Financial Results : Advanced turns to SAR 58M loss in Q1 2024

Advanced turns to SAR 58M loss in Q1 2024

09/05/2024 Argaam Exclusive

View other reports

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.

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.