ADVANCED

09 May, 2024 09:18

ADVANCED PETROCHEMICAL COMPANY ANNOUNCES IT'S INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31 MARCH 2024 (THREE MONTHS)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 321627-48.803571-43.782
Gross Profit (Loss) 27102-73.52998-72.448
Operational Profit (Loss) -2564-47-
Net profit (Loss) -5843-23-
Total Comprehensive Income -920-21-
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 3,2223,1183.335
Profit (Loss) per Share -0.2260.165
All figures are in (Millions) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses --
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 decrease in the net revenue due to the following: - Decrease in sale volumes by 45% as result of the periodic scheduled maintenance, which was announced in Saudi Exchange website on 28th of January 2024. - Decrease in the net selling prices by 6%.
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 company incurred a net loss of SAR 58 million compared to a net profit of SAR 43 million to the following: - Decrease in the sale volumes by 45% as result of the periodic scheduled maintenance, as announced in Saudi Exchange website on 28th of January 2024. - Decrease in the net selling prices by 6%. - Recognized SAR 34 million share in loss of SK Advanced investment during the current quarter compared to SAR 22 million share in loss during the same quarter of the last year. The above losses despite the reduction in propane and purchased propylene prices by 10% and 6% respectively.
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 net revenue due to the following: - Decrease in sale volumes by 43% was due to periodic scheduled maintenance, which was announced in Saudi Exchange website on 28th of January 2024. - Decrease in the net selling prices by 1%.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The company incurred a net loss of SAR 58 million compared to a net profit of SAR 23 million due to the following: - Decrease in the sale volumes by 43% due to periodic scheduled maintenance, which was announced in Saudi Exchange website on 28th of January 2024. - Decrease in the net selling prices by 1%. - Increase in propylene purchased prices by 2%. - Recognized SAR 34 million share in loss of SK Advanced investment during the current quarter compared to SAR 22 million share in loss during the previous one. The above losses was despite the reduction in propane price by 2%.
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 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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