Financial Results : Advanced profit slides 80% to SAR 29M in 9M 2024; Q3 at SAR 46M

Advanced profit slides 80% to SAR 29M in 9M 2024; Q3 at SAR 46M

20/10/2024 Argaam Exclusive

View other reports

Advanced Petrochemical Co. posted a net profit of SAR 29 million in the first nine month of 2024, a fall of 80% from SAR 148 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,802.66 1,613.00 (10.5 %)
Gross Income 348.83 269.00 (22.9 %)
Operating Income 226.28 126.00 (44.3 %)
Net Income 148.13 29.00 (80.4 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.57 0.11 (80.4 %)

The nine-month earnings were hurt by a 14% drop year-on-year (YoY) in revenue, due to scheduled maintenance during the year despite a 4% rise in net selling prices.

 

Advanced incurred a loss of SAR 97 million from SK Advanced Co., compared to SAR 75 million losses in 9M 2023. The petrochemical producer also reported a 9% YoY rise in propane prices.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 594.25 643.00 8.2 %
Gross Income 122.05 119.00 (2.5 %)
Operating Income 79.61 76.00 (4.5 %)
Net Income 45.15 46.00 1.9 %
Average Shares 260.00 260.00 -
EPS (Riyals) 0.17 0.18 1.9 %

The third-quarter net earnings rose 1.9% to SAR 46 million, from SAR 45.15 million in Q3 2023, as net selling prices jumped 11% YoY despite a 3% decline in sales volumes. Advanced incurred a SAR 30 million loss from SK Advanced in Q3 2024, down from SAR 32 million in the same period of 2023.

 

Meanwhile, propane and propylene prices increased by 30% and 7% YoY, respectively.

 

Net earnings grew 10.7% quarter-on-quarter (QoQ) from SAR 41.56 million in Q2 2024, thanks to a 1% rise in sales volumes.

 

Shareholders’ equity, after minority interest, rose to SAR 3.21 billion as of Sept. 30, 2024, from SAR 3.20 billion in the year-earlier period.

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

Quarterly Actuals vs Estimates 20/10/2024

more

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.