Advanced 2020 net profit declines 22% to SAR 596 mln

Advanced 2020 net profit declines 22% to SAR 596 mln

11/01/2021 Argaam Exclusive

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Advanced Petrochemical Co. reported an estimated annual net profit after Zakat and tax of SAR 596 million for 2020, down 22% year-on-year (YoY), due to a 12.2% decrease in polypropylene prices and 2.1% fall in sales volume. 



Financials (M)

Item 2019 2020 Change‬
Revenues 2,594.51 2,231.35 (14.0 %)
Gross Income 899.20 729.22 (18.9 %)
Operating Income 732.22 592.45 (19.1 %)
Net Income 759.31 595.59 (21.6 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 2.92 2.29 (21.6 %)

The company also cited a 55.1% reduction in profit share from South-Korea’s associated firm, SK Advanced Co.

 

This was despite the decrease in propane and outsourced propylene prices by 15.4% and 10.7% respectively, decrease in consumption of outsourced propylene by 6.5%, decrease in general and administrative expenses by 21.9%, and reduction in financial charges by 86.1%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 618.40 632.85 2.3 %
Gross Income 213.67 216.90 1.5 %
Operating Income 171.22 174.63 2.0 %
Net Income 192.01 179.81 (6.4 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.74 0.69 (6.4 %)

The petrochemicals producer reported a net profit of SAR 180 million, down 6% YoY, in the fourth quarter of 2020.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 667.51 43.7 % 145.05 109.5 % 135.83 122.6 %
Q2 2011 742.50 64.7 % 170.14 108.6 % 160.63 123.1 %
Q3 2011 717.07 31.5 % 150.68 10.1 % 141.19 9.7 %
Q4 2011 663.84 16.4 % 109.88 1.9 % 96.09 (0.3 %)
Q1 2012 586.24 (12.2 %) 69.36 (52.2 %) 60.63 (55.4 %)
Q2 2012 456.91 (38.5 %) 67.84 (60.1 %) 58.09 (63.8 %)
Q3 2012 649.29 (9.5 %) 114.76 (23.8 %) 105.51 (25.3 %)
Q4 2012 780.00 17.5 % 134.53 22.4 % 122.17 27.1 %
Q1 2013 641.52 9.4 % 132.77 91.4 % 121.75 100.8 %
Q2 2013 685.67 50.1 % 150.60 122.0 % 140.13 141.2 %
Q3 2013 694.25 6.9 % 154.12 34.3 % 143.53 36.0 %
Q4 2013 764.17 (2.0 %) 173.96 29.3 % 160.10 31.0 %
Q1 2014 669.17 4.3 % 150.42 13.3 % 138.60 13.8 %
Q2 2014 807.63 17.8 % 192.85 28.0 % 183.19 30.7 %
Q3 2014 819.76 18.1 % 205.69 33.5 % 196.90 37.2 %
Q4 2014 739.82 (3.2 %) 231.78 33.2 % 216.42 35.2 %
Q1 2015 467.94 (30.1 %) 111.12 (26.1 %) 100.34 (27.6 %)
Q2 2015 735.37 (8.9 %) 264.00 36.9 % 253.53 38.4 %
Q3 2015 631.98 (22.9 %) 248.32 20.7 % 240.55 22.2 %
Q4 2015 541.73 (26.8 %) 160.72 (30.7 %) 148.10 (31.6 %)
Q1 2016 488.07 4.3 % 178.90 61.0 % 147.77 47.3 %
Q2 2016 546.41 (25.7 %) 224.96 (14.8 %) 195.04 (23.1 %)
Q3 2016 528.53 (16.4 %) 225.65 (9.1 %) 196.67 (18.2 %)
Q4 2016 576.37 6.4 % 228.95 42.5 % 188.65 27.4 %
Q1 2017 526.24 7.8 % 143.25 (19.9 %) 117.00 (20.8 %)
Q2 2017 604.41 10.6 % 220.13 (2.1 %) 192.07 (1.5 %)
Q3 2017 616.41 16.6 % 221.95 (1.6 %) 195.36 (0.7 %)
Q4 2017 637.48 10.6 % 152.79 (33.3 %) 115.24 (38.9 %)
Q1 2018 503.82 (4.3 %) 119.14 (16.8 %) 94.71 (19.1 %)
Q2 2018 749.67 24.0 % 277.14 25.9 % 246.61 28.4 %
Q3 2018 744.94 20.9 % 218.08 (1.7 %) 190.55 (2.5 %)
Q4 2018 749.79 17.6 % 213.22 39.5 % 168.51 46.2 %
Q1 2019 647.97 28.6 % 193.91 62.8 % 151.74 60.2 %
Q2 2019 680.96 (9.2 %) 246.37 (11.1 %) 207.33 (15.9 %)
Q3 2019 647.18 (13.1 %) 245.26 12.5 % 201.94 6.0 %
Q4 2019 618.40 (17.5 %) 213.67 0.2 % 171.22 1.6 %
Q1 2020 534.52 (17.5 %) 154.37 (20.4 %) 125.20 (17.5 %)
Q2 2020 519.04 (23.8 %) 186.06 (24.5 %) 152.30 (26.5 %)
Q3 2020 544.95 (15.8 %) 171.89 (29.9 %) 140.32 (30.5 %)
Q4 2020 632.85 2.3 % 216.90 1.5 % 174.63 2.0 %
2020 2,231.35 (14.0 %) 729.22 (18.9 %) 592.45 (19.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 131.11 149.4 % 0.50 - 131.11 0.50
Q2 2011 155.61 138.5 % 0.60 - 155.61 0.60
Q3 2011 135.49 11.9 % 0.52 - 135.49 0.52
Q4 2011 90.60 1.4 % 0.35 - 90.60 0.35
Q1 2012 57.09 (56.5 %) 0.22 - 57.09 0.22
Q2 2012 53.88 (65.4 %) 0.21 - 53.88 0.21
Q3 2012 100.26 (26.0 %) 0.39 - 100.26 0.39
Q4 2012 117.01 29.2 % 0.45 - 117.01 0.45
Q1 2013 117.94 106.6 % 0.45 - 117.94 0.45
Q2 2013 136.67 153.7 % 0.53 - 136.67 0.53
Q3 2013 140.96 40.6 % 0.54 - 140.96 0.54
Q4 2013 161.29 37.9 % 0.62 - 161.29 0.62
Q1 2014 137.45 16.5 % 0.53 1.20 136.26 0.52
Q2 2014 184.63 35.1 % 0.71 4.45 180.19 0.69
Q3 2014 228.74 62.3 % 0.88 34.57 194.17 0.75
Q4 2014 200.13 24.1 % 0.77 (13.13) 213.26 0.82
Q1 2015 89.63 (34.8 %) 0.34 - 89.63 0.34
Q2 2015 243.15 31.7 % 0.94 - 243.15 0.94
Q3 2015 234.18 2.4 % 0.90 - 234.18 0.90
Q4 2015 146.08 (27.0 %) 0.56 - 146.08 0.56
Q1 2016 142.86 59.4 % 0.55 (3.42) 146.28 0.56
Q2 2016 192.11 (21.0 %) 0.74 (6.76) 198.87 0.76
Q3 2016 189.10 (19.2 %) 0.73 (14.00) 203.11 0.78
Q4 2016 207.81 42.3 % 0.80 6.98 200.83 0.77
Q1 2017 124.37 (12.9 %) 0.48 - 124.37 0.48
Q2 2017 194.51 1.2 % 0.75 - 194.51 0.75
Q3 2017 208.41 10.2 % 0.80 - 208.41 0.80
Q4 2017 103.83 (50.0 %) 0.40 - 103.83 0.40
Q1 2018 97.55 (21.6 %) 0.38 - 97.55 0.38
Q2 2018 253.34 30.2 % 0.97 - 253.34 0.97
Q3 2018 202.20 (3.0 %) 0.78 - 202.20 0.78
Q4 2018 163.87 57.8 % 0.63 - 163.87 0.63
Q1 2019 161.88 65.9 % 0.62 - 161.88 0.62
Q2 2019 192.31 (24.1 %) 0.74 - 192.31 0.74
Q3 2019 213.12 5.4 % 0.82 - 213.12 0.82
Q4 2019 192.01 17.2 % 0.74 - 192.01 0.74
Q1 2020 104.33 (35.5 %) 0.40 - 104.33 0.40
Q2 2020 154.96 (19.4 %) 0.60 - 154.96 0.60
Q3 2020 156.50 (26.6 %) 0.60 - 156.50 0.60
Q4 2020 179.81 (6.4 %) 0.69 - 179.81 0.69
2020 595.59 (21.6 %) 2.29 - 595.59 2.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 21.10 % 29.07 % 18.21 %
Q2 2011 22.17 % 29.22 % 19.69 %
Q3 2011 21.27 % 27.74 % 18.96 %
Q4 2011 20.63 % 26.92 % 18.37 %
Q1 2012 18.45 % 24.84 % 16.19 %
Q2 2012 16.41 % 22.93 % 13.90 %
Q3 2012 15.36 % 22.01 % 12.81 %
Q4 2012 15.63 % 21.99 % 13.28 %
Q1 2013 17.80 % 24.04 % 15.39 %
Q2 2013 19.32 % 25.56 % 17.12 %
Q3 2013 20.42 % 26.53 % 18.30 %
Q4 2013 21.95 % 27.75 % 19.99 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 260.00 1.56 1.56 6.91
Q2 2011 260.00 1.91 1.91 6.95
Q3 2011 260.00 1.97 1.97 7.46
Q4 2011 260.00 1.97 1.97 7.80
Q1 2012 260.00 1.69 1.69 7.47
Q2 2012 260.00 1.30 1.30 7.04
Q3 2012 260.00 1.16 1.16 7.42
Q4 2012 260.00 1.26 1.26 7.86
Q1 2013 260.00 1.50 1.50 7.67
Q2 2013 260.00 1.81 1.81 7.55
Q3 2013 260.00 1.97 1.97 8.08
Q4 2013 260.00 2.14 2.14 8.67
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 10.74 10.74 2.43
Q2 2011 9.73 9.73 2.67
Q3 2011 7.93 7.93 2.09
Q4 2011 7.89 7.89 1.99
Q1 2012 11.70 11.70 2.64
Q2 2012 12.21 12.21 2.25
Q3 2012 14.13 14.13 2.21
Q4 2012 13.09 13.09 2.10
Q1 2013 12.31 12.31 2.40
Q2 2013 11.05 11.05 2.66
Q3 2013 10.69 10.69 2.61
Q4 2013 12.02 12.02 2.97
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

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average 196.78 179.81 (8.6 %)

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
AlJazira Capital 178.10 179.81 1.0 %
Riyad Capital 197.00 179.81 (8.7) %
SNB Capital 205.00 179.81 (12.3) %
Al Rajhi Capital 207.00 179.81 (13.1) %


Financial Ratios
Current
Market Cap (M Riyal) 8,476.00
Enterprise Value (EV) (M) 16,517.15
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) 0.20
Book Value (BV) ( Riyal) 12.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.64
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 1.6
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Share Price

Advanced Petrochemical Co.
32.60
(0.15) (0.46 %)

Advanced Petrochemical Co. (ADVANCED)

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