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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE ESTIMATED FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 JUNE 2020 (SIX MONTHS)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 519680.96-23.784534.52-2.903
Gross Profit (Loss) 186246.37-24.503154.3720.489
Operational Profit (Loss) 152207.33-26.686125.221.405
Net Profit (Loss) after Zakat and Tax 155192.31-19.4104.3348.567
Total Comprehensive Income 217150.0944.579-112.47-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,0541,328.92-20.687
Gross Profit (Loss) 340440.27-22.774
Operational Profit (Loss) 278359.06-22.575
Net Profit (Loss) after Zakat and Tax 259354.18-26.873
Total Comprehensive Income 105419.07-74.944
Total Share Holders Equity (after Deducting Minority Equity) 3,0333,230.13-6.102
Profit (Loss) per Share 1.1961.636
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to Net profit for Q2 2020 is reduced by 19.4% compared to Q2 2019 mainly due to the following:

- reduction in Polypropylene sales prices by 26.7%

- increase in consumption of Outsourced Propylene by 19.9%

The above decrease in net profit is despite the increase in Polypropylene sales volume by 4.0%, decrease in Propane and outsourced Propylene prices by 45.7% and 24.9% respectively, decrease in general and administrative expenses by 20.4% and reduction in financial charges by 93.5%

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net profit is increased by 48.6% compared to Q1 2020 mainly due to the following:

- Increase in Polyopropylene sales volume by 13.1%

- Reduction in Propane and outsourced Propylene prices by 39.5% and 25.8% respectively

- Share of profit on investment in SK Advanced Co. Ltd. of SR 6.7 million in current quarter compared to share of loss of SR 18.2 million in previous quarter

The above increase in net profit is despite the decrease in Polypropylene sales price by 14.1%, increase in consumption of Outsourced Propylene by 225.2% and increase in general and administrative costs by 14.9%

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Net profit for current period is reduced by 26.9% compared to similar period in previous year mainly due to the following:

- reduction in Polypropylene sales prices and sales volume by 19.1% and 2.0% respectively

- Share of loss on investment in SK Advanced Co. Ltd. of SR 11.5 million in current period compared to share of profit of SR 23.8 million in similar period of last year

The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 26.0% and 20.1% respectively, decrease in consumption of outsourced Propylene by 31.0%, decrease in general and administrative expenses by 27.9% and reduction in financial charges by 95.7%.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion These estimated financial results for the period ended June 30, 2020 are prepared by the management of the Company and these results are not reviewed by the external auditors.
Reclassification of Comparison Items Earning per share for same period last year is adjusted due to increase in number of shares as a result of issuance of 10% bonus shares pursuant to approval from EGM dated September 17, 2019.
Additional Information Q2 2020 net profit also includes SR 6.7 million share of profit on investment in SK Advanced Co. Ltd. in South Korea compared to SR 3.1 million share of profit for same quarter last year and SR 18.2 million share of loss for previous quarter.

The reduction in Comprehensive Income in the current period is mainly due to unrealized fair value losses of SR 130.5 million in equity investment in Tasnee recorded at fair value through other comprehensive income.

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.

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