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

15/02/2024 Argaam Exclusive

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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 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	594.25	570.85	(3.9 %)
Gross Income	122.05	98.14	(19.6 %)
Operating Income	79.61	47.27	(40.6 %)
Net Income	45.15	22.93	(49.2 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.17	0.09	(49.2 %)

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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