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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES ITS ANNUAL FINANCIAL RESULTS ENDED ON 31-12-2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 2,948 | 3,111 | -5.24 | ||
| Gross Profit (Loss) | 536 | 1,043 | -48.61 | ||
| Operational Profit (Loss) | 399 | 865 | -53.87 | ||
| Net Profit (Loss) after Zakat and Tax | 295 | 815 | -63.8 | ||
| Total Comprehensive Income | -20 | 1,019 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 3,240 | 3,734 | -13.23 | ||
| Profit (Loss) per Share | 1.14 | 3.14 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit is decreased by 64% compared to 2021 mainly due to the following: - Decrease in sales prices by 17%. - Recognized SR 109 million of share of loss in SK Advanced investment during the year 2022 compared to profit of SR 11 million during 2021. - Increase in propane and propylene purchase prices by 13% and 4% respectively. - Increase in the offsite logistic expenses by 36%. The above decrease in net profit was despite of the increase in sales volume by 14%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not Applicable |
| Reclassification of Comparison Items | Some elements of general and administrative expenses have been reclassified to meet the implementation of the shared services in the group to distribute the costs among Advanced subsidiaries. Consequently, the items of the comparison period were reclassified to meet the current period classification. |
| Additional Information | Advanced achieved the highest production and sales volume in 2022 since the company's inception. The change in comprehensive income is mainly due to unrealized gain/loss on the equity investment at fair value. Earning per share for same period last year is adjusted due to increase in number of shares as a result of issuance of 20.11% bonus shares pursuant to Extraordinary General Assembly approval dated March 20, 2022. In line with the company's accounting policy, some of the property, plant and equipment have been revised with their useful economic life. The effect of such revision was a reduction in depreciation expenses of SR 13 million for 2022. Such revision would result in decrease in depreciation expenses of SR 50 million on annualized basis from 2023 onwards. However, this revision would not have any impact on cash flow of the company. |
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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