Advanced turns to SAR 58M loss in Q1 2024

09/05/2024 Argaam Exclusive

Advanced Petrochemical Co. reported a loss of SAR 58 million in the first quarter of 2024, against a profit of SAR 43 million a year earlier.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 626.87 321.23 (48.8 %)
Gross Income 101.69 27.02 (73.4 %)
Operating Income 64.42 (25.34) (139.3 %)
Net Income 42.69 (58.37) (236.7 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.16 (0.22) (236.7 %)

The petrochemical producer reported a decrease in sale volumes by 45% year-on-year (YoY) as result of the periodic scheduled maintenance. In addition, net selling prices fell by 6%.

 

The company also recognized SAR 34 million share in loss of SK Advanced investment during the current quarter, compared to SAR 22 million a year before.

 

Propane and purchased propylene prices dropped by 10% and 6% YoY, respectively.

 

Based on a quarter-on-quarter basis, Advanced also turned to a loss from a profit of SAR 22.93 million in Q4 2023, mainly due to a 43% fall in sale volumes due to periodic scheduled maintenance and a 1% decrease in net selling prices.

 

Shareholders' equity, excluding minority interest, increase to SAR 3.22 billion by the end of Q1 2024, from SAR 3.11 billion in Q1 2023.

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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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