Advanced profit slumps 64% to SAR 294.5 mln in 2022; Q4 loss at SAR 6.4 mln

Advanced profit slumps 64% to SAR 294.5 mln in 2022; Q4 loss at SAR 6.4 mln

21/02/2023 Argaam Exclusive

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Advanced Petrochemical Co. reported a 64% slump in net profit to SAR 294.5 million for 2022, compared to SAR 815.4 million in 2021, as sales prices decreased by 17% year-on-year (YoY).



Financials (M)

Item 2021 2022 Change‬
Revenues 3,111.32 2,948.47 (5.2 %)
Gross Income 1,042.62 536.30 (48.6 %)
Operating Income 864.67 398.97 (53.9 %)
Net Income 815.40 294.50 (63.9 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 3.14 1.13 (63.9 %)

The company recognized SAR 109 million in loss share from SK Advanced Co. during 2022, versus a profit of SAR 11 million in 2021.

 

Moreover, propane and propylene purchase prices increased by 13% and 4% YoY, respectively. Offsite logistics expenses also rose 36% YoY.

 

Meanwhile, sales volume edged up 14% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 905.45 611.63 (32.5 %)
Gross Income 245.28 67.67 (72.4 %)
Operating Income 185.92 30.39 (83.7 %)
Net Income 161.66 (6.41) (104.0 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.62 (0.02) (104.0 %)

In Q4 2022, the petrochemical producer swung to a net loss of SAR 6.4 million, against a net profit of SAR 161.66 million in the prior-year period.

 

In the previous quarter, Advanced reported a net profit of SAR 26.96 million.

 

Total shareholders’ equity, excluding minority interest, reached SAR 3.23 billion at the end of 2022, down from SAR 3.73 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2021 631.74 18.2 % 201.36 30.4 % 163.51 30.6 %
Q2 2021 768.80 48.1 % 326.79 75.6 % 283.91 86.4 %
Q3 2021 805.33 47.8 % 269.18 56.6 % 231.33 64.9 %
Q4 2021 905.45 43.1 % 245.28 13.1 % 185.92 6.5 %
Q1 2022 866.31 37.1 % 210.80 4.7 % 181.94 11.3 %
Q2 2022 814.02 5.9 % 168.36 (48.5 %) 131.55 (53.7 %)
Q3 2022 656.52 (18.5 %) 89.47 (66.8 %) 55.09 (76.2 %)
Q4 2022 611.63 (32.5 %) 67.67 (72.4 %) 30.39 (83.7 %)
2022 2,948.47 (5.2 %) 536.30 (48.6 %) 398.97 (53.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2021 171.36 64.2 % 0.66 - 171.36 0.66
Q2 2021 264.62 70.8 % 1.02 - 264.62 1.02
Q3 2021 217.76 39.1 % 0.84 - 217.76 0.84
Q4 2021 161.66 (10.1 %) 0.62 - 161.66 0.62
Q1 2022 164.35 (4.1 %) 0.63 - 164.35 0.63
Q2 2022 109.60 (58.6 %) 0.42 - 109.60 0.42
Q3 2022 26.96 (87.6 %) 0.10 - 26.96 0.10
Q4 2022 (6.41) (104.0 %) (0.02) - (6.41) (0.02)
2022 294.50 (63.9 %) 1.13 - 294.50 1.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 25.56 (6.41) (125.1 %)

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
OSOOL AND BAKHEET 65.00 (6.41) (109.9) %
AlJazira Capital 25.60 (6.41) (125.0) %
SNB Capital 25.20 (6.41) (125.4) %
Al Rajhi Capital 24.00 (6.41) (126.7) %
Bank of America 21.94 (6.41) (129.2) %
Goldman Sachs 20.80 (6.41) (130.8) %
Riyad Capital 20.00 (6.41) (132.0) %
Hermes 17.00 (6.41) (137.7) %
U-Capital 10.50 (6.41) (161.0) %


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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