APICO Reports 18.5% Drop in H1 Profit to SAR 5.3 Million

The Arab Plastics Manufacturing Company (APICO) reported a net profit of SAR 5.3 million for the first half of 2024, marking an 18.5% decline from SAR 6.5 million in the same period last year. This follows the release of the company’s financial results for the six-month period ending June 30, 2024.

Despite the drop in net profit, total ownership rights (excluding non-controlling interests) increased by 13.7%, reaching SAR 101.3 million in H1 2024, compared to SAR 89.1 million in the same period of the previous year.

Earnings per share for the first half of 2024 amounted to SAR 1.06, down from SAR 1.3 in H1 2023.

Decrease in net profit by 18.59% compared to same period last year is mainly due to :

• Increase in material prices.
• Increase in Overhead Cost.
• Increase in Finance Expenses.