38.25 SAR

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES IT’S INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 SEPTEMBER 2023 ( NINE MONTHS )

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ADVANCED

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1445/04/04     19/10/2023 09:27:37

Element ListCurrent QuarterSimilar Quarter For Previous Year%ChangePrevious Quarter% Change
Sales/Revenue594657-9.595822.06
Gross Profit (Loss)1228937.08125-2.4
Operational Profit (Loss)805545.4582-2.44
Net Profit (Loss) after Zakat and Tax452766.6760-25
Total Comprehensive Income-46-115-60163
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar Period For Previous Year%Change
Sales/Revenue1,8032,337-22.85
Gross Profit (Loss)349469-25.59
Operational Profit (Loss)226369-38.75
Net Profit (Loss) after Zakat and Tax148301-50.83
Total Comprehensive Income137-22
Total Share Holders Equity (after Deducting Minority Equity)3,2073,240-1.02
Profit (Loss) per Share0.571.16
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year isNet profit for the current quarter is increased compared to the same quarter for previous year mainly due to the following: – Decrease in propane and propylene purchase prices by 32% and 14% respectively. – Decrease in the freight expenses by 54%. – Increase in sales volume by 1%. The above increase in net profit was despite of the following: – Decrease in Sales prices by 13% – Recognized SR 32 million of share of loss in SK Advanced investment during the current quarter compared to share of loss of SR 30 million during the same quarter of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year isNet profit for the current quarter is decreased compared to the previous quarter mainly due to the following: – Decrease in Sales prices by 9% – Recognized SR 32 million of share of loss in SK Advanced investment during the current quarter compared to share of loss of SR 21 million during previous quarter. The above decrease in net profit was despite of the following: – Increase in sales volume by 12% – Decrease in propane and propylene purchase prices by 8% and 4% respectively. -Decrease in the freight expenses by 14%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year isNet profit for the current period is decreased compared to the same period of the previous year mainly due to the following: – Decrease in sales price by 24%. – Decrease in sales volume by 4%. – Recognized SR 75 million of share of loss in SK Advanced investment during the current period compared to share of loss of SR 63 million during the same period of the previous year. The above decrease in net profit was despite of the following: – Decrease in propane and propylene purchase prices by 29% and 21% respectively. – Decrease in the freight expenses by 68%.
Statement of the type of external auditor’s reportUnmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor OpinionNone
Reclassification of Comparison ItemsNone
Additional InformationThe change in other comprehensive income is mainly due to unrealized gain/(loss) on the equity investment at fair value.

Announcement link :

https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/!ut/p/z1/lZFPT8JAEMU_C4cezQy76WzxtkJcSoqlLpV2L2YRgzX9F7Ni8NNb9QRaAnOb5PfmvZcBAxmY2u6KrXVFU9uy23NDj74kZNMAY5wux0ioFaXLYDgJOawOgWCuCJM7mcRM-KgeEMxFetQLH5PbxZxHeI8K6Tw99ow8w98cIrEciS7B7EaFkeQBiWPgn4pHJn87_ACnQp6MyQjyrqboBRIC_X3jqalaW-_1vlo3JeSMc4QZmG3ZrH9_-eJce-2hh85u7Md76XXWtq7H1kE27AfCDWSCOBuBtm_QVmmaYRG–u3uM3peXcnB4AvmW7m0/dz/d5/L0lHSkovd0RNQURrQUVnQSEhLzROVkUvZW4!/