Advanced profit slumps 64% to SAR 294.5 mln in 2022; Q4 loss at SAR 6.4 mln

21/02/2023 Argaam Exclusive

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Advanced Petrochemical Co. reported a 64% slump in net profit to SAR 294.5 million for 2022, compared to SAR 815.4 million in 2021, as sales prices decreased by 17% year-on-year (YoY).

Financials (M)

Item	2021	2022	Change‬
Revenues	3,111.32	2,948.47	(5.2 %)
Gross Income	1,042.62	536.30	(48.6 %)
Operating Income	864.67	398.97	(53.9 %)
Net Income	815.40	294.50	(63.9 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	3.14	1.13	(63.9 %)

The company recognized SAR 109 million in loss share from SK Advanced Co. during 2022, versus a profit of SAR 11 million in 2021.

Moreover, propane and propylene purchase prices increased by 13% and 4% YoY, respectively. Offsite logistics expenses also rose 36% YoY.

Meanwhile, sales volume edged up 14% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	905.45	611.63	(32.5 %)
Gross Income	245.28	67.67	(72.4 %)
Operating Income	185.92	30.39	(83.7 %)
Net Income	161.66	(6.41)	(104.0 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.62	(0.02)	(104.0 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	656.52	611.63	(6.8 %)
Gross Income	89.47	67.67	(24.4 %)
Operating Income	55.09	30.39	(44.8 %)
Net Income	26.96	(6.41)	(123.8 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.10	(0.02)	(123.8 %)

In Q4 2022, the petrochemical producer swung to a net loss of SAR 6.4 million, against a net profit of SAR 161.66 million in the prior-year period.

In the previous quarter, Advanced reported a net profit of SAR 26.96 million.

Total shareholders’ equity, excluding minority interest, reached SAR 3.23 billion at the end of 2022, down from SAR 3.73 billion a year earlier.

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