Advanced 2023 profit dips 42% to SAR 171M; Q4 at SAR 23M

15/02/2024 Argaam Exclusive

Advanced Petrochemical Co. reported a 42% drop in its annual net profit to SAR 171 million from SAR 295 million in 2022.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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Share Price

Advanced Petrochemical Co.
34.60
(0.35) (1.00 %)

Advanced Petrochemical Co. (ADVANCED)

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Financial Ratios
Current
Market Cap (M Riyal) 8,996.00
Enterprise Value (EV) (M) 17,037.15
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) 0.20
Book Value (BV) ( Riyal) 12.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.80
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 1.6
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