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.
| 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.
| 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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