Advanced profit slides 81% to SAR 28.7M in 9M 2024; Q3 at SAR 45.5M

20/10/2024 Argaam Exclusive

Advanced Petrochemical Co. posted a net profit of SAR 28.7 million in the first nine months of 2024, a fall of 81% from SAR 148.1 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,802.66 1,613.24 (10.5 %)
Gross Income 348.83 268.85 (22.9 %)
Operating Income 226.28 125.61 (44.5 %)
Net Income 148.13 28.71 (80.6 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.57 0.11 (80.6 %)

The nine-month earnings were hurt by a 14% drop year-on-year (YoY) in revenue, due to scheduled maintenance during the year despite a 4% rise in net selling prices.

 

Advanced incurred a loss of SAR 97 million from SK Advanced Co., compared to SAR 75 million losses in 9M 2023. The petrochemical producer also reported a 9% YoY rise in propane prices.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 594.25 642.96 8.2 %
Gross Income 122.05 118.94 (2.5 %)
Operating Income 79.61 75.87 (4.7 %)
Net Income 45.15 45.52 0.8 %
Average Shares 260.00 260.00 -
EPS (Riyals) 0.17 0.18 0.8 %

The third-quarter net earnings rose 0.8% to SAR 45.5 million, from SAR 45.15 million in Q3 2023, as net selling prices jumped 11% YoY despite a 3% decline in sales volumes. Advanced incurred a SAR 30 million loss from SK Advanced in Q3 2024, down from SAR 32 million in the same period of 2023.

 

Meanwhile, propane and propylene prices increased by 30% and 7% YoY, respectively.

 

Net earnings grew 9.5% quarter-on-quarter (QoQ) from SAR 41.56 million in Q2 2024, thanks to a 1% rise in sales volumes.

 

Shareholders’ equity, after minority interest, rose to SAR 3.21 billion as of Sept. 30, 2024, from SAR 3.20 billion in the year-earlier period.

View More Financial Results

 

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Share Price

Advanced Petrochemical Co.
32.15
(0.05) (0.16 %)

Advanced Petrochemical Co. (ADVANCED)

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Financial Ratios
Current
Market Cap (M Riyal) 8,359.00
Enterprise Value (EV) (M) 16,400.15
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 2.60
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 1.6
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2023 626.87 (27.6 %) 101.69 (51.8 %) 64.42 (64.6 %)
Q2 2023 581.54 (28.6 %) 125.09 (25.7 %) 82.25 (37.5 %)
Q3 2023 594.25 (9.5 %) 122.05 36.4 % 79.61 44.5 %
Q4 2023 570.85 (6.7 %) 98.14 45.0 % 47.27 55.5 %
Q1 2024 321.23 (48.8 %) 27.02 (73.4 %) (25.34) (139.3 %)
Q2 2024 649.06 11.6 % 122.90 (1.8 %) 75.08 (8.7 %)
Q3 2024 642.96 8.2 % 118.94 (2.5 %) 75.87 (4.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2023 42.69 (74.0 %) 0.16 - 42.69 0.16
Q2 2023 60.30 (45.0 %) 0.23 - 60.30 0.23
Q3 2023 45.15 67.5 % 0.17 - 45.15 0.17
Q4 2023 22.93 457.8 % 0.09 - 22.93 0.09
Q1 2024 (58.37) (236.7 %) (0.22) - (58.37) (0.22)
Q2 2024 41.56 (31.1 %) 0.16 - 41.56 0.16
Q3 2024 45.52 0.8 % 0.18 - 45.52 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 18.00 % 17.56 % 3.39 %
Q2 2024 17.33 % 17.08 % 2.40 %
Q3 2024 16.80 % 16.61 % 2.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 260.00 0.27 0.27 12.39
Q2 2024 260.00 0.20 0.20 12.16
Q3 2024 260.00 0.20 0.20 12.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 More than 100 More than 100 3.29
Q2 2024 More than 100 More than 100 3.20
Q3 2024 More than 100 More than 100 3.14

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 38.15 45.52 19.32 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Goldman Sachs 44.20 45.52 3.0 %
Riyad Capital 47.00 45.52 (3.1) %
SNB Capital 42.20 45.52 7.9 %
U-Capital 49.50 45.52 (8.0) %
JP Morgan 51.00 45.52 (10.7) %
GIB Capital 38.00 45.52 19.8 %
OSOOL AND BAKHEET 58.82 45.52 (22.6) %
Value Capital 36.82 45.52 23.6 %
Bank of America 29.51 45.52 54.3 %
AlJazira Capital 29.50 45.52 54.3 %
Hermes 26.00 45.52 75.1 %
Al Rajhi Capital 25.00 45.52 82.1 %
Sico 18.40 45.52 147.4 %

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