Advanced Petrochemical Co. — Earnings Release 2020

Feb 25, 2021

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES ITS ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31-12-2020

2330 · 25/02/2021 08:18:45 · Announcement #62009 · View on Saudi Exchange

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES ITS ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31-12-2020

Element List	Current Year	Previous Year	%Change
Sales/Revenue	2,231.35	2,594.51	-13.997
Gross Profit (Loss)	729.22	899.5	-18.93
Operational Profit (Loss)	592.45	732.22	-19.088
Net Profit (Loss) after Zakat and Tax	595.59	759.31	-21.561
Total Comprehensive Income	631.61	679.98	-7.113
Total Share Holders Equity (after Deducting Minority Equity)	3,419.11	3,350.33	2.052
Profit (Loss) per Share	2.751	3.508
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	Net profit for the year 2020 is decreased by 21.6% compared to year 2019 mainly due to the following:

- Reduction in Polypropylene sales prices and sales volume by 12.2% and 2.1% respectively

- Reduction in share of profit on investment in SK Advanced Co. Ltd. (associated company in South Korea) by 55.1% in year 2020

The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 15.4% and 10.7% respectively, decrease in consumption of outsourced Propylene by 6.5%, decrease in general and administrative expenses by 22.1% and reduction in financial charges by 86.1%. Statement of the type of external auditor's report Unmodified opinion Reclassification of Comparison Items Certain of the prior year figures have been reclassified to conform to the presentation in the current. Additional Information Year 2020 net profit also includes SR 34.4 million share of profit on equity investment in SK Advanced Co. Ltd. in South Korea (2019: SR 76.6 million).

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