Advanced profits decline to SAR 60 million in Q2 by 45.4%

Advanced Petrochemical Company announced a decrease in net profit after zakat and tax in the second quarter to SAR 60 million riyals, compared to SAR 110 million riyals in the same quarter of last year, by 45.4%. This came after the announcement on Thursday of the preliminary financial results for the period ended on 06.30.2023 (six Months).

The operational profit amounted to SAR 82 million in the second quarter, compared to SAR 132 million in the same quarter of the previous year, a decline of 37.8%.

The net profit after zakat and tax during the 6-month period amounted to SAR 103 million, compared to SAR 274 million in the same period last year, a decrease of 62.4%.

The total shareholders’ equity “without minority rights” amounted to SAR 3.2 billion in the current period, compared to SAR 3.6 billion in the same period last year, a decline of 10.6%.

Profit per share in the current period reached SAR 0.4, compared to SAR 1.05 in the same period last year.

Net profit for the current quarter is decreased compared to similar quarter of the previous year mainly due to the following:

– Decrease in sales prices and volume by 24% and 5% respectively.

– Recognized SAR 21 million of share of loss in SK Advanced investment during the current quarter compared to share of loss of SAR 19 million during similar quarter of the previous year.

The above decrease in net profit was despite of the following:

– Decrease in propane and propylene purchased prices by 39% and 25% respectively.

– Decrease in the freight expenses by 72%.

Net profit for the current quarter is increased compared to the previous quarter mainly due to the following:

– Decrease in propane and propylene purchased prices by 18% and 8% respectively.

– The above increase in net profit was despite of the reduction in sales prices and volume by 2% and 5% respectively.

Net profit for the current period is decreased compared to the similar period of the previous year mainly due to the following:

– Decrease in sales prices and volume by 22% and 6% respectively.

– Recognized SAR 43 million of share of loss in SK Advanced investment during the current period compared to share of loss of SAR 33 million during the same period of the previous year.

The above decrease in net profit was despite of the following:

– Decrease in propane and propylene purchased prices by 28% and 24% respectively.

-Decrease in the freight expenses by 72%.