ADVANCED ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED AT 30/09/2012 (NINE MONTHS).
Advanced Petrochemical Company (Advanced) announces the interim financial results for the period ended at 30/09/2012:
1. The company's net profit during the 3Q2012 was SR 100.3 million compared to SR 135.5 million for the same quarter last year with a decrease of 25.98% and compared to SR 53.8 million for the previous quarter with an increase of 86.43%.
2. The company's gross profit during the 3Q2012 was SR 114.8 million compared to SR 150.7 million for the same quarter last year with a decrease of 23.82 %.
3 The company's income from operation during the 3Q2012 was SR 105.5 million compared to SR 141.2 million for the same quarter last year with a decrease of 25.28%.
4. The company's net profit during 9 months was SR 211.2 million compared to SR 422.2 million for the same period last year with a decrease of 49.98%.
5. The Earnings per share during 9 months was SR 1.288 compared to SR 2.575 for the same period last year. Note that the capital increase from 1.41 billion riyals to 1.64 billion riyals and EPS is calculated for the Nine-month period ended September 30, 2012 and 2011 depending on the number of 163,995,000 shares at 30 September 2012 and 2011.
6. The company's gross profit during 9 months was SR 251.9 million compared to SR 465.9 million for the same period last year with a decrease of 45.93 %.
7 The company's income from operation during 9 months was SR 224.2 million compared to SR 437.6 million for the same period last year with a decrease of 48.76 %.
8. The reasons for the decrease in net profit of 3Q-2012 compared to 3Q-2011 is due to decreased product prices, while the reason for the decrease in net profit during 9 months of year 2012 compared to the same period last year are mainly due to the decreased product prices and sales quantities, while the reason for the increase in net profit of 3Q-2012 compared to the 2Q-2012 is due to the increased sales quantities which was contributed to increase the net profit in 3Q-2012. Note that the company has executed operations of the scheduled Turnaround of the company plants during 2Q-2012 as announced earlier.

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