Advanced net profit edges up to SAR 354.2 mln in H1 2019

08/07/2019 Argaam Exclusive

Advanced Petrochemical Co. reported a net profit after zakat and tax of SAR 354.2 million in the first half of 2019, edging up 0.94 percent year-on-year (YoY) on higher sales volumes, lower propane and outsourced propylene prices.

 

Profit was impacted by higher cost of production, higher general and administrative expenses, and a decrease in profit share from SK Advanced Co. Ltd.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 1,253.49 1,328.92 6.0 %
Gross Income 396.28 440.27 11.1 %
Operating Income 341.31 359.06 5.2 %
Net Income 350.89 354.18 0.9 %
Average Shares 260.00 260.00 -
EPS (Riyals) 1.35 1.36 0.9 %

The company’s Q2 net profit after zakat and tax fell 24.1 percent YoY to SAR 192.3 million due to lower sales volumes, lower prices of poly propylene, higher consumption of outsourced propylene, and lower profit share from subsidiary.

 

On a sequential basis, Q2 net profit rose around 19 percent from the previous quarter on higher polypropylene prices, lower cost of outsourced propylene and lower cost of production. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 749.67 680.96 (9.2 %)
Gross Income 277.14 246.37 (11.1 %)
Operating Income 246.61 207.33 (15.9 %)
Net Income 253.34 192.31 (24.1 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.97 0.74 (24.1 %)

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