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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES IT'S INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 JUNE 2023 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 582 | 814 | -28.5 | 627 | -7.18 |
| Gross Profit (Loss) | 125 | 168 | -25.59 | 102 | 22.55 |
| Operational Profit (Loss) | 82 | 132 | -37.88 | 64 | 28.12 |
| Net Profit (Loss) after Zakat and Tax | 60 | 110 | -45.45 | 43 | 39.53 |
| Total Comprehensive Income | 163 | -187 | - | 20 | 715 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,208 | 1,680 | -28.09 |
| Gross Profit (Loss) | 227 | 379 | -40.1 |
| Operational Profit (Loss) | 147 | 313 | -53.03 |
| Net Profit (Loss) after Zakat and Tax | 103 | 274 | -62.41 |
| Total Comprehensive Income | 183 | 92 | 98.91 |
| Total Share Holders Equity (after Deducting Minority Equity) | 3,252 | 3,638 | -10.61 |
| Profit (Loss) per Share | 0.4 | 1.05 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit for the current quarter is decreased compared to similar quarter of the previous year mainly due to the following: - Decrease in sales prices and volume by 24% and 5% respectively. - Recognized SR 21 million of share of loss in SK Advanced investment during the current quarter compared to share of loss of SR 19 million during similar quarter of the previous year. The above decrease in net profit was despite of the following: - Decrease in propane and propylene purchased prices by 39% and 25% respectively. - Decrease in the freight expenses by 72%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit for the current quarter is increased compared to the previous quarter mainly due to the following: - Decrease in propane and propylene purchased prices by 18% and 8% respectively. - The above increase in net profit was despite of the reduction in sales prices and volume by 2% and 5% respectively. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit for the current period is decreased compared to the similar period of the previous year mainly due to the following: - Decrease in sales prices and volume by 22% and 6% respectively. - Recognized SR 43 million of share of loss in SK Advanced investment during the current period compared to share of loss of SR 33 million during the same period of the previous year. The above decrease in net profit was despite of the following: - Decrease in propane and propylene purchased prices by 28% and 24% respectively. -Decrease in the freight expenses by 72%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | None |
| Additional Information | The change in comprehensive income is mainly due to unrealized gain/loss on the equity investment at fair value. |
The Capital Market Authority and Saudi 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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