Advanced Petrochemical Co. reported a 42% drop in its annual net profit to SAR 171 million from SAR 295 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,948.47 | 2,373.51 | (19.5 %) |
| Gross Income | 536.30 | 446.96 | (16.7 %) |
| Operating Income | 398.97 | 273.55 | (31.4 %) |
| Net Income | 294.50 | 171.06 | (41.9 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 1.13 | 0.66 | (41.9 %) |
The full-year bottom line was hurt by lower revenues as prices and sales volumes fell by 15% and 5% year-on-year (YoY), respectively, despite a decline of 24% and 17% in propane and purchased propylene prices, respectively.
Moreover, the petrochemical producer reported a drop of SAR 12 million in its loss share from SK Advanced.
Advanced recognized a SAR 97 million loss share in SK Advanced during 2023, compared to SAR 109 million a year earlier.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 611.63 | 570.85 | (6.7 %) |
| Gross Income | 67.67 | 98.14 | 45.0 % |
| Operating Income | 30.39 | 47.27 | 55.5 % |
| Net Income | (6.41) | 22.93 | 457.8 % |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | (0.02) | 0.09 | 457.8 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 594.25 | 570.85 | (3.9 %) |
| Gross Income | 122.05 | 98.14 | (19.6 %) |
| Operating Income | 79.61 | 47.27 | (40.6 %) |
| Net Income | 45.15 | 22.93 | (49.2 %) |
| Average Shares | 260.00 | 260.00 | - |
| EPS (Riyals) | 0.17 | 0.09 | (49.2 %) |
In Q4 2023, the company turned to a net profit of SAR 23 million against a net loss of SAR 6 million in Q4 2022.
The company’s net earnings fell by 49.1% from SAR 45.15 million in Q3 2023.
Shareholders' equity, after minority interest, reached SAR 3.23 billion as of Dec. 31, 2023, compared to SAR 3.24 billion a year earlier.
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