Advanced 2021 net profit surges 37% to SAR 815 mln

09/01/2022 Argaam Exclusive

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Share Price

Advanced Petrochemical Co. (ADVANCED)

Advanced Petrochemical Co. reported an estimated annual net profit after Zakat and tax of SAR 815 million for 2021, up 36.8% from SAR 595.6 million in the same period last year.

Financials (M)

Item	2020	2021	Change‬
Revenues	2,231.35	3,111.32	39.4 %
Gross Income	729.22	1,042.62	43.0 %
Operating Income	592.45	864.67	45.9 %
Net Income	595.59	815.40	36.9 %
Average Shares	260.00	260.00	-
EPS (Riyals)	2.29	3.14	36.9 %

The company attributed the profit to a 51% increase in polypropylene prices.

This was despite the decrease in share of profit in SK Advanced’s (an associate company in South Korea) investment by SAR 24 million; lower sales volume by 7% due to scheduled periodic maintenance; increase in propane and outsourced propylene prices by 83% and 32%, respectively; higher general and administrative expenses by 54%; and increase in financial charges by SAR 10 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	632.85	905.45	43.1 %
Gross Income	216.90	245.28	13.1 %
Operating Income	174.63	185.92	6.5 %
Net Income	179.81	161.66	(10.1 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.69	0.62	(10.1 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	805.33	905.45	12.4 %
Gross Income	269.18	245.28	(8.9 %)
Operating Income	231.33	185.92	(19.6 %)
Net Income	217.76	161.66	(25.8 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.84	0.62	(25.8 %)

The petrochemicals producer reported a net profit of SAR 161 million, down 10% year-on-year (YoY), in the fourth quarter of 2021.

Shareholders' equity (after excluding minority interest) at the end of the period amounted to SAR 3.734 billion, compared to SAR 3.419 billion riyals at the end of the same period of the previous year.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2019	618.40	(17.5 %)	213.67	0.2 %	192.01	17.2 %	0.74
2019	2,594.51	(5.6 %)	899.20	8.7 %	759.31	5.9 %	2.92
Q1 2020	534.52	(17.5 %)	154.37	(20.4 %)	104.33	(35.5 %)	0.40
Q2 2020	519.04	(23.8 %)	186.06	(24.5 %)	154.96	(19.4 %)	0.60
Q3 2020	544.95	(15.8 %)	171.89	(29.9 %)	156.50	(26.6 %)	0.60
Q4 2020	632.85	2.3 %	216.90	1.5 %	179.81	(6.4 %)	0.69
2020	2,231.35	(14.0 %)	729.22	(18.9 %)	595.59	(21.6 %)	2.29
Q1 2021	631.74	18.2 %	201.36	30.4 %	171.36	64.2 %	0.66
Q2 2021	768.80	48.1 %	326.79	75.6 %	264.62	70.8 %	1.02
Q3 2021	805.33	47.8 %	269.18	56.6 %	217.76	39.1 %	0.84
Q4 2021	905.45	43.1 %	245.28	13.1 %	161.66	(10.1 %)	0.62
2021	3,111.32	39.4 %	1,042.62	43.0 %	815.40	36.9 %	3.14

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2019	2,594.51	(5.6 %)	899.20	8.7 %	759.31	5.9 %	2.92
2020	2,231.35	(14.0 %)	729.22	(18.9 %)	595.59	(21.6 %)	2.29
2021	3,111.32	39.4 %	1,042.62	43.0 %	815.40	36.9 %	3.14

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2019	34.66 %	36.52 %	29.27 %
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 %
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 %
2021	33.51 %	34.90 %	26.21 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	34.66 %	36.52 %	29.27 %
2020	32.68 %	36.27 %	26.69 %
2021	33.51 %	34.90 %	26.21 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2019	34.55 %	35.89 %	31.05 %
Q1 2020	28.88 %	33.56 %	19.52 %
Q2 2020	35.85 %	39.77 %	29.85 %
Q3 2020	31.54 %	35.67 %	28.72 %
Q4 2020	34.27 %	36.21 %	28.41 %
Q1 2021	31.87 %	33.86 %	27.13 %
Q2 2021	42.51 %	44.41 %	34.42 %
Q3 2021	33.43 %	35.90 %	27.04 %
Q4 2021	27.09 %	26.69 %	17.85 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	260.00	2.92	2.92	12.89
2020	260.00	2.29	2.29	13.15
2021	260.00	3.14	3.14	14.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2019	14.09	14.09	3.19
2020	24.37	24.37	4.24
2021	18.70	18.70	4.08

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	187.33	161.66	(13.7 %)

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
Al Rajhi Capital	179.00	161.66	(9.7) %
SNB Capital	180.00	161.66	(10.2) %
Riyad Capital	203.00	161.66	(20.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,153.00
Enterprise Value (EV) (M)	17,136.06
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 100
P/E (TTM)	More than 100
Price/book	3.15
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	2.2

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Advanced 2021 net profit surges 37% to SAR 815 mln

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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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Advanced 2021 net profit surges 37% to SAR 815 mln

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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