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||-21.2||103.83||-5.61|
|Gross profit (loss)||119||143.25||-16.93||152.79||-22.12|
|Operational profit (loss)||95||117||-18.8||115.24||-17.56|
|Earning or loss per share, Riyals||0.5||0.63||-||-||-|
|All figures are in (Millions) Saudi Arabia, Riyals|
|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%.
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.