANCED)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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