Advanced Petrochemical Co. reported a loss of SAR 58 million in the first quarter of 2024, against a profit of SAR 43 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 626.87 | 321.23 | (48.8 %) |
| Gross Income | 101.69 | 27.02 | (73.4 %) |
| Operating Income | 64.42 | (25.34) | (139.3 %) |
| Net Income | 42.69 | (58.37) | (236.7 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.16 | (0.22) | (236.7 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 570.85 | 321.23 | (43.7 %) |
| Gross Income | 98.14 | 27.02 | (72.5 %) |
| Operating Income | 47.27 | (25.34) | (153.6 %) |
| Net Income | 22.93 | (58.37) | (354.6 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.09 | (0.22) | (354.6 %) |
The petrochemical producer reported a decrease in sale volumes by 45% year-on-year (YoY) as result of the periodic scheduled maintenance. In addition, net selling prices fell by 6%.
The company also recognized SAR 34 million share in loss of SK Advanced investment during the current quarter, compared to SAR 22 million a year before.
Propane and purchased propylene prices dropped by 10% and 6% YoY, respectively.
Based on a quarter-on-quarter basis, Advanced also turned to a loss from a profit of SAR 22.93 million in Q4 2023, mainly due to a 43% fall in sale volumes due to periodic scheduled maintenance and a 1% decrease in net selling prices.
Shareholders' equity, excluding minority interest, increase to SAR 3.22 billion by the end of Q1 2024, from SAR 3.11 billion in Q1 2023.
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