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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30 JUNE 2022 (SIX MONTHS)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 8147695.85866-6
Gross Profit (Loss) 168327-48.62211-20.38
Operational Profit (Loss) 132284-53.52182-27.47
Net Profit (Loss) after Zakat and Tax 110265-58.49164-32.93
Total Comprehensive Income -187433-279-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,6801,40119.91
Gross Profit (Loss) 379528-28.22
Operational Profit (Loss) 313447-29.98
Net Profit (Loss) after Zakat and Tax 274436-37.16
Total Comprehensive Income 92638-85.58
Total Share Holders Equity (after Deducting Minority Equity) 3,6383,6350.08
Profit (Loss) per Share 1.051.68
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 is decreased by 58% compared to Q2 2021 mainly due to the following:

- Increase in propane and outsourced propylene prices by 60% and 15% respectively.

- Decrease in share of profit on investment in SK Advanced by SR 45 million.

- Increase in offshore logistic cost by 165%.

The above decrease in net profit was despite of the increase in sales volume by 13%.

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 is decreased by 33% compared to Q1 2022 mainly due to the following:

- Increase in propane price by 13%.

- Increase in share of losses on investment in SK Advanced by SR 4 million.

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 is decreased by 37% compared to a similar period in 2021 mainly due to the following:

- Increase in propane and outsourced propylene prices by 51% and 20% respectively.

- Decrease in share of profit on investment in SK Advanced by SR 75 million.

- Increase in offshore logistic cost by 174%.

The above decrease in net profit was despite of the increase in sales volume by 24%.

Statement of the type of external auditor's report Unmodified conclusion
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 Net profit for Q2 2022 also includes SR 19 million share in losses on investment in SK Advanced Co. Ltd. in South Korea compared to SR 26 million share in profit for the same quarter in 2021 and SR 15 million share in losses for Q1 2022.

Net profit for the six months period of 2022 also includes SR 33 million share in losses on investment in SK Advanced Co. Ltd compared to SR 42 million share in profit for the same period in 2021.

As of year to date, 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.

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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