Advanced Petrochemical Co. reported a 64% slump in net profit to SAR 294.5 million for 2022, compared to SAR 815.4 million in 2021, as sales prices decreased by 17% year-on-year (YoY).
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 3,111.32 | 2,948.47 | (5.2 %) |
| Gross Income | 1,042.62 | 536.30 | (48.6 %) |
| Operating Income | 864.67 | 398.97 | (53.9 %) |
| Net Income | 815.40 | 294.50 | (63.9 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 3.14 | 1.13 | (63.9 %) |
The company recognized SAR 109 million in loss share from SK Advanced Co. during 2022, versus a profit of SAR 11 million in 2021.
Moreover, propane and propylene purchase prices increased by 13% and 4% YoY, respectively. Offsite logistics expenses also rose 36% YoY.
Meanwhile, sales volume edged up 14% YoY.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 905.45 | 611.63 | (32.5 %) |
| Gross Income | 245.28 | 67.67 | (72.4 %) |
| Operating Income | 185.92 | 30.39 | (83.7 %) |
| Net Income | 161.66 | (6.41) | (104.0 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.62 | (0.02) | (104.0 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 656.52 | 611.63 | (6.8 %) |
| Gross Income | 89.47 | 67.67 | (24.4 %) |
| Operating Income | 55.09 | 30.39 | (44.8 %) |
| Net Income | 26.96 | (6.41) | (123.8 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.10 | (0.02) | (123.8 %) |
In Q4 2022, the petrochemical producer swung to a net loss of SAR 6.4 million, against a net profit of SAR 161.66 million in the prior-year period.
In the previous quarter, Advanced reported a net profit of SAR 26.96 million.
Total shareholders’ equity, excluding minority interest, reached SAR 3.23 billion at the end of 2022, down from SAR 3.73 billion a year earlier.
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