Advanced 9M 2022 net profit drops 54% to SAR 301 mln; Q3 at SAR 27 mln

Advanced Petrochemical Co. posted a 54% fall in net profit after Zakat and tax to SAR 301 million in the first nine months of 2022, compared to SAR 654 million a year earlier.

The petrochemical producer recorded a 9% drop year-on-year (YoY) in selling prices, and a decline of SAR 100 million in its profit share from SK Advanced Co. Ltd. It also reported an increase in propane and propylene purchase prices by 32% and 10% YoY, respectively. The nine-month results were also weighed by an increase of 105% YoY in offshore logistics expenses.

The lower profit came despite a 17% YoY rise in sales volumes.

In Q3 2022, net profit after Zakat and tax plunged 88% to SAR 27 million, compared to SAR 217.76 million in Q3 2021. Selling prices fell by 22% YoY. Propane purchase prices increased 6%. However, propylene price declined 5% YoY and sales volume went up 4% YoY.  

Compared to the previous quarter, the company’s net profit tumbled 75.4% from SAR 109.60 million, on lower selling prices.

Total shareholders’ equity, excluding minority interest, came in at SAR 3.240 billion by the end of September 2022, down from SAR 3.991 billion in the year-earlier period.

View More Financial Results