Advanced H1 2023 profit falls 62% to SAR 103 mln; Q2 at SAR 60 mln

20/07/2023 Argaam Exclusive

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Share Price

Advanced Petrochemical Co. (ADVANCED)

Advanced Petrochemical Co. reported a 62% tumble in H1 2023 net profit to SAR 103 million from SAR 274 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,680.33	1,208.41	(28.1 %)
Gross Income	379.16	226.78	(40.2 %)
Operating Income	313.49	146.67	(53.2 %)
Net Income	273.95	102.99	(62.4 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	1.05	0.40	(62.4 %)

The six-month profit was hurt by a decline in selling prices and volumes by 22% and 6% year-on-year (YoY), respectively.

Advanced recognized a loss share of SAR 43 million from SK Advanced during the current period compared to a loss of SAR 33 million during H1 2022. On the other hand, propane and propylene prices declined by 28% and 24% YoY, respectively. Freight expenses also slumped 72% YoY.

In Q2 2023, the petrochemical producer’s net profit dropped 45% to SAR 60 million from SAR 110 million in Q2 2022 on lower selling prices and volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	814.02	581.54	(28.6 %)
Gross Income	168.36	125.09	(25.7 %)
Operating Income	131.55	82.25	(37.5 %)
Net Income	109.60	60.30	(45.0 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.42	0.23	(45.0 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	626.87	581.54	(7.2 %)
Gross Income	101.69	125.09	23.0 %
Operating Income	64.42	82.25	27.7 %
Net Income	42.69	60.30	41.3 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.16	0.23	41.3 %

The company’s net profit leapt 41.3% from SAR 42.6 million in Q1 2023.

Shareholders' equity, after minority interest, decreased to SAR 3.25 billion as of June 30, 2023, from SAR 3.63 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	669.17	4.3 %	150.42	13.3 %	137.45	16.5 %	0.53
Q2 2014	807.63	17.8 %	192.85	28.0 %	184.63	35.1 %	0.71
Q3 2014	819.76	18.1 %	205.69	33.5 %	228.74	62.3 %	0.88
Q4 2014	739.82	(3.2 %)	231.78	33.2 %	200.13	24.1 %	0.77
2014	3,036.38	9.0 %	780.73	27.7 %	750.95	34.9 %	2.89
Q1 2015	467.94	(30.1 %)	111.12	(26.1 %)	89.63	(34.8 %)	0.34
Q2 2015	735.37	(8.9 %)	264.00	36.9 %	243.15	31.7 %	0.94
Q3 2015	631.98	(22.9 %)	248.32	20.7 %	234.18	2.4 %	0.90
Q4 2015	541.73	(26.8 %)	160.72	(30.7 %)	146.08	(27.0 %)	0.56
2015	2,377.03	(21.7 %)	784.15	0.4 %	713.03	(5.1 %)	2.74
Q1 2016	488.07	4.3 %	178.90	61.0 %	142.86	59.4 %	0.55
Q2 2016	546.41	(25.7 %)	224.96	(14.8 %)	192.11	(21.0 %)	0.74
Q3 2016	528.53	(16.4 %)	225.65	(9.1 %)	189.10	(19.2 %)	0.73
Q4 2016	576.37	6.4 %	228.95	42.5 %	207.81	42.3 %	0.80
2016	2,139.37	(10.0 %)	858.46	9.5 %	731.88	2.6 %	2.81
Q1 2017	526.24	7.8 %	143.25	(19.9 %)	124.37	(12.9 %)	0.48
Q2 2017	604.41	10.6 %	220.13	(2.1 %)	194.51	1.2 %	0.75
Q3 2017	616.41	16.6 %	221.95	(1.6 %)	208.41	10.2 %	0.80
Q4 2017	637.48	10.6 %	152.79	(33.3 %)	103.83	(50.0 %)	0.40
2017	2,384.54	11.5 %	738.12	(14.0 %)	631.12	(13.8 %)	2.43
Q1 2018	503.82	(4.3 %)	119.14	(16.8 %)	97.55	(21.6 %)	0.38
Q2 2018	749.67	24.0 %	277.14	25.9 %	253.34	30.2 %	0.97
Q3 2018	744.94	20.9 %	218.08	(1.7 %)	202.20	(3.0 %)	0.78
Q4 2018	749.79	17.6 %	213.22	39.5 %	163.87	57.8 %	0.63
2018	2,748.21	15.3 %	827.58	12.1 %	716.96	13.6 %	2.76
Q1 2019	647.97	28.6 %	193.91	62.8 %	161.88	65.9 %	0.62
Q2 2019	680.96	(9.2 %)	246.37	(11.1 %)	192.31	(24.1 %)	0.74
Q3 2019	647.18	(13.1 %)	245.26	12.5 %	213.12	5.4 %	0.82
Q4 2019	618.40	(17.5 %)	213.67	0.2 %	192.01	17.2 %	0.74
2019	2,594.51	(5.6 %)	899.20	8.7 %	759.31	5.9 %	2.92
Q1 2020	534.52	(17.5 %)	154.37	(20.4 %)	104.33	(35.5 %)	0.40
Q2 2020	519.04	(23.8 %)	186.06	(24.5 %)	154.96	(19.4 %)	0.60
Q3 2020	544.95	(15.8 %)	171.89	(29.9 %)	156.50	(26.6 %)	0.60
Q4 2020	632.85	2.3 %	216.90	1.5 %	179.81	(6.4 %)	0.69
2020	2,231.35	(14.0 %)	729.22	(18.9 %)	595.59	(21.6 %)	2.29
Q1 2021	631.74	18.2 %	201.36	30.4 %	171.36	64.2 %	0.66
Q2 2021	768.80	48.1 %	326.79	75.6 %	264.62	70.8 %	1.02
Q3 2021	805.33	47.8 %	269.18	56.6 %	217.76	39.1 %	0.84
Q4 2021	905.45	43.1 %	245.28	13.1 %	161.66	(10.1 %)	0.62
2021	3,111.32	39.4 %	1,042.62	43.0 %	815.40	36.9 %	3.14
Q1 2022	866.31	37.1 %	210.80	4.7 %	164.35	(4.1 %)	0.63
Q2 2022	814.02	5.9 %	168.36	(48.5 %)	109.60	(58.6 %)	0.42
Q3 2022	656.52	(18.5 %)	89.47	(66.8 %)	26.96	(87.6 %)	0.10
Q4 2022	611.63	(32.5 %)	67.67	(72.4 %)	(6.41)	(104.0 %)	(0.02)
2022	2,948.47	(5.2 %)	536.30	(48.6 %)	294.50	(63.9 %)	1.13
Q1 2023	626.87	(27.6 %)	101.69	(51.8 %)	42.69	(74.0 %)	0.16
Q2 2023	581.54	(28.6 %)	125.09	(25.7 %)	60.30	(45.0 %)	0.23

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	2,785.60	12.7 %	611.45	58.2 %	556.86	69.7 %	2.14
2014	3,036.38	9.0 %	780.73	27.7 %	750.95	34.9 %	2.89
2015	2,377.03	(21.7 %)	784.15	0.4 %	713.03	(5.1 %)	2.74
2016	2,139.37	(10.0 %)	858.46	9.5 %	731.88	2.6 %	2.81
2017	2,384.54	11.5 %	738.12	(14.0 %)	631.12	(13.8 %)	2.43
2018	2,748.21	15.3 %	827.58	12.1 %	716.96	13.6 %	2.76
2019	2,594.51	(5.6 %)	899.20	8.7 %	759.31	5.9 %	2.92
2020	2,231.35	(14.0 %)	729.22	(18.9 %)	595.59	(21.6 %)	2.29
2021	3,111.32	39.4 %	1,042.62	43.0 %	815.40	36.9 %	3.14
2022	2,948.47	(5.2 %)	536.30	(48.6 %)	294.50	(63.9 %)	1.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	22.36 %	28.05 %	20.45 %
Q2 2014	22.87 %	28.30 %	21.08 %
Q3 2014	23.62 %	28.85 %	21.95 %
Q4 2014	25.71 %	31.08 %	23.84 %
2014	25.71 %	31.08 %	23.84 %
Q1 2015	26.15 %	31.74 %	23.89 %
Q2 2015	29.41 %	35.36 %	26.79 %
Q3 2015	33.21 %	39.71 %	30.30 %
Q4 2015	32.99 %	40.09 %	30.00 %
2015	32.99 %	40.09 %	30.00 %
Q1 2016	35.54 %	41.88 %	32.11 %
Q2 2016	36.81 %	42.47 %	32.85 %
Q3 2016	37.55 %	41.89 %	32.99 %
Q4 2016	40.13 %	42.70 %	35.01 %
2016	40.13 %	42.70 %	35.01 %
Q1 2017	37.79 %	40.45 %	33.39 %
Q2 2017	36.59 %	39.17 %	32.33 %
Q3 2017	35.05 %	37.93 %	31.34 %
Q4 2017	30.95 %	34.04 %	26.47 %
2017	30.95 %	34.04 %	26.47 %
Q1 2018	30.23 %	33.46 %	25.58 %
Q2 2018	30.75 %	33.85 %	26.45 %
Q3 2018	29.10 %	32.22 %	24.92 %
Q4 2018	30.11 %	33.04 %	26.09 %
2018	30.11 %	33.04 %	26.09 %
Q1 2019	31.20 %	33.53 %	27.01 %
Q2 2019	30.87 %	33.03 %	25.51 %
Q3 2019	32.97 %	34.78 %	26.82 %
Q4 2019	34.66 %	36.52 %	29.27 %
2019	34.66 %	36.52 %	29.27 %
Q1 2020	34.65 %	37.15 %	28.28 %
Q2 2020	34.47 %	37.40 %	28.65 %
Q3 2020	32.75 %	36.19 %	27.42 %
Q4 2020	32.68 %	36.27 %	26.69 %
2020	32.68 %	36.27 %	26.69 %
Q1 2021	33.33 %	36.24 %	28.46 %
Q2 2021	35.56 %	37.96 %	29.95 %
Q3 2021	35.73 %	37.82 %	29.36 %
Q4 2021	33.51 %	34.90 %	26.21 %
2021	33.51 %	34.90 %	26.21 %
Q1 2022	31.44 %	33.20 %	24.16 %
Q2 2022	26.35 %	28.25 %	19.27 %
Q3 2022	22.02 %	24.09 %	14.27 %
Q4 2022	18.19 %	20.84 %	9.99 %
2022	18.19 %	20.84 %	9.99 %
Q1 2023	15.77 %	17.91 %	6.38 %
Q2 2023	15.50 %	17.12 %	4.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	21.95 %	27.75 %	19.99 %
2014	25.71 %	31.08 %	23.84 %
2015	32.99 %	40.09 %	30.00 %
2016	40.13 %	42.70 %	35.01 %
2017	30.95 %	34.04 %	26.47 %
2018	30.11 %	33.04 %	26.09 %
2019	34.66 %	36.52 %	29.27 %
2020	32.68 %	36.27 %	26.69 %
2021	33.51 %	34.90 %	26.21 %
2022	18.19 %	20.84 %	9.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	22.48 %	28.40 %	20.36 %
Q2 2014	23.88 %	29.02 %	22.31 %
Q3 2014	25.09 %	30.27 %	23.69 %
Q4 2014	31.33 %	36.65 %	28.83 %
Q1 2015	23.75 %	31.28 %	19.15 %
Q2 2015	35.90 %	42.32 %	33.06 %
Q3 2015	39.29 %	46.49 %	37.05 %
Q4 2015	29.67 %	37.19 %	26.96 %
Q1 2016	36.66 %	40.48 %	29.97 %
Q2 2016	41.17 %	44.83 %	36.40 %
Q3 2016	42.69 %	44.98 %	38.43 %
Q4 2016	39.72 %	40.47 %	34.84 %
Q1 2017	27.22 %	31.30 %	23.63 %
Q2 2017	36.42 %	39.68 %	32.18 %
Q3 2017	36.01 %	39.49 %	33.81 %
Q4 2017	23.97 %	25.67 %	16.29 %
Q1 2018	23.65 %	28.47 %	19.36 %
Q2 2018	36.97 %	39.77 %	33.79 %
Q3 2018	29.28 %	32.77 %	27.14 %
Q4 2018	28.44 %	29.67 %	21.86 %
Q1 2019	29.93 %	31.67 %	24.98 %
Q2 2019	36.18 %	38.30 %	28.24 %
Q3 2019	37.90 %	40.11 %	32.93 %
Q4 2019	34.55 %	35.89 %	31.05 %
Q1 2020	28.88 %	33.56 %	19.52 %
Q2 2020	35.85 %	39.77 %	29.85 %
Q3 2020	31.54 %	35.67 %	28.72 %
Q4 2020	34.27 %	36.21 %	28.41 %
Q1 2021	31.87 %	33.86 %	27.13 %
Q2 2021	42.51 %	44.41 %	34.42 %
Q3 2021	33.43 %	35.90 %	27.04 %
Q4 2021	27.09 %	26.69 %	17.85 %
Q1 2022	24.33 %	27.57 %	18.97 %
Q2 2022	20.68 %	23.16 %	13.46 %
Q3 2022	13.63 %	17.07 %	4.11 %
Q4 2022	11.06 %	12.26 %	(1.05 %)
Q1 2023	16.22 %	17.49 %	6.81 %
Q2 2023	21.51 %	21.90 %	10.37 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	260.00	2.22	2.21	8.42
Q2 2014	260.00	2.40	2.38	8.31
Q3 2014	260.00	2.74	2.58	8.51
Q4 2014	260.00	2.89	2.78	9.14
Q1 2015	260.00	2.70	2.60	8.58
Q2 2015	260.00	2.93	2.85	9.04
Q3 2015	260.00	2.95	3.00	9.31
Q4 2015	260.00	2.74	2.74	9.65
Q1 2016	260.00	2.95	2.96	9.15
Q2 2016	260.00	2.75	2.79	9.93
Q3 2016	260.00	2.58	2.67	10.55
Q4 2016	260.00	2.81	2.88	11.68
Q1 2017	260.00	2.74	2.80	11.22
Q2 2017	260.00	2.75	2.78	10.86
Q3 2017	260.00	2.83	2.80	11.89
Q4 2017	260.00	2.43	2.43	11.97
Q1 2018	260.00	2.32	2.32	11.84
Q2 2018	260.00	2.55	2.55	12.53
Q3 2018	260.00	2.53	2.53	12.43
Q4 2018	260.00	2.76	2.76	12.40
Q1 2019	260.00	3.00	3.00	12.38
Q2 2019	260.00	2.77	2.77	12.42
Q3 2019	260.00	2.81	2.81	12.57
Q4 2019	260.00	2.92	2.92	12.89
Q1 2020	260.00	2.70	2.70	11.37
Q2 2020	260.00	2.56	2.56	11.67
Q3 2020	260.00	2.34	2.34	12.23
Q4 2020	260.00	2.29	2.29	13.15
Q1 2021	260.00	2.55	2.55	12.86
Q2 2021	260.00	2.97	2.97	13.98
Q3 2021	260.00	3.21	3.21	15.35
Q4 2021	260.00	3.14	3.14	14.36
Q1 2022	260.00	3.11	3.11	14.89
Q2 2022	260.00	2.51	2.51	13.99
Q3 2022	260.00	1.78	1.78	12.46
Q4 2022	260.00	1.13	1.13	12.46
Q1 2023	260.00	0.66	0.66	11.99
Q2 2023	260.00	0.48	0.48	12.51

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	260.00	2.14	2.14	8.67
2014	260.00	2.89	2.78	9.14
2015	260.00	2.74	2.74	9.65
2016	260.00	2.81	2.88	11.68
2017	260.00	2.43	2.43	11.97
2018	260.00	2.76	2.76	12.40
2019	260.00	2.92	2.92	12.89
2020	260.00	2.29	2.29	13.15
2021	260.00	3.14	3.14	14.36
2022	260.00	1.13	1.13	12.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	12.12	12.15	3.19
Q2 2014	11.62	11.73	3.36
Q3 2014	13.77	14.59	4.43
Q4 2014	8.78	9.11	2.77
Q1 2015	9.69	10.06	3.05
Q2 2015	12.08	12.43	3.91
Q3 2015	9.76	9.59	3.09
Q4 2015	8.68	8.68	2.47
Q1 2016	8.79	8.75	2.83
Q2 2016	10.89	10.73	3.02
Q3 2016	11.08	10.70	2.71
Q4 2016	12.36	12.08	2.98
Q1 2017	12.73	12.49	3.11
Q2 2017	12.69	12.57	3.22
Q3 2017	12.31	12.43	2.93
Q4 2017	14.32	14.32	2.90
Q1 2018	16.28	16.28	3.20
Q2 2018	16.27	16.27	3.31
Q3 2018	16.45	16.45	3.34
Q4 2018	13.87	13.87	3.08
Q1 2019	14.01	14.01	3.40
Q2 2019	16.48	16.48	3.68
Q3 2019	14.37	14.37	3.22
Q4 2019	14.09	14.09	3.19
Q1 2020	13.74	13.74	3.26
Q2 2020	17.34	17.34	3.80
Q3 2020	21.06	21.06	4.03
Q4 2020	24.37	24.37	4.24
Q1 2021	23.86	23.86	4.73
Q2 2021	20.28	20.28	4.31
Q3 2021	19.49	19.49	4.07
Q4 2021	18.70	18.70	4.08
Q1 2022	22.67	22.67	4.73
Q2 2022	20.39	20.39	3.67
Q3 2022	25.01	25.01	3.58
Q4 2022	37.40	37.40	3.41
Q1 2023	More than 50	More than 50	3.99
Q2 2023	More than 50	More than 50	3.53

Period	P/E	Adjusted P/E	Price/book
2013	12.02	12.02	2.97
2014	8.78	9.11	2.77
2015	8.68	8.68	2.47
2016	12.36	12.08	2.98
2017	14.32	14.32	2.90
2018	13.87	13.87	3.08
2019	14.09	14.09	3.19
2020	24.37	24.37	4.24
2021	18.70	18.70	4.08
2022	37.52	37.52	3.41

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	77.77	60.30	(22.5 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
OSOOL AND BAKHEET	62.00	60.30	(2.7) %
JP Morgan	68.00	60.30	(11.3) %
Bank of America	72.33	60.30	(16.6) %
KASB Capital	51.65	60.30	16.7 %
Riyad Capital	74.00	60.30	(18.5) %
HSBC	76.00	60.30	(20.7) %
SNB Capital	76.40	60.30	(21.1) %
Hermes	77.00	60.30	(21.7) %
AlJazira Capital	77.90	60.30	(22.6) %
Al Rajhi Capital	87.00	60.30	(30.7) %
Goldman Sachs	96.20	60.30	(37.3) %
U-Capital	114.70	60.30	(47.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,413.00
Enterprise Value (EV) (M)	16,775.77
Shares Outstanding ((M))	260.00
EPS ( Riyal) (TTM)	0.27
Book Value (BV) ( Riyal)	12.39
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	More than 50
Price/book	3.23
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	2.2

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Advanced H1 2023 profit falls 62% to SAR 103 mln; Q2 at SAR 60 mln

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Advanced Petrochemical Co. (ADVANCED)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

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Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

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Analysts Estimates (Million)

Analysts Estimates (Million)

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Financial Ratios

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Advanced H1 2023 profit falls 62% to SAR 103 mln; Q2 at SAR 60 mln

View other reports

Share Price

Advanced Petrochemical Co. (ADVANCED)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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