‎“Advanced” profits fell 74% during Q1, to SR43 mln

Advanced Petrochemical Company revealed a decrease in net profit after zakat and tax in the first quarter to 43 million riyals, compared to 164 million riyals in the same quarter of last year, by 73.7%. This came after the announcement today of the preliminary financial results for the period ending on 31-03- 2023 (three months).

The operational profit amounted to 64 million riyals in the first quarter, compared to 182 million riyals in the same quarter of the previous year, a decline of 65%.

Total shareholders’ equity “without minority rights” amounted to 3.1 million riyals in the current period, compared to 3.8 million riyals in the same period last year, a decline of 19.4%.

Earnings per share in the current period reached 0.17 riyals, compared to 0.63 riyals in the same period last year.

– Net profits for the first quarter of 2023 decreased compared to the same quarter of the previous year, mainly due to the following reasons:

A decrease in sales prices by 27%

A decrease in sales quantities by 6%

– An increase in the share of losses from the investment in SK Advanced Company by 7 million riyals, a decrease in the above net profit despite the following:

– A decrease in the purchased prices of propane and propylene by 15% and 21%, respectively.

– A decrease in shipping costs by 73%

– Net profits for the first quarter of 2023 increased compared to the previous quarter, mainly due to the following reasons:

An increase in sales prices by 7%

– A decrease in the share of losses from the investment in SK Advanced Company by 24 million riyals

– A decrease in shipping costs by 31%.

The increase in net profit above despite the following:

A decrease in sales quantities by 5%

– An increase in the prices of purchased propane and propylene by 6%

Additional information:

The net profit for the first quarter of 2023 includes an amount of 22 million Saudi riyals, which is a share of losses from the investment in SK Advanced Co., Ltd. in South Korea, compared to losses of 15 million Saudi riyals for the first quarter of 2022, and a loss of 46 million Saudi riyals for the quarter. Fourth, 2022 AD.

The change in other comprehensive income is mainly due to unrealized gains/losses from equity investments carried at fair value.