Advanced profit slides 81% to SAR 28.7M in 9M 2024; Q3 at SAR 45.5M

20/10/2024 Argaam Exclusive

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Advanced Petrochemical Co. posted a net profit of SAR 28.7 million in the first nine months of 2024, a fall of 81% from SAR 148.1 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,802.66	1,613.24	(10.5 %)
Gross Income	348.83	268.85	(22.9 %)
Operating Income	226.28	125.61	(44.5 %)
Net Income	148.13	28.71	(80.6 %)
Average Shares	260.00	260.00	-
EPS (Riyals)	0.57	0.11	(80.6 %)

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	642.96	8.2 %
Gross Income	122.05	118.94	(2.5 %)
Operating Income	79.61	75.87	(4.7 %)
Net Income	45.15	45.52	0.8 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.17	0.18	0.8 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	649.06	642.96	(0.9 %)
Gross Income	122.90	118.94	(3.2 %)
Operating Income	75.08	75.87	1.0 %
Net Income	41.56	45.52	9.5 %
Average Shares	260.00	260.00	-
EPS (Riyals)	0.16	0.18	9.5 %

The third-quarter net earnings rose 0.8% to SAR 45.5 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 9.5% 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.

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