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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 SEPTEMBER 2020 (NINE MONTHS)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 544.95647.18-15.796519.034.993
Gross Profit (Loss) 171.89245.26-29.915186.05-7.61
Operational Profit (Loss) 140.32201.94-30.514152.3-7.866
Net Profit (Loss) after Zakat and Tax 156.49213.12-26.571154.950.993
Total Comprehensive Income 286.3236.9675.934217.3231.75
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,598.511,976.11-19.108
Gross Profit (Loss) 512.32685.53-25.266
Operational Profit (Loss) 417.83561-25.52
Net Profit (Loss) after Zakat and Tax 415.78567.3-26.708
Total Comprehensive Income 391.17455.97-14.211
Total Share Holders Equity (after Deducting Minority Equity) 3,178.673,267.02-2.704
Profit (Loss) per Share 1.9212.621
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 Q3 2020 is reduced by 26.6% compared to Q3 2019 mainly due to the following:

- reduction in Polypropylene sales prices and sales volume by 12.5% and 3.8% respectively

- increase in consumption of Outsourced Propylene by 22.5%

The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 7.5% and 12% respectively, decrease in general and administrative expenses by 31.3% and reduction in financial charges by 81.8%.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net profit is slightly increased by 1.0% compared to Q2 2020 mainly due to the following:

- Increase in Polypropylene sales price by 8.1%

- Share of profit on investment in SK Advanced Co. Ltd. of SR 22.2 million in current quarter compared to share of profit of SR 6.7 million in Q2 2020

The above increase in net profit is despite the decrease in Polypropylene sales volume by 2.9% and increase in Propane and outsourced Propylene prices by 20.0% and 20.6% respectively.

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 26.7% compared to similar period in previous year mainly due to the following:

- reduction in Polypropylene sales prices and sales volume by 16.9% and 2.6% respectively

- Share of profit on investment in SK Advanced Co. Ltd. of SR 10.7 million in current period compared to share of profit of SR 49.6 million in similar period of last year

The above decrease in net profit is despite the decrease in Propane and outsourced Propylene prices by 20.5% and 16.3% respectively, decrease in consumption of outsourced Propylene by 14.5%, decrease in general and administrative expenses by 29% and reduction in financial charges by 91%.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain figures of the prior period/year have been reclassified to conform to the presentation in the current period.
Additional Information Q3 2020 net profit also includes SR 22.2 million share of profit on investment in SK Advanced Co. Ltd. in South Korea compared to SR 25.8 million share of profit for same quarter last year and SR 6.7 million share of profit for previous quarter.

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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