Advanced Petrochemical Co. — Earnings Release 2018

Apr 15, 2018

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE ESTIMATED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED ON 31 MARCH 2018 (THREE MONTHS)

2330 · 15/04/2018 08:11:35 · Announcement #50205 · View on Saudi Exchange

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE ESTIMATED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED ON 31 MARCH 2018 (THREE MONTHS)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	98	124.37	-	103.83	-
Gross profit (loss)	119	143.25	-	152.79	-
Operational profit (loss)	95	117	-	115.24	-
Earning or loss per share, Riyals	0.5	0.63	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Despite the increase in Polypropylene prices by 13.8%, Net Profit is reduced by 21.2% mainly due to: - Reduction in sales quantities by 15.8% due to scheduled turnaround of production facilities in March 2018 as announced earlier. - Increase in propane prices by 16.3%. - Increase in outsourced Propylene prices by 21.9%.
Reasons of increase (decrease) for period compared with same period last year	Irrespective of the increase in Polypropylene prices by 7.0%, Operational Profit is reduced by 17.6% mainly due to: - Reduction in sales quantities by 26.1% due to scheduled turnaround of production facilities in March 2018 as announced earlier. - Increase in outsourced Propylene prices by 12.5%. Despite the above, Net Profit of Q1 2018 is marginally reduced by only 5.6% due to increase in share of profit from our equity investment in SK Advanced Co. Ltd. (associated company) compared to Q4 2017.
Other notes	- Q1 2018 net profit also includes SR 10 million share of profit on equity investment in SK Advanced Co. Ltd. (Q1 2017: SR 15.26 Million). - The sales revenue for the quarter ended March 31, 2018 amounted to SR 504 million, a decrease of 4.26% compared to the same quarter last year of SR 526.24 million. - The total comprehensive income for the quarter ended March 31, 2018 amounted to SR 239 million, an increase of 51.83% compared to same quarter last year of SR 157.53 million. - The total equity (no minority interest) as at March 31, 2018 is SR 3,078 million compared to equity of SR 2,918.47 million at March 31, 2017 with increase of 5.45%.

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