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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31 MARCH 2020 (THREE MONTHS)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 534.52647.97-17.508618.4-13.564
Gross Profit (Loss) 154.37193.91-20.39213.67-27.753
Operational Profit (Loss) 125.2151.74-17.49171.22-26.877
Net Profit (Loss) after Zakat and Tax 104.33161.88-35.551192.01-45.664
Total Comprehensive Income -112.47268.98-224.02-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 2,956.443,217.79-8.122
Profit (Loss) per Share 0.4820.748
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 Q1 2020 is reduced by 35.6% compared to Q1 2019 mainly due to the following:

- reduction in Polypropylene sales volume and prices by 8.1% and 10.3% respectively

- increase in consumption of Propane by 10.3%

- Share of loss on investment in SK Advanced Co. Ltd. of SR 18.19 million in current quarter compared to share of profit of SR 20.70 million in same quarter last year

The above decrease in net profit is despite the decrease in Propane prices by 4.3%, reduction in consumption of outsourced Propylene by 71.0% and decrease in fixed production costs and general and administrative expenses by 19.0% and 35.0% respectively.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net profit for Q1 2020 is reduced by 45.7% compared to Q4 2019 mainly due to the following:

- reduction in Polypropylene sales volume by 13.4%

- Increase in Propane and outsourced Propylene prices by 15.3% and 7.4% respectively

- Share of loss on investment in SK Advanced Co. Ltd. of SR 18.19 million in current quarter compared to share of profit of SR 27.03 million in previous quarter

The above decrease in net profit is despite the decrease in consumption of Propane and outsourced Propylene by 8.0% and 62.9% respectively and decrease in general and administrative expenses by 33.8%.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain figures for the comparative period have been reclassified to conform to the current period presentation. Earning per share for same period last year is also 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 Q1 2020 net profit also includes SR 18.19 million share of loss on investment in SK Advanced Co. Ltd. in South Korea compared to SR 20.70 million share of profit for same quarter last year and SR 27.03 million share of profit for previous quarter.

The reduction in Comprehensive Income in Q1 2020 is mainly due to unrealized fair value losses of SR 180.5 million in equity investment in Tasnee recorded at fair value through OCI.

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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