Advanced profit slumps 74% to SAR 43 mln in Q1 2023

09/05/2023 Argaam Exclusive

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Share Price

Advanced Petrochemical Co. (ADVANCED)

Advanced Petrochemical Co. reported a 74% slump in net profit to SAR 43 million in the first quarter of 2023, compared to SAR 164 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	866.31	626.87	(27.6 %)
Gross Income	210.80	101.69	(51.8 %)
Operating Income	181.94	64.42	(64.6 %)
Net Income	164.35	42.69	(74.0 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.63	0.16	(74.0 %)

Item	Q4 2022	Q1 2023	Change‬
Revenues	611.63	626.87	2.5 %
Gross Income	67.67	101.69	50.3 %
Operating Income	30.39	64.42	112.0 %
Net Income	(6.41)	42.69	766.1 %
Average Shares	260.00	260.00	-
EPS (Riyals)	(0.02)	0.16	766.1 %

The company attributed the year-on-year (YoY) profit decline to a 27% decrease in sales prices and 6% lower sales volumes, in addition to the deepened loss share from SK Advanced Co. by SAR 7 million.

Meanwhile, propane and propylene purchase prices decreased by 15% and 21% YoY, respectively. Moreover, shipping costs were 73% down.

On a Quarter-on-quarter (QoQ) basis, the petrochemical producer recognized a profit versus a net loss of SAR 6.41 million, thanks to 7% higher sales prices, and a SAR 24 million decline in SK Advanced loss share, as well as a 31% fall in shipping costs.

This came despite a 5% decline in sales volume and a 6% rise in propane and propylene purchase prices.

Shareholders' equity, excluding minority interest, declined to SAR 3.11 billion by the end of Q1 2023, from SAR 3.87 billion in Q1 2022.

In Q1 2023, total comprehensive income amounted to SAR 20 million, compared to SAR 279 million YoY, and SAR 2 million QoQ.

Q1 2023 net profit includes an amount of SAR 22 million, a share of losses from investment in SK Advanced, South Korea, compared to losses YoY and QoQ of SAR 15 million and SAR 46 million, respectively.

The change in other comprehensive income is mainly due to unrealized gains/losses on equity investments carried at fair value.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q2 2022	814.02	5.9 %	168.36	(48.5 %)	109.60	(58.6 %)	0.42
Q3 2022	656.52	(18.5 %)	89.47	(66.8 %)	26.96	(87.6 %)	0.10
Q4 2022	611.63	(32.5 %)	67.67	(72.4 %)	(6.41)	(104.0 %)	(0.02)
2022	2,948.47	(5.2 %)	536.30	(48.6 %)	294.50	(63.9 %)	1.13
Q1 2023	626.87	(27.6 %)	101.69	(51.8 %)	42.69	(74.0 %)	0.16

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2022	2,948.47	(5.2 %)	536.30	(48.6 %)	294.50	(63.9 %)	1.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2022	26.35 %	28.25 %	19.27 %
Q3 2022	22.02 %	24.09 %	14.27 %
Q4 2022	18.19 %	20.84 %	9.99 %
2022	18.19 %	20.84 %	9.99 %
Q1 2023	15.77 %	17.91 %	6.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	18.19 %	20.84 %	9.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2022	20.68 %	23.16 %	13.46 %
Q3 2022	13.63 %	17.07 %	4.11 %
Q4 2022	11.06 %	12.26 %	(1.05 %)
Q1 2023	16.22 %	17.49 %	6.81 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2022	260.00	2.51	2.51	13.99
Q3 2022	260.00	1.78	1.78	12.46
Q4 2022	260.00	1.13	1.13	12.46
Q1 2023	260.00	0.66	0.66	11.99

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	260.00	1.13	1.13	12.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2022	20.39	20.39	3.67
Q3 2022	25.01	25.01	3.58
Q4 2022	37.40	37.40	3.41
Q1 2023	More than 50	More than 50	3.99

Period	P/E	Adjusted P/E	Price/book
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
2022	37.52	37.52	3.41

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	19.43	42.69	119.66 %

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
U-Capital	51.00	42.69	(16.3) %
Al Rajhi Capital	52.00	42.69	(17.9) %
SNB Capital	20.10	42.69	112.4 %
AlJazira Capital	(6.50)	42.69	756.7 %
Riyad Capital	4.00	42.69	967.2 %
OSOOL AND BAKHEET	(4.00)	42.69	1,167.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	10,296.00
Enterprise Value (EV) (M)	16,658.77
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	3.20
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	2.2

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Advanced profit slumps 74% to SAR 43 mln in Q1 2023

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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 profit slumps 74% to SAR 43 mln in Q1 2023

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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