Advanced 2023 profit dips 42% to SAR 171M; Q4 at SAR 23M

Advanced 2023 profit dips 42% to SAR 171M; Q4 at SAR 23M

15/02/2024 Argaam Exclusive

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Advanced Petrochemical Co. reported a 42% drop in its annual net profit to SAR 171 million from SAR 295 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 2,948.47 2,373.51 (19.5 %)
Gross Income 536.30 446.96 (16.7 %)
Operating Income 398.97 273.55 (31.4 %)
Net Income 294.50 171.06 (41.9 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 1.13 0.66 (41.9 %)

The full-year bottom line was hurt by lower revenues as prices and sales volumes fell by 15% and 5% year-on-year (YoY), respectively, despite a decline of 24% and 17% in propane and purchased propylene prices, respectively.

 

Moreover, the petrochemical producer reported a drop of SAR 12 million in its loss share from SK Advanced.

 

Advanced recognized a SAR 97 million loss share in SK Advanced during 2023, compared to SAR 109 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 611.63 570.85 (6.7 %)
Gross Income 67.67 98.14 45.0 %
Operating Income 30.39 47.27 55.5 %
Net Income (6.41) 22.93 457.8 %
Average Shares 260.00 260.00 -
EPS (Riyals) (0.02) 0.09 457.8 %

In Q4 2023, the company turned to a net profit of SAR 23 million against a net loss of SAR 6 million in Q4 2022.

 

The company’s net earnings fell by 49.1% from SAR 45.15 million in Q3 2023.

 

Shareholders' equity, after minority interest, reached SAR 3.23 billion as of Dec. 31, 2023, compared to SAR 3.24 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
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
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
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
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
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
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
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
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)
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
Q3 2023 594.25 (9.5 %) 122.05 36.4 % 45.15 67.5 % 0.17
Q4 2023 570.85 (6.7 %) 98.14 45.0 % 22.93 457.8 % 0.09
2023 2,373.51 (19.5 %) 446.96 (16.7 %) 171.06 (41.9 %) 0.66

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 %
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 %
Q1 2023 15.77 % 17.91 % 6.38 %
Q2 2023 15.50 % 17.12 % 4.99 %
Q3 2023 17.25 % 18.06 % 5.87 %
Q4 2023 18.83 % 19.02 % 7.21 %
2023 18.83 % 19.02 % 7.21 %


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
Q3 2023 260.00 0.55 0.55 12.33
Q4 2023 260.00 0.66 0.66 12.42

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 71.91 71.91 3.99
Q2 2023 92.81 92.81 3.53
Q3 2023 73.57 73.57 3.25
Q4 2023 59.43 59.43 3.15

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 30.32 22.93 (24.4 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
AlJazira Capital 20.20 22.93 13.5 %
GIB Capital 19.00 22.93 20.7 %
Goldman Sachs 31.20 22.93 (26.5) %
OSOOL AND BAKHEET 37.96 22.93 (39.6) %
U-Capital 39.30 22.93 (41.7) %
Sico 45.00 22.93 (49.0) %
Value Capital 45.68 22.93 (49.8) %
ALEMBIC 59.80 22.93 (61.7) %
Bank of America 83.77 22.93 (72.6) %
Al Rajhi Capital 10.00 22.93 129.3 %
Riyad Capital 3.00 22.93 664.3 %
SNB Capital (1.70) 22.93 1,448.8 %
JP Morgan 1.00 22.93 2,192.9 %


Financial Ratios
Current
Market Cap (M Riyal) 10,153.00
Enterprise Value (EV) (M) 17,136.06
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 100
P/E (TTM) More than 100
Price/book 3.15
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 2.2
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Share Price

Advanced Petrochemical Co.
39.05
0.10 0.26 %

Advanced Petrochemical Co. (ADVANCED)

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