Advanced 9M 2023 profit drops 51% to SAR 148 mln; Q3 at SAR 45 mln

19/10/2023 Argaam Exclusive

View other reports

Share Price

Advanced Petrochemical Co. (ADVANCED)

Advanced Petrochemical Co. reported a 51% tumble in net profit to SAR 148 million in the first nine months of 2023, from SAR 300.9 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	2,336.85	1,802.66	(22.9 %)
Gross Income	468.63	348.83	(25.6 %)
Operating Income	368.58	226.28	(38.6 %)
Net Income	300.91	148.13	(50.8 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	1.16	0.57	(50.8 %)

The profit fall was attributed to a decline in sales prices and volumes by 24% and 4% year-on-year (YoY), respectively.

The company recognized a loss share of SAR 75 million in SK Advanced investment during the current period, compared to SAR 63 million during the first nine months of 2022.

On the other hand, propane and propylene prices fell by 29% and 21% YoY, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	656.52	594.25	(9.5 %)
Gross Income	89.47	122.05	36.4 %
Operating Income	55.09	79.61	44.5 %
Net Income	26.96	45.15	67.5 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.10	0.17	67.5 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	581.54	594.25	2.2 %
Gross Income	125.09	122.05	(2.4 %)
Operating Income	82.25	79.61	(3.2 %)
Net Income	60.30	45.15	(25.1 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.23	0.17	(25.1 %)

The company’s third-quarter net profit climbed 67% to SAR 45 million, from SAR 26.9 million in Q3 2022, thanks to a 32% and 14% YoY rise in propane and propylene prices, respectively. Freight costs saw a plunge of 54% YoY, while sales volume rose by 1% YoY.

By contrast, sales prices declined by 13% YoY.

Advanced net profit dropped 25.4% from SAR 60.30 million in Q2 2023, as sales prices decreased by 9% quarter-on-quarter (QoQ).

The company recognized a loss share of SAR 32 million in SK Advanced investment during the current quarter, compared to SAR 21 million in Q3 2022.

Sales volumes jumped 12% QoQ. Propane and propylene prices fell by 8% and 4% QoQ, respectively. Freight costs dipped 14% QoQ.

Shareholders' equity, after minority interest, dropped to SAR 3.20 billion as of Sept. 30, 2023, from SAR 3.24 billion a year earlier.

View More Financial Results

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
Q2 2023	581.54	(28.6 %)	125.09	(25.7 %)	60.30	(45.0 %)	0.23
Q3 2023	594.25	(9.5 %)	122.05	36.4 %	45.15	67.5 %	0.17

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 %
Q2 2023	15.50 %	17.12 %	4.99 %
Q3 2023	17.25 %	18.06 %	5.87 %

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 %
Q2 2023	21.51 %	21.90 %	10.37 %
Q3 2023	20.54 %	20.89 %	7.60 %

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
Q2 2023	260.00	0.48	0.48	12.51
Q3 2023	260.00	0.55	0.55	12.33

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
Q2 2023	More than 50	More than 50	3.53
Q3 2023	More than 50	More than 50	3.25

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	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	62.07	45.15	(27.3 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Hermes	45.00	45.15	0.3 %
Goldman Sachs	46.80	45.15	(3.5) %
Bank of America	50.04	45.15	(9.8) %
Al Rajhi Capital	52.00	45.15	(13.2) %
OSOOL AND BAKHEET	55.53	45.15	(18.7) %
JP Morgan	57.00	45.15	(20.8) %
Arqaam Capital	58.00	45.15	(22.2) %
AlJazira Capital	58.60	45.15	(23.0) %
Riyad Capital	59.00	45.15	(23.5) %
KASB Capital	81.95	45.15	(44.9) %
SNB Capital	86.00	45.15	(47.5) %
U-Capital	94.90	45.15	(52.4) %

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

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Sign In

Search Result

Advanced 9M 2023 profit drops 51% to SAR 148 mln; Q3 at SAR 45 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

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Sign In

×

Forgot password?

Advanced 9M 2023 profit drops 51% to SAR 148 mln; Q3 at SAR 45 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

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}