ADVANCED PETROCHEMICAL COMPANY ANNOUNCES INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/12/2015 (NIN MONTHS)

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/12/2015 (NIN MONTHS)
 
1. The company's net profit during the Q1-2016 was SR 145.55 million compared to 89.63 SR million for the same quarter last year with an Increase of 62.39 % and compared to SR 146.08 million for the previous  quarter with a decrease of 0.36%.
2.  The company's gross profit during the Q1-2016 was SR 157.33 million compared to SR 111.12 million for the same quarter last year with an Increase of 41.59% and compared to SR 160.72 million for the previous quarter with a decrease of 2.11%.
3. The company's income from operation during the Q1-2016 was SR 144.29 million compared to SR 100.34 million for the same quarter last year with an Increase of 43.8% and compared to SR 148.1 million for the previous quarter with a decrease of 2.57%.
4. The company's Earnings per share during 3 months was SR 0.89 compared to SR 0.55 for the same period last year.
5. Reasons of increase (decrease) for quarter compared with same quarter last year mainly due to significant increase in sales volume compared to same quarter last year in which periodic scheduled maintenance was carried out.
6. Reasons of increase (decrease) for quarter compared with previous quarter the operational Profit is marginally lower compared to previous quarter mainly due to decrease in selling prices despite lower feedstock prices.
7. (Other notes) Q1 2016 results also includes gain of SR 16 million on sales of 5% shares of PDH Plant in South Korea as announced earlier as well as provision for impairment loss of SR 17.2 million on available for sales investments.