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ADVANCED

20 October, 2024 08:55

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 SEPTEMBER 2024 (NINE MONTHS)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 6435948.249649-0.924
Gross Profit (Loss) 119122-2.459123-3.252
Operational Profit (Loss) 7680-5751.333
Net profit (Loss) 46452.222429.523
Total Comprehensive Income 48-46--61-
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,6131,803-10.537
Gross Profit (Loss) 269349-22.922
Operational Profit (Loss) 126226-44.247
Net profit (Loss) 29148-80.405
Total Comprehensive Income -22137-
Total Shareholders Equity (after Deducting Minority Equity) 3,2123,2070.155
Profit (Loss) per Share 0.1110.572
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason of the increase in the revenues is due to the increase in the net sales price by 11% despite the decrease in the sales volume by 3%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reasons of the increase in the net profit are the following: Increase in the net sales price by 11%. Recognized SAR 30 million share in the losses on investment in SK Advanced during the current quarter as compared to SAR 32 million share in losses during the same quarter of the last year. Despite the following: Increase in propane price by 30%. Increase in propylene purchase price by 7%. Decrease in sales volume by 3%.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason of the decrease in the revenues is due to the decrease in net sales price by 2% despite the increase in sales volume by 1%.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reasons of the increase in the net profit are the following: Increase in sales volume by 1%. Recognized SAR 30 million share in the losses on investment in SK Advanced during the current quarter as compared to SAR 33 million share in losses during the previous quarter. Despite the following: Decreased in the net sales price by 2%. Increase in propane prices by 6%. Increase in propylene purchase price by 5%.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The reason of the decrease in the revenues is due to decrease in the sales volume by 14% resulting from 2024 periodic scheduled maintenance despite the increase in the net sales price by 4%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reasons of the decrease in the net profit are the following: Decrease in the sales volume by 14% resulting from 2024 periodic scheduled maintenance despite the increase in the net sales price by 4%. Increase in Propane price by 9%. Recognized SAR 97 million share in the losses on investment in SK Advanced during the current period as compared to SAR 75 million share in losses during the same period last year.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None
Reclassification of Comparison Items None
Additional Information The change in other comprehensive income is mainly due to the profit (loss) incurred during the period in addition to unrealized fair value gain (loss) on the equity investment and exchange difference on translation of investment in an associate.

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