Saudi Advanced Petrochemical revenue up 8pc in Q1

14/05/2017 07:38 AST

Saudi-based Advanced Petrochemical Company (APPC) has reported a eight per cent growth in its revenue for the first quarter to SR526.2 million ($140.2 million) compared to the same period last year despite a shutdown of eight days, said a report.

This was mainly because the product price was up around 20 per cent y-o-y, stated Saudi-based broker Al Rajhi Capital in its review.

However, the company has posted a net profit of SR124.4 million, lower than consensus (SR164 million) and the estimates of (SR159 million), it added.

Reported operating income and bottom-line came below Al Rajhi Capital estimates on account of lower-than-expected equity income from SK Advanced and higher than expected operating expense and operating leverage.

Given upward revision of prior period gross profits, some costs above the gross profit level could have been categorized to below gross level post migration to IFRS, a similar pattern observed with most of the companies in the sector in Q1, stated the Saudi brokerage in its review.

"On the whole, downward revision to prior net profits (these changes being non-cash) and lower than expected net profit in Q1 is unlikely to change our valuation of APPC materially," it added.


Trade Arabia

News

Kuwait to buy 25pc stake in Korea-Saudi venture

19/01/2016

Kuwait's Petrochemicals Industries Company (PIC) has agreed to buy a 25 percent equity stake in a venture owned by South Korea's SK Gas Co Ltd and Saudi Advanced Petrochemical Co, shareholders of the

Reuters

Advanced Petrochem recommended 7.5% cash dividends for 2Q 2015

26/05/2015

The Board of Directors of Advanced Petrochemical Company in their meeting held on May 26th 2015 reviewed the financial and operational performance of the Company and has recommended to distribute div

Tadawul

Saudi's petchem firm resumes production

24/03/2015

Saudi Arabia's Advanced Petrochemical said on Monday it had restarted production at its propylene and polypropylene plants after scheduled maintenance.

Full operational capacity at the two

Reuters

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941

Valuation

APPC Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
SABIC 114.77 0.02 (0.01%)
MAADEN 53.50 0.77 (1.46%)
YANSAB 71.78 1.14 (1.61%)
SAFCO 69.21 0.79 (1.15%)
KAYAN 13.87 0.06 (0.43%)

Recent News

SABIC-MCC joint venture starts output

05/04/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

Doha Bank’s third Indian branch opens today

04/04/2018

Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o

The Peninsula

SHUAA to act as liquidity provider to Bank of Sharjah

04/04/2018

Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap