ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE ESTIMATED ANNUAL CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED ON 31-12-2017
|Element||Current year||Previous year||% Change|
|Net profit (loss)||631.12||731.88||-13.77|
|Earning or loss per share, Riyals||3.21||3.72||-|
|Gross profit (loss)||738.12||858.46||-14.02|
|Operational profit (loss)||619.66||728.12||-14.9|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reasons of annual financial results||The decrease in net profit is mainly attributable to significant increase in feedstock costs (propane overall cost increase by 38.24% and outsourced propylene cost increase by 69.62% comapared to prior year) despite the increase in revenue from the sales of finished prdocuts (increase by 11.46% compared to year 2016). It is also worthwhile to note that due to end of life of PDH catalyst, conversion factor and productivity also resulted in marginal increase in productions costs.|
|Reclassifications in annual financial results||Advanced has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Group's financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative year in accordance with the accounting policies adopted in accordance with IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants.|
|Other notes||- 2017 net profit also includes SR 47.61 million share of profit on equity investment in SK Advanced Co. Ltd. (2016: SR 47.22 million).
- The sales revenue for the year ended December 31, 2017 amounted to SR 2,384.54 million, an increase of 11.46% compared to the same period last year of SR 2,139.37 million.
- The total comprehensive income for the year ended December 31, 2017 amounted to SR 628.02 million, a decrease of 38.21% compared to same period last year of SR 1,016.41 million.
- The total equity (no minority interest) at December 31, 2017 is SR 3,113.44 million compared to equity of SR 3,036.44 million at December 31, 2016 with increase of 2.54%.
- In accordance with CMA Resolution dated 25/2/1439H (14/11/2017G) exempting listed companies from disclosing Q4 2017 financial results, the Company will announce and publish the full 2017 financial results comprising of all four quarters without separately announcing Q4 2017 financial information.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.