Advanced Petrochemical Co. reported an estimated annual net profit after Zakat and tax of SAR 596 million for 2020, down 22% year-on-year (YoY), due to a 12.2% decrease in polypropylene prices and 2.1% fall in sales volume.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 2,594.51 | 2,231.35 | (14.0 %) |
| Gross Income | 899.20 | 729.22 | (18.9 %) |
| Operating Income | 732.22 | 592.45 | (19.1 %) |
| Net Income | 759.31 | 595.59 | (21.6 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 2.92 | 2.29 | (21.6 %) |
The company also cited a 55.1% reduction in profit share from South-Korea’s associated firm, SK Advanced Co.
This was despite the decrease in propane and outsourced propylene prices by 15.4% and 10.7% respectively, decrease in consumption of outsourced propylene by 6.5%, decrease in general and administrative expenses by 21.9%, and reduction in financial charges by 86.1%.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 618.40 | 632.85 | 2.3 % |
| Gross Income | 213.67 | 216.90 | 1.5 % |
| Operating Income | 171.22 | 174.63 | 2.0 % |
| Net Income | 192.01 | 179.81 | (6.4 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.74 | 0.69 | (6.4 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 544.95 | 632.85 | 16.1 % |
| Gross Income | 171.89 | 216.90 | 26.2 % |
| Operating Income | 140.32 | 174.63 | 24.4 % |
| Net Income | 156.50 | 179.81 | 14.9 % |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.60 | 0.69 | 14.9 % |
The petrochemicals producer reported a net profit of SAR 180 million, down 6% YoY, in the fourth quarter of 2020.
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