Advanced posts 4% drop in Q1 2022 net profit to SAR 164 mln

10/04/2022 Argaam Exclusive

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Share Price

Advanced Petrochemical Co. (ADVANCED)

Advanced Petrochemical Co. reported an estimated net profit after Zakat and tax of SAR 164 million for Q1 2022, down 4% from SAR 171 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Revenues	631.74	866.31	37.1 %
Gross Income	201.36	210.80	4.7 %
Operating Income	163.51	181.94	11.3 %
Net Income	171.36	164.35	(4.1 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.66	0.63	(4.1 %)

Item	Q4 2021	Q1 2022	Change‬
Revenues	905.45	866.31	(4.3 %)
Gross Income	245.28	210.80	(14.1 %)
Operating Income	185.92	181.94	(2.1 %)
Net Income	161.66	164.35	1.7 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.62	0.63	1.7 %

The profit decline came as propane and outsourced propylene prices rose 40% and 27% year-on-year (YoY), respectively.

The company reported a drop of SAR 30 million in its profit share from SK Advanced. Moreover, offshore logistics cost soared 188% YoY.

The profit dropped despite a rise of 35% YoY in sales volume.

Compared to Q4 2021, the petrochemicals producer’s net profit after Zakat and tax rose 1.4% from SAR 161.66 million, thanks to a 7% increase in sales volume and a decline in the company’s loss share by SAR 11 million from SK Advanced.

Shareholders' equity, after minority interest, jumped 15.8% to SAR 3.872 billion in Q1 2022, from SAR 3.343 billion in the year-ago period.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2022	866.31	37.1 %	210.80	4.7 %	164.35	(4.1 %)	0.63

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 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 %
Q1 2022	31.44 %	33.20 %	24.16 %

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 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 %
Q1 2022	24.33 %	27.57 %	18.97 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2022	260.00	3.11	3.11	14.89

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 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
Q1 2022	22.67	22.67	4.73

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	Q1 2022 (e)	Q1 2022 (a)	Change‬
Average	168.67	164.35	(2.6 %)

Estimates vs Actual (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change
AlJazira Capital	165.10	164.35	(0.5) %
Riyad Capital	158.00	164.35	4.0 %
SNB Capital	174.00	164.35	(5.5) %
U-Capital	174.90	164.35	(6.0) %
Hermes	153.00	164.35	7.4 %
Al Rajhi Capital	187.00	164.35	(12.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,361.00
Enterprise Value (EV) (M)	16,723.77
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	3.22
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	2.2

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Advanced posts 4% drop in Q1 2022 net profit to SAR 164 mln

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Share Price

Advanced Petrochemical Co. (ADVANCED)

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 posts 4% drop in Q1 2022 net profit to SAR 164 mln

View other reports

Share Price

Advanced Petrochemical Co. (ADVANCED)

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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