Buy Or Sell Opportunity • Jun 10
Now 20% undervalued Over the last 90 days, the stock has risen 8.7% to ر.س24.72. The fair value is estimated to be ر.س30.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 186% in the next 2 years. New Risk • May 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 159% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Major Estimate Revision • May 05
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ر.س5.41b to ر.س5.26b. EPS estimate also fell from ر.س1.75 per share to ر.س1.20 per share. Net income forecast to grow 89% next year vs 37% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س34.80 to ر.س34.01. Share price rose 3.2% to ر.س27.34 over the past week. Reported Earnings • May 01
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ر.س0.12 (down from ر.س0.28 in 1Q 2025). Revenue: ر.س1.08b (up 76% from 1Q 2025). Net income: ر.س29.9m (down 58% from 1Q 2025). Profit margin: 2.8% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 74%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 16
Consensus EPS estimates increase by 59% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ر.س5.01b to ر.س5.41b. EPS estimate increased from ر.س1.10 to ر.س1.75 per share. Net income forecast to grow 100% next year vs 30% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س35.94 to ر.س34.80. Share price rose 2.8% to ر.س28.06 over the past week. Announcement • Apr 14
Advanced Petrochemical Company, Annual General Meeting, May 05, 2026 Advanced Petrochemical Company, Annual General Meeting, May 05, 2026, at 19:00 Arab Standard Time. Location: jubail industrial city Saudi Arabia Major Estimate Revision • Apr 07
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ر.س5.12b to ر.س5.01b. EPS estimate rose from ر.س0.75 to ر.س0.878. Net income forecast to grow 26% next year vs 19% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س35.79. Share price rose 2.3% to ر.س25.84 over the past week. New Risk • Mar 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 30%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ر.س5.06b to ر.س5.12b. EPS estimate fell from ر.س1.07 to ر.س0.75 per share. Net income forecast to grow 22% next year vs 22% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س35.91. Share price was steady at ر.س22.42 over the past week. Buy Or Sell Opportunity • Mar 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ر.س22.13. The fair value is estimated to be ر.س27.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Reported Earnings • Feb 26
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ر.س0.88 (up from ر.س1.00 loss in FY 2024). Revenue: ر.س3.50b (up 60% from FY 2024). Net income: ر.س226.2m (up ر.س485.4m from FY 2024). Profit margin: 6.5% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ر.س0.28 (up from ر.س0.18 in 3Q 2024). Revenue: ر.س1.02b (up 58% from 3Q 2024). Net income: ر.س71.8m (up 58% from 3Q 2024). Profit margin: 7.1% (in line with 3Q 2024). Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 48%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 29
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ر.س0.32 (up from ر.س0.16 in 2Q 2024). Revenue: ر.س698.4m (up 7.6% from 2Q 2024). Net income: ر.س81.6m (up 96% from 2Q 2024). Profit margin: 12% (up from 6.4% in 2Q 2024). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • May 04
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ر.س0.28 (up from ر.س0.23 loss in 1Q 2024). Revenue: ر.س614.1m (up 91% from 1Q 2024). Net income: ر.س71.7m (up ر.س130.1m from 1Q 2024). Profit margin: 12% (up from net loss in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Mar 28
Advanced Petrochemical Company, Annual General Meeting, Apr 29, 2025 Advanced Petrochemical Company, Annual General Meeting, Apr 29, 2025, at 18:30 Arab Standard Time. Location: jubail Saudi Arabia Reported Earnings • Mar 08
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ر.س1.00 loss per share (down from ر.س0.66 profit in FY 2023). Revenue: ر.س2.19b (down 7.6% from FY 2023). Net loss: ر.س259.2m (down 252% from profit in FY 2023). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ر.س26.80. The fair value is estimated to be ر.س33.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 84%. For the next 3 years, revenue is forecast to grow by 37% per annum. Earnings are also forecast to grow by 70% per annum over the same time period. Major Estimate Revision • Jan 15
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ر.س0.286 to ر.س0.251. Revenue forecast unchanged from ر.س2.39b at last update. Net income forecast to grow 815% next year vs 52% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س43.67. Share price was steady at ر.س31.10 over the past week. Major Estimate Revision • Nov 07
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ر.س2.88b to ر.س2.53b. EPS estimate fell from ر.س0.573 to ر.س0.28 per share. Net income forecast to grow 869% next year vs 88% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س44.76 unchanged from last update. Share price was steady at ر.س36.05 over the past week. Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ر.س0.18 (up from ر.س0.17 in 3Q 2023). Revenue: ر.س643.0m (up 8.2% from 3Q 2023). Net income: ر.س45.5m (flat on 3Q 2023). Profit margin: 7.1% (down from 7.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Oct 24
Consensus EPS estimates increase by 23%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ر.س2.94b to ر.س2.88b. EPS estimate rose from ر.س0.467 to ر.س0.573. Net income forecast to grow 636% next year vs 226% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س41.86. Share price was steady at ر.س36.35 over the past week. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س0.36 to ر.س0.455. Revenue forecast unchanged at ر.س2.94b. Net income forecast to grow 534% next year vs 211% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س42.80. Share price was steady at ر.س39.05 over the past week. New Risk • Jul 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 11x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Jul 23
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ر.س0.16 (down from ر.س0.23 in 2Q 2023). Revenue: ر.س649.1m (up 12% from 2Q 2023). Net income: ر.س40.5m (down 33% from 2Q 2023). Profit margin: 6.2% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ر.س3.23b to ر.س3.03b. EPS estimate also fell from ر.س0.831 per share to ر.س0.727 per share. Net income forecast to grow 323% next year vs 88% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س44.17. Share price was steady at ر.س39.05 over the past week. Major Estimate Revision • May 29
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ر.س3.87b to ر.س3.41b. EPS estimate fell from ر.س1.05 to ر.س0.899 per share. Net income forecast to grow 408% next year vs 101% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س44.05. Share price was steady at ر.س39.80 over the past week. Reported Earnings • May 20
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: ر.س0.23 loss per share (down from ر.س0.17 profit in 1Q 2023). Revenue: ر.س321.2m (down 49% from 1Q 2023). Net loss: ر.س58.4m (down 237% from profit in 1Q 2023). Revenue missed analyst estimates by 36%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 16
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ر.س3.26b to ر.س3.36b. EPS estimate increased from ر.س0.826 to ر.س0.918 per share. Net income forecast to grow 63% next year vs 56% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س44.49. Share price fell 5.5% to ر.س43.00 over the past week. Buy Or Sell Opportunity • Apr 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ر.س45.10. The fair value is estimated to be ر.س37.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 49%. For the next 3 years, revenue is forecast to grow by 33% per annum. Earnings are also forecast to grow by 46% per annum over the same time period. Major Estimate Revision • Mar 15
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ر.س3.21b to ر.س3.31b. EPS estimate increased from ر.س0.748 to ر.س0.826 per share. Net income forecast to grow 92% next year vs 85% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س43.82 unchanged from last update. Share price rose 2.4% to ر.س39.10 over the past week. Reported Earnings • Feb 28
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ر.س0.66 (down from ر.س1.14 in FY 2022). Revenue: ر.س2.37b (down 20% from FY 2022). Net income: ر.س171.1m (down 42% from FY 2022). Profit margin: 7.2% (down from 10.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ر.س2.49b to ر.س2.42b. EPS estimate also fell from ر.س1.01 per share to ر.س0.838 per share. Net income forecast to grow 251% next year vs 153% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س46.27. Share price was steady at ر.س37.75 over the past week. Reported Earnings • Oct 28
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ر.س0.17 (up from ر.س0.10 in 3Q 2022). Revenue: ر.س594.3m (down 9.5% from 3Q 2022). Net income: ر.س45.1m (up 68% from 3Q 2022). Profit margin: 7.6% (up from 4.1% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 29
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ر.س0.23 (down from ر.س0.42 in 2Q 2022). Revenue: ر.س581.5m (down 29% from 2Q 2022). Net income: ر.س60.3m (down 45% from 2Q 2022). Profit margin: 10% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Saudi Arabia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be ر.س55.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings is also forecast to grow by 43% per annum over the same time period. Major Estimate Revision • Jun 21
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س1.39 to ر.س1.24 per share. Revenue forecast steady at ر.س2.74b. Net income forecast to grow 127% next year vs 2.4% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س45.35. Share price was steady at ر.س44.35 over the past week. Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ر.س2.85b to ر.س2.72b. EPS estimate also fell from ر.س1.44 per share to ر.س1.29 per share. Net income forecast to grow 126% next year vs 14% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س45.45. Share price was steady at ر.س44.50 over the past week. Upcoming Dividend • May 14
Upcoming dividend of ر.س0.55 per share at 4.7% yield Eligible shareholders must have bought the stock before 21 May 2023. Payment date: 28 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Within top quartile of Saudi dividend payers (4.2%). Lower than average of industry peers (6.0%). Price Target Changed • Jan 13
Price target decreased to ر.س45.14 Down from ر.س50.52, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of ر.س43.75. Stock is down 27% over the past year. The company is forecast to post earnings per share of ر.س1.27 for next year compared to ر.س3.14 last year. Buying Opportunity • Jan 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be ر.س53.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Dec 04
Upcoming dividend of ر.س0.55 per share Eligible shareholders must have bought the stock before 11 December 2022. Payment date: 18 December 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.3%. Within top quartile of Saudi dividend payers (4.9%). In line with average of industry peers (5.8%). Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ر.س3.05b to ر.س2.97b. EPS estimate also fell from ر.س1.67 per share to ر.س1.24 per share. Net income forecast to shrink 8.2% next year vs 7.1% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س55.51 to ر.س54.33. Share price was steady at ر.س42.50 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Abdulsalam Mazro Al-Mazro was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Abdulsalam Mazro Al-Mazro was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ر.س0.10. Revenue: ر.س656.5m (up ر.س655.7m from 3Q 2021). Net income: ر.س27.0m (up ر.س26.7m from 3Q 2021). Profit margin: 4.1% (down from 27% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 69%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.9% decline forecast for the Chemicals industry in Saudi Arabia. Major Estimate Revision • Oct 14
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ر.س3.16b to ر.س3.07b. EPS estimate also fell from ر.س1.98 per share to ر.س1.75 per share. Net income forecast to shrink 31% next year vs 12% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س57.50 to ر.س56.01. Share price fell 3.2% to ر.س45.20 over the past week. Announcement • Oct 06
Advanced Petrochemical Company Announces Executive Changes Advanced Petrochemical Company has announced Khalif bin Abdullatif bin Abdullah Al Mulhem as the new Chairman of the board for the next three years. The firm also appointed Waleed bin Mohammed bin Abdullah Al Jaafari as the Vice Chairman, according to a recent bourse disclosure. Al Mulhem and Al Jaafari assumed their roles for a new board term that began on 1 October 2022 and will remain in position until 30 September 2025. Announcement • Sep 29
Advanced Petrochemical Company Approves Formation of the Audit Committee Advanced Petrochemical Company at 77Th Ordinary General Assembly Meeting held on 27 September 2022, approved the formation of the audit committee and determine its duties, roles and remunerations for the new term, which begins on 01 October 2022 and ends on 30 September 2025, noting that the nominees are: Abdulsalam Mazro Abdullah Al-Mazro (Independent Director), Waleed Mohammed Abdullah Al-Jaafari (Non-Executive Director), Abdulaziz Abdullah Abdulaziz Al-Mulhem (Non-Executive Director) and Abdullah Abdul Rahman Bu Ali (Member form outside the Board of Directors). Announcement • Sep 28
Advanced Petrochemical Company Announces the Distribution of Dividend for the Third Quarter of 2022, Payable on December 18, 2022 The Board of Directors of Advanced Petrochemical Company in its meeting held on September 27, 2022 announced the Distribution of Dividend for the Third Quarter of 2022, Dividend per share SAR 0.55. The distribution date will be on December 18, 2022. Major Estimate Revision • Sep 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ر.س1.71 to ر.س1.92. Revenue forecast steady at ر.س3.17b. Net income forecast to shrink 27% next year vs 17% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س59.80 to ر.س57.50. Share price fell 4.6% to ر.س45.40 over the past week. Upcoming Dividend • Sep 04
Upcoming dividend of ر.س0.55 per share Eligible shareholders must have bought the stock before 11 September 2022. Payment date: 18 September 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 4.5%. Within top quartile of Saudi dividend payers (4.4%). In line with average of industry peers (4.9%). Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ر.س3.36b to ر.س3.24b. EPS estimate also fell from ر.س2.41 per share to ر.س1.88 per share. Net income forecast to shrink 14% next year vs 9.6% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س60.17. Share price was steady at ر.س53.70 over the past week. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ر.س0.42 (down from ر.س1.02 in 2Q 2021). Revenue: ر.س814.0m (up 5.9% from 2Q 2021). Net income: ر.س109.6m (down 59% from 2Q 2021). Profit margin: 14% (down from 34% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.2%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 3.2% compared to a 1.1% decline forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Announcement • Aug 10
Advanced Petrochemical Company, Annual General Meeting, Aug 31, 2022 Advanced Petrochemical Company, Annual General Meeting, Aug 31, 2022, at 15:30 Coordinated Universal Time. Agenda: To consider vote on the election of the members of the Board of Directors among the board membership nominees for upcoming term. Announcement • Jul 06
Advanced Petrochemical Company Announces Distribution of Dividend for the Second Quarter of 2022, Payable on September 18, 2022 The Board of Directors of Advanced Petrochemical Company in its meeting held on July 05, 2022 reviewed the financial and operational performance of the Company and resolved to distribute dividends to the shareholders for the second quarter of 2022 as follows: The Total amount distributed - SAR 142,532,860.25; Dividend per share -SAR 0.55; and Eligibility date - The eligibility of dividends shall be for the shareholders at the closing of trading on September 08, 2022 and as per the registered shareholders in the register of the Securities Depository Center at the end of the 2nd trading day following the eligibility date. Distribution Date: The distribution date will be on September 18, 2022. Major Estimate Revision • May 19
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ر.س3.38b to ر.س3.17b. EPS estimate also fell from ر.س2.78 per share to ر.س2.48 per share. Net income forecast to shrink 27% next year vs 11% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target up from ر.س60.71 to ر.س63.46. Share price fell 3.3% to ر.س62.40 over the past week. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ر.س0.63 (down from ر.س0.66 in 1Q 2021). Revenue: ر.س866.3m (up 37% from 1Q 2021). Net income: ر.س164.4m (down 4.1% from 1Q 2021). Profit margin: 19% (down from 27% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 10%. Over the next year, revenue is expected to shrink by 14% compared to a 3.3% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 08
Upcoming dividend of ر.س0.55 per share Eligible shareholders must have bought the stock before 15 May 2022. Payment date: 22 May 2022. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Saudi dividend payers (3.8%). In line with average of industry peers (3.6%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Bander Bin Sulaiman Bin Abdulaziz Alghafees was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 29
Advanced Petrochemical Company Announces the Distribution of Dividend for the First Quarter of 2022, Payable on May 22, 2022 The Board of Directors of Advanced Petrochemical Company in its meeting held on March 28, 2022, resolved to distribute dividends of SAR 0.55 to the shareholders for the first quarter of 2022. The distribution date will be on May 22, 2022. Announcement • Mar 03
Advanced Petrochemical Company Announces Board Appointments Advanced Petrochemical Company (Advanced) announced to its shareholders the results of the 15th Ordinary General Assembly Meeting (First Meeting), which was held through modern technology means on February 28, 2022 corresponding to 27-07-1443H at (19:00) after fulfilling the required legal quorum for Ordinary General Assembly meeting in accordance with the Companies Law and the Company's Bylaws. Approval of the resolution of the Board of Directors to appoint Mr. Bander Sulaiman Alghafees (Independent Director) in the Board of Directors starting from the date of his appointment on 17/12/1442H corresponding to 27/07/2021 to continue the term of the Board until the end of the current term of the Board on 04/03/1444H corresponding to 30/09/2022, in succession to the previous Board member Dr. Sultan Mohammad Ahmed Al-Sulaiman (Independent Director). Approval of the resolution of the Board of Directors to appoint Mr. Bander Sulaiman Alghafees (Independent Director) as a member of the Audit Committee starting from 17/12/1442H corresponding to 27/07/2021 until the end of the current term of the Committee, on 04/03/1444H corresponding to 30/09/2022, in succession to the previous Committee member Dr. Sultan Mohammad Ahmed Al-Sulaiman (Independent Director) which shall take effect as of the date of the resolution issued on 16/12/1442H corresponding to 26/07/2021, and this appointment is in accordance with the Audit Committee Charter. Reported Earnings • Feb 10
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ر.س3.77 (up from ر.س2.75 in FY 2020). Revenue: ر.س3.11b (up 39% from FY 2020). Net income: ر.س815.4m (up 37% from FY 2020). Profit margin: 26% (in line with FY 2020). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 3.3% compared to a 5.2% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 06
Upcoming dividend of ر.س0.65 per share Eligible shareholders must have bought the stock before 13 February 2022. Payment date: 20 February 2022. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Saudi dividend payers (4.4%). In line with average of industry peers (3.2%). Announcement • Feb 04
Advanced Petrochemical Company, Annual General Meeting, Feb 28, 2022 Advanced Petrochemical Company, Annual General Meeting, Feb 28, 2022, at 16:00 Coordinated Universal Time. Location: at Advanced Head Office, (Gulf Road Dammam Corniche - SAMEC Building fifth floor) Dammam Saudi Arabia Agenda: To consider appointment of an auditor for the company among those nominees based on the recommendation of the Audit committee to review and audit the second, third, annual financial statements of fiscal year 2022 and first quarter of fiscal year2023, and determine its remuneration; and to consider executive appointments. Major Estimate Revision • Jan 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ر.س2.98b to ر.س3.01b. EPS estimate fell from ر.س3.79 to ر.س3.40 per share. Net income forecast to shrink 10% next year vs 7.8% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target broadly unchanged at ر.س74.89. Share price was steady at ر.س71.70 over the past week. Upcoming Dividend • Nov 07
Upcoming dividend of ر.س0.65 per share Eligible shareholders must have bought the stock before 14 November 2021. Payment date: 25 November 2021. Trailing yield: 3.5%. Lower than top quartile of Saudi dividend payers (4.0%). Higher than average of industry peers (2.4%). Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS ر.س1.01 (vs ر.س0.72 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ر.س805.3m (up 48% from 3Q 2020). Net income: ر.س217.8m (up 39% from 3Q 2020). Profit margin: 27% (down from 29% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings.